Best and Cheapest Renters Insurance in Vermont (September 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $85 and a MoneyGeek score of 96 out of 100, the best option for you will depend on your needs. For example, Travelers is the best for those who value service, and State Farm is best for veterans. Choose based on what you need most in your renters insurance.

State Farm ranks as the best renters insurance provider in Vermont, boasting an impressive MoneyGeek score of 96 out of 100 and an annual premium of $85 for $20K in personal property coverage. This provider generally offers a good balance of cost and customer service. However, there are two top renters insurance providers in Vermont you should consider for the same policy.

• State Farm: MoneyGeek score of 96 out of 100 ($85 per year)
• Concord Group Insurance: MoneyGeek score of 80 out of 100 ($94 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best option for you will still depend on your needs.

State Farm offers the cheapest renters insurance in Vermont with an annual premium of $85 for $20K in personal property coverage. Personal property coverage helps protect your belongings, like furniture and electronics, against risks like theft or fire. The following providers are the top two cheapest providers in Vermont for $20K in personal property coverage and a $1,000 deductible:

• State Farm: $85 per year
• Concord Group Insurance: $94 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher limits can lead to increased monthly costs, but they provide better protection if you own many personal items.

Choosing a high deductible can help you lower costs, and for homeowners wanting a $2,000 deductible in Vermont, the cheapest renters insurance company for $20,000 in personal property coverage is State Farm with an annual premium of $85. A deductible is the amount you pay out-of-pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest:

• State Farm: $85 per year
• Concord Group Insurance: $83 per year

A deductible can significantly affect your premium costs because it determines how much you will pay before your insurance covers a loss. Take a look at how rates change using the table we'll provide below.

Travelers offers the best renters insurance for service quality in Vermont for $20K in personal property coverage with an annual premium of $175. Having great customer service means that the provider is efficient, responsive, and helpful throughout the policy term and especially in the claim process. The following providers are the top two best providers in Vermont for those who value great customer service and $20K in personal property coverage.

• Travelers: MoneyGeek score of 95 out of 100 ($175 per year)
• State Farm: MoneyGeek score of 87 out of 100 ($85 per year)

Great customer service is crucial for renters because it ensures a smooth, stress-free experience during emergencies. For instance, when you make a claim, efficient customer service means fast and fair processing that helps you get back on your feet quickly.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Vermont, with an annual premium of $193. For $100K in personal property coverage, the following providers are the top two best providers in Vermont:

• State Farm: MoneyGeek score of 89 out of 100 ($193 per year)
• Vermont Mutual: MoneyGeek score of 85 out of 100 ($124 per year)

Renters with more personal belongings typically need higher personal property coverage. Personal property coverage protects your belongings, such as furniture and electronics, from damage or theft. Higher coverage usually means a higher cost. It's crucial to find a provider that balances cost and service, ensuring you get great value and dependable coverage for your valuable items.

The best renters insurance company for those with military backgrounds in Vermont for $20K in personal property coverage is State Farm with an annual premium of $85. The following providers are the top two best providers in Vermont for military members who need $20K in personal property coverage:

• State Farm: MoneyGeek score of 96 out of 100 ($85 per year)
• Concord Group Insurance: MoneyGeek score of 80 out of 100 ($94 per year)

For military members, finding the best provider means prioritizing both customer service and affordability. It's important to balance these factors, especially given the unique needs of those with military backgrounds.

State Farm is the best renters insurance company for those with poor credit in Vermont, with an annual premium of $165. The following providers are the top two best providers in Vermont for those with poor credit:

• State Farm: MoneyGeek score of 90 out of 100 ($165 per year)
• Vermont Mutual: MoneyGeek score of 85 out of 100 ($100 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurers view them as higher risk due to a history of financial instability. Those with poor credit can improve their credit score to lower rates and take advantage of discounts where possible.

The average cost of renters insurance in Vermont is $117 annually or about $10 monthly, compared to the average cost of renters insurance nationally at $146 annually. This means Vermont's average is $29 cheaper annually than the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Vermont may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings against risks like theft, fire, and certain natural disasters. Use the tool below to get an estimate for your renters insurance based on your needs.

Multiple factors impact the cost of renters insurance in Vermont, including location, coverage amount, and deductible. Understanding these factors is important for making informed decisions about your insurance needs and potential cost savings. Below are key factors that affect renters insurance costs:

Factors:

• Location: Urban areas typically have higher premiums due to increased risks.
• Coverage Amount: Higher coverage limits lead to higher premiums.
• Deductible: Lower deductibles result in higher premiums.
• Claims History: A history of frequent claims can increase your insurance costs.
• Credit Score: Poor credit scores often result in higher premiums.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all your possessions, including descriptions, photos, and values. Follow these steps to create your personal inventory:

1. Make a List: Write down all the items you own, room by room.
2. Take Photos: Photograph each item to have a visual record.
3. Record Serial Numbers: Note the serial numbers for electronics and appliances.
4. Store Receipts: Keep receipts or proof of purchase for valuable items.
5. Update Regularly: Review and update your inventory annually or when you make significant purchases.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Renters insurance is mainly there to cover your personal belongings in case of damage, but it can also cover other things like personal liability and loss of use. Here's a breakdown of what renters insurance covers:

• Personal Property Coverage: This coverage protects your belongings from damage or theft. For example, if a fire damages your apartment in Vermont, your furniture and electronics would be covered.
• Personal Liability Coverage: This coverage protects you if someone is injured in your rental and you are found liable. For instance, if a guest slips and falls in your Vermont apartment, your liability coverage would cover medical expenses.
• Loss Of Use Coverage: This coverage helps with additional living expenses if your rental becomes uninhabitable. For example, if your Vermont apartment is damaged by a storm and you need to stay in a hotel, your loss of use coverage would cover those costs.

Renters insurance only covers specific circumstances, such as fire, storms, and theft. It's important to understand what circumstances are covered to ensure you are adequately protected. Here are some situations typically covered by renters insurance:

• Fire
• Storms
• Theft
• Vandalism
• Water damage (excluding floods)

The best renters insurance provider for you ultimately depends on your needs. To help you make an informed decision, we've answered some of the most frequently asked questions about renters insurance.