Vermont Renters Insurance

Look for a Vermont renters insurance policy that offers property and personal liability protection, as well as coverage for fire and wind damage.
Written by Melanie Mergen
Reviewed by Melanie Reiff
On average,
Vermont
renters insurance costs about $105 per year, or a little less than $9 per month. A standard
renters insurance
policy will typically offer personal property, personal liability, and loss of use coverage, as well as medical payments for someone if they’re injured on your rental property. 
Getting renters insurance is one of the easiest and most affordable ways to protect your personal belongings as a renter. Setting up a renters insurance policy is often a relatively straightforward process, too. 
Still, when it comes to finding the right renters insurance policy in Vermont, it can be hard to know where to start. That’s why
car
and
home insurance
broker and comparison app
Jerry
is here to break down what renters insurance is, how it works, what you should look for in a policy, and how you can save money when you bundle with car insurance.
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What is renters insurance?

Renters insurance offers you financial protection across several different areas. What your renters insurance covers depends on your policy. 
While coverage may vary, here’s what a standard renters insurance policy typically includes:
  • Property coverage (Coverage C): Will cover the actual cash value (ACV) or replacement cost of your personal items if they get lost, damaged, or stolen
  • Loss of use coverage (Coverage D): Will help cover living expenses, like renting a hotel room or another rental home, if your leased property is temporarily uninhabitable due to a covered peril
  • Personal liability (Coverage E): Will help pay for legal expenses if someone gets injured or if their property gets damaged on your rental property
  • Medical payments (Coverage F): Will help cover medical costs if someone is injured in your rental home
To decide how much property coverage you want, it’s a good idea to list your belongings and add up their total value. If your landlord is requiring renters insurance, they may require a minimum personal liability limit.

What does renters insurance cover?

Renters insurance covers your personal items if they’re lost, damaged, or stolen—but the cause has to be a
named peril
in your renters insurance policy. Otherwise, your insurance won’t provide coverage for the loss.
What those named perils are will vary based on factors like your provider, policy, and location. Common named perils include:
  • Fire 
  • Theft
  • Vandalism
  • Windstorm
  • Hail
  • Lightning
  • Frozen plumbing
  • Falling objects

What does renters insurance not cover?

Renters insurance protects you from a lot of worst-case scenarios. Unfortunately, that doesn’t mean it covers everything. These are a few areas a standard renters insurance policy usually doesn’t cover.
  • Your car: Even if your car is damaged while it’s at your rental property, your own
    car insurance
    will have to cover any damages to your vehicle.
  • Valuables: Jewelry, rare collectibles, and valuable art probably won’t be covered under a standard renters insurance policy. Often, renters who want extra protection for valuable items will need to purchase additional coverage.
  • Business-related items: Work items that are in your home will likely need additional coverage unless your policy says otherwise.
  • Flood damage: When the source of flooding has come from outside your home, this is often something you’ll have to purchase separate insurance for.
    Flood insurance
    for renters can be purchased through
    FEMA’s National Flood Insurance Program
    (NFIP) or a private provider.
MORE: Vermont Electric Vehicle Incentives
Key Takeaway For renters insurance to cover damage to your personal property, the cause has to be due to a peril named in your policy.

Is renters insurance required in Vermont?

Renters insurance isn’t required by law in Vermont. That said, some landlords might still require you to get renters insurance as part of your lease agreement.
It’s usually a good idea to have renters insurance anyway, though. It’s one of the most inexpensive types of insurance around, and the protections it offers could save you thousands of dollars in the long run.
In Vermont, the average cost of renters insurance is about $105 per year, which comes out to less than $9 per month. That’s about $54 less per year than the national average.

How to build a Vermont renters insurance policy

Setting up a renters insurance policy in Vermont is a relatively simple process.
You can start by taking an inventory of your significant belongings to determine how much personal property protection you’ll need. That includes appliances, furniture, electronics, and other items of significant importance and value.
Here’s information each object in your inventory should include:
  • Item photo
  • Number of items
  • Purchase date(s)
  • Original purchase price (include receipts if you have them)
  • Brand number(s) and serial number(s), if available
Having this personal inventory with as much information about your items as possible will make it much easier if you ever need to file a claim. For that reason, it’s also a good idea to keep it where you’ll be able to find it and make sure to keep it up to date when you make new significant purchases.
After you’ve taken care of the inventory, adding up the cumulative value of your items should give you a better idea of how much personal property protection coverage to look for.
Once you’ve taken care of your inventory, you can select a personal liability limit. Your landlord might have required a minimum limit, otherwise, it’s a matter of your personal preference. Common personal liability limit coverage options are $100,000, $300,000, and $500,000.
Then, you can consider named perils. When reviewing a potential policy, you must read the named perils section closely and pay close attention to the language used. Make sure any particular perils you’re concerned about (fire, theft, windstorms, etc.) are listed.

Actual cash value vs. replacement cost

Another element of renters insurance coverage you’ll have to consider is whether you want to have actual cash value (ACV) coverage or replacement cost coverage.
ACV would cover you based on your damaged item’s current market value. There’s a chance your item might have depreciated since you bought it, so keep that in mind. For example, if you purchased your fridge for $1,200 six years ago but now it’s worth $800, you’d only get $800 toward replacing it.
Replacement cost coverage covers what it would cost to buy a comparable item, regardless of the original purchase price. 
Replacement cost coverage is often more appealing for this reason, but keep in mind that it can come with a higher premium than ACV. 

How to find cheap renters and car insurance

The best way to find
renters
and
car insurance
at a great price is to seek out multiple quotes and compare your options. While renters insurance is relatively inexpensive anyway, did you know
bundling with your car insurance
could save you even more? Even better,
Jerry
can help make the process quick and easy.
After answering some quick questions, you can start reviewing quotes from top insurance companies, including Nationwide, Allstate, and Progressive. If you’ve found a good match, Jerry can help you set up your new policy and cancel your old one.
Jerry
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FAQs

Yes! In the majority of cases, renters insurance is worth it. Compared to other types of insurance, it’s relatively inexpensive, and for what often amounts to only tens of dollars a month, you’re getting coverage that could save you thousands of dollars later on.
The cost of renters insurance can vary and depends on several different factors. In Vermont, the average cost of insurance is about $105 per year or less than $9 per month.
You could save 15% or more on renters insurance by bundling
Bundle your renters and auto insurance with Jerry and save!
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