Many renters in Vermont will take the time to look at several different homes and apartments before choosing one to move into. However, few use the same care when it comes to choosing a renters insurance policy. Whether you are renting an efficiency apartment in downtown Burlington or an off-campus house in the college town of Middlebury, you likely moved into your rental home with personal belongings. The only way to protect the investment you have made in your personal property is by having suitable insurance coverage. The low quotes for renters insurance in Vermont may surprise you.
Facts About Vermont Renters
- Percentage of VT homes that are rented apartments: 6%
- Median gross monthly rent in Vermont: $553
- Average yearly Vermont renters insurance premium in 2008: $149
- Average U.S. renters personal property replacement value: $20,000
Is Renters Insurance Required in Vermont?
The state does not require renters to have renters insurance, but some landlords may require you to carry this coverage as one of the terms of your lease. In most cases, however, landlords do not ask their tenants to purchase this insurance. This is not to say that coverage is unnecessary. Having it can save you hundreds or even thousands of dollars.
Some renters in Vermont feel that insurance is unimportant because they do not actually own the home in which they are living. But this fails to take into account the value of their personal property, their risk of liability or the chance that severe damage may force them to vacate their homes.
Why Should Renters Opt for Insurance Coverage?
How would you handle your personal losses if a cold Vermont winter caused a pipe to burst and the ceiling above you came crashing down, destroying your furniture and electronics? What would happen if a fire in a neighboring home spread to your own and destroyed all of your personal belongings?
If a catastrophe causes damage to the home you are renting, your landlord may not be responsible for compensating you for your personal losses. Your landlord is typically responsible only for covering damage to the home itself. You need a renters insurance policy to be able to recoup your losses.
You may think that you do not really have much worth insuring, but if you add up the value of all your personal belongings, including clothing, kitchenware, electronics and décor, the cost to replace these items may surprise you. Think about the financial consequences of having to start over with nothing, since that is what would likely happen if your home were destroyed in a fire and you had no insurance coverage.
A renters insurance policy can also shield you from the expenses associated with liability, libel or slander claims against you and can even cover the cost of temporary housing if your rental home becomes uninhabitable due to a covered event. Well researched supporting text.
VT Burglary Statistics
- Approximately 4,000 burglaries occur in the state of Vermont each year.
- The state’s burglary rate equates to 6.33 burglaries per every 1,000 homes.
- By comparison, the national rate is 6.70 per every 1,000 homes.
Statistically, renters are more likely than homeowners to become burglary victims. Be sure to keep your doors and windows locked at night and to report any security problems to your landlord immediately. If the home you are renting is broken into, thieves are mostly likely to snatch only a few valuable possessions. The items most frequently stolen during burglaries are cash, jewelry and electronics.
If someone burglarized you home, you should first ensure your own safety. It may be a good idea to contact the police from a neighboring apartment or house just in case the burglars are still in your home. Make an itemized list of all your missing property and be sure to request a copy of the police report since you will need these items when filing a claim with your insurance company.
How High Are Quotes for Renters Insurance in Vermont?
When you request quotes for policies in this state, you may be pleasantly surprised. Renters insurance in Vermont typically costs less than $15 a month. However, despite these low costs, more than half of all renters forego this very useful coverage. There are several factors that can affect how much your policy will cost, but because the cost of this type of insurance is so low, policy rates are fairly consistent. These are some of the factors that can most influence the cost of your policy:
- The location of your rental home and the area’s property crime rate
- The estimated value of your personal property
- The amount of your deductible
- Your claims history
- The insurance company you choose
You may be able to get even lower policy rates if you qualify for discounts. Many companies will offer reduced rates if you carry additional policies, such as car insurance, with them or if you elect to allow automatic monthly payment deductions from your bank account. Be sure to ask about discounts when obtaining renters insurance rate quotes.
Get Help Finding the Right Renters Policy
Renters insurance is very inexpensive, but you will want to be certain that you are not overpaying for your policy. You can get help finding a suitable policy by requesting the assistance of an independent agent in the Trusted Choice® network. These agents can provide you with a selection of competitively priced policies, answer your policy-related questions and help you determine how much coverage you need.
Contact an agent near you to learn more and to start comparing renters insurance quotes.