The Best and Cheapest Renters Insurance in Vermont for 2021: Rankings, Reviews and Rates
Renters insurance is a low-cost way to protect your belongings from theft and damage. MoneyGeek’s research found that the cheapest renters insurance in Vermont costs $100 per year versus the most expensive option at $115 each year. This means that shopping around can help renters save around a few dollars each month. The average cost of renters insurance in Vermont is $9 per month.
MoneyGeek ranked the top renters insurance companies in Vermont to help you find the right policy for your needs. Scoring is based on financial strength, affordability and customer service.
For many consumers, cost is the most important consideration when choosing a renters insurance policy. Co-Operative Insurance and Vermont Mutual offer the cheapest renters insurance in Vermont. Each company provides coverage at an average price of about $8 per month or $100 annually.
These average monthly and yearly rates are based on prices across several ZIP codes in Vermont. The premiums are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Vermont
While cost is important, renters should also evaluate the financial stability and customer support quality of different providers. It’s important to know that your insurance company can pay your claim without difficulty and provide great customer service.
MoneyGeek researched the best renters insurance companies in Vermont based on AM Best’s financial stability ratings, J.D. Power and Associates’ customer service scores and affordability.
Vermont Mutual ranked the best in the state with a score of 96 out of 100. Co-Operative Insurance came in second place with 95 points.
More About Vermont Mutual
Vermont Mutual ranked high in terms of financial stability, affordability and customer service.
In addition to standard coverage, you can customize your policy to include protection for items like jewelry, electronics, fine art and more.
You can use their website to find an agent near you to answer any questions you have.
Co-Operative Ins Companies
More About Co-Operative Ins Companies
Co-Operative Insurance makes it easy to find a local agent to help with your renters insurance needs.
The company offers identity theft resolution services if your identity is stolen. There is no extra cost for this service.
Claims are processed quickly and discounts are available.
More About State Farm
State Farm policyholders can get customized plans that include identity theft protection, earthquake coverage and more for an extra cost.
Discounts are available to renters who have home safety devices or bundle multiple policies.
It only takes a few minutes to get a quote with the help of State Farm’s online tool.
Largest Renters Insurance Companies in Vermont
According to market share data, the five largest renters insurance companies in Vermont are Vermont Mutual (12.46%), Liberty Mutual (11.86%), Co-Operative Insurance (10.76%), State Farm (7.69%) and USAA (6.01%). These companies make up over 48% of the renters insurance policies in Vermont.
Buying your renters insurance policy from a larger company can give you the confidence that your provider has the financial stability to pay out your legitimate claims.
Co-Operative Ins Companies
Auto-Owners Insurance Co
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Average Cost of Renters Insurance in Vermont
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The average yearly cost of renters insurance in Vermont is $105. This is $54 less than the national average. The average monthly cost is $10, which is roughly $4 less than the national average. These prices are for a renter who purchases personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Renters in Vermont can save money by comparing renters insurance quotes to find the most affordable option. For example, our sample renter could save $15 per year by choosing Vermont Mutual or Co-Operative Insurance, the state's cheapest options, instead of State Farm, the most expensive provider. This equates to about $1 per month in savings.
What Factors Impact Renters Insurance Cost in Vermont
Many factors determine your renters insurance premium. These can include your location, credit score, deductible and more. Be sure to remember these factors as you shop for renters insurance in Vermont.
Location: Renters insurance companies consider your ZIP code when determining your premium. If your rental is in an area that has higher crime rates or is more prone to natural disasters, you may have to pay higher rates.
Credit Score: Providers use your credit score to analyze the probability you’ll file a claim. Insurers have found that people with poor credit scores are more likely to file claims than those with high scores. As a result, renters with low credit scores could pay higher premiums.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance carriers make payouts based on actual cash value (ACV) or replacement cost value (RCV) calculations. While ACV policies are cheaper, they also reimburse you less because they consider your belongings’ depreciation over time. RCV plans are pricier because they will reimburse you for a new item of the same type and quality.
Deductible: When your insurance company agrees to pay your claim, you have to pay a deductible. A policy with a higher deductible will have a lower monthly rate since you need to pay more out of pocket. Packages with lower deductibles have a higher cost because the provider pays more in reimbursement.
Coverage Amount: Policies with a higher coverage amount tend to cost more than those with lower coverage amounts. It’s a good idea to perform a house inventory before shopping for quotes to learn the actual value of your possessions. This can help you avoid paying for more coverage than you need.
Renters Insurance in Vermont: What You Need to Know
MoneyGeek recommends that tenants buy renters insurance since it protects their belongings at an affordable price. It can be beneficial to have if you experience theft, destruction from a natural disaster or a fire.
In Vermont, 24.9% of people are renters and the average monthly rent price is $980. For a standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly renters insurance price is $9. This rate is .89% of the price of rent.
What Renters Insurance Typically Covers in Vermont
Before you buy renters insurance in Vermont, you should understand what your policy does and does not cover. A standard plan covers personal property, medical payments, additional living expenses and liability insurance.
Personal property insurance in Vermont will protect your belongings from damage caused by hail, windstorms and lightning.
What Renters Insurance Typically Does Not Cover in Vermont
Renters insurance in Vermont covers many types of emergencies. However, certain issues may not be included in your policy. Here are some situations that your renters insurance probably won’t cover.
Flooding: Renters insurance covers water damage from a broken main or pipe. Unfortunately, flooding from natural disasters is typically excluded. It may be a good idea to get coverage through the National Flood Insurance Program (NFIP) if you are concerned about flooding.
Earthquake Damage: Earthquakes are normally not covered by renters insurance. You will need to pay more if you want this type of coverage.
Structural Damage: Renters insurance covers your property, not your rental home’s structure. This is your landlord’s responsibility.
Roommate Property: Unless your roommate is included in your policy, their belongings won’t be protected. They will need to buy their own insurance.
Expensive Items: Valuables like jewelry or gaming computers are generally excluded from renters insurance. You need to purchase an additional rider if you want them to be covered.
Please read your policy’s fine print to find out what it covers. Talk to your agent if you have questions so you can make sure your claims get paid.
FAQs About Renters Insurance in Vermont
Vermont law does not require tenants to have renters insurance. That said, landlords can mandate renters insurance if you want to rent their property.
Although the law does not require it, renters insurance is a low-cost way to protect your belongings.
Landlords can require tenants to buy renters insurance as part of the lease agreement.
According to MoneyGeek’s research, the average monthly cost of an insurance policy with $20,000 in personal property coverage and $100,000 in liability coverage is $9.
MoneyGeek’s data shows that Vermont Mutual and Co-Operative Insurance offer the most affordable renters insurance in the state.
Renters Insurance in Vermont Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from 3 of the top insurance company in Vermont that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Vermont. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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