When a fire from a neighbor’s apartment causes smoke damage in your home, your home is burglarized, or if a friend or family member gets hurt at your apartment, having renters insurance can help to alleviate some of the financial stress. Our guide for Vermont renters breaks down the facts about renters insurance policies.
Average Renters Insurance Cost in Vermont
Your landlord’s insurance policy covers damage to the structure you live in, but not what’s inside of it. That’s where renters insurance comes into play. Rental insurance protects your belongings against a variety of unforeseen events and it’s more affordable than you might think. In fact, at $154 per year, the typical policy in Vermont costs 18% less than the national average. Based on the state’s minimum wage, working just 17 hours pays for a full year of coverage. Add up the cost of replacing even a few of your possessions and you’ll see that it makes financial sense to get renters insurance in the Green Mountain State.
What Rental Insurance Covers
In 2012, 3,965 burglaries were reported in Vermont. Rental insurance can help cover the expense of replacing your things if you are the victim of theft. What you may not know is the additional benefits it offers. For instance, renters insurance can protect your belongings if they are damaged or destroyed by fire, smoke, vandalism, or other covered events. Renters insurance policies can also protect personal property that has been taken outside of your rental meaning you’d likely be covered if your suitcase got lost on a vacation. Plus, some policies include liability insurance which can help cover medical bills if someone is injured in your apartment.
Ways to Save
Factors that can have an effect on your annual rate include: the area you live in, the things you own, claims history, and other policies from insurance companies you might currently have. Even though renters insurance is already affordable, there are still discounts you should see if you qualify for, including:
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
- No Prior Claims: Save on your insurance bill if you have a clean claims record.
- Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
- Higher Deductibles: Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.
Vermont Renters Statistics and Next Steps
Vermont renters pay approximately $1,075 per month for a two-bedroom apartment and roughly 29% of the state’s residents rent. If you’re one of them, you may be able to get the protection of renters insurance for as little as $154 per year a fraction of your annual housing costs. We suggest calling a licensed agent to help you find a policy that is best suited for you and your home. Call [mapi-phone /] to speak with one today.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!