6 Best Renters Insurance Companies in Vermont of 2023

Renters throughout Vermont, including cities such as Burlington, South Burlington, Essex, and Colchester, are value-minded shoppers when it comes to finding renters insurance. They don’t necessarily want the cheapest renters insurance in Vermont, but they are looking for the best value.

Although renters insurance isn’t required by law, most renters buy it. They find it protects them financially if a catastrophic event destroys their belongings and gives them peace of mind knowing that they could replace their possessions if something unexpected happened, like a fire or theft.

According to PropertyNest research, the average cost of basic renters insurance in Vermont is $13.64 a month, lower than the national average of about $17 per month.

This is a very reasonable price, considering the replacement cost of a typical person or family’s belongings, such as furniture, appliances, clothing, etc.

At PropertyNest, we want renters in Vermont’s big cities and small towns to find a renters policy that meets their needs. We’ve compared insurance companies using parameters like affordability, coverage, service, and discounts to do that.

Compare Renters Insurance in VT

The Best Renters Insurance Companies in Vermont

• Allstate – Best For Most Affordable Coverage
• Amica – Best For Customer Ratings
• Travelers – Best for Personal Property Coverage
• State Farm – Best For Local Agent Service
• Nationwide Best For Standard Coverage
• Vermont Mutual – Most Popular in Vermont

Allstate: Best For Most Affordable Coverage

In addition to having one of the largest networks of insurance agents in the country, Allstate also has the lowest rate for renters insurance in Vermont. Allstate’s average premium in Vermont is $12 per month.

Their coverage protects renters from the four most common risks they typically cover, including theft, fire and smoke, vandalism, and water damage from plumbing, furnace/AC, or a water heater.

Allstate Renters Insurance Discounts

• As they do for homeowners insurance, Allstate also offers a bundle discount if a renter also has their car insurance.
• Premiums are reduced to as low as $4 per month if bundled with Allstate car insurance.
• Discounts for smoke detectors and burglar alarms.

Read a full Allstate renters insurance review.

Amica: Best For Customer Ratings

For Vermont renters willing to spend a little more for a superior customer experience, we recommend Amica renters insurance.

According to the National Association of Insurance Commissioners (NAIC), Amica has a customer complaint index compared to the industry average.

This means Amica has had fewer complaints registered with the state insurance commissioner’s office than their competitors selling renters insurance.

Amica customer support is available via telephone, email, and live chat. Claims can be filed on their website’s customer portal or by phone. Once filed, the claim can be tracked on their mobile app.

Amica Renters Insurance Discounts

Amica has only one discount for customers with their renters insurance in Vermont:

• 15% off the renters insurance premium if the renters car insurance is also through Amica.

Read a full Amica renters insurance review.

Travelers: Best for Personal Property Coverage

Travelers renters insurance’s basic coverage is very similar to other major insurers selling renters insurance in Vermont, including personal liability, medical payments, and additional living expense coverage if you have to stay in a hotel due to a covered loss.

What sets Travelers renters insurance apart is their standard coverage for personal property. For renters who like to spruce up their apartment or condo while they live there, any improvements the renter made that are damaged during a covered event, such as new covering or fresh paint, can apply up to 10% of their personal property coverage to restoring the enhancements they made.

Additional coverage from Travelers should be bought to protect expensive belongings, like jewelry, antiques, and fine art.

Travelers Renters Insurance Discounts

Travelers offer several standard renters policy discounts, including:

• Bundle discount if the renter also has Travelers auto coverage.
• Protective device discount for having smoke detectors or burglar alarms.

State Farm: Best For Local Agent Service

No matter where you live in Vermont, a State Farm agent is relatively close. State Farm has over 18,000 licensed agents selling and servicing renters insurance policies, while Allstate has roughly 9,000 agents.

Because of its substantial geographical presence, State Farm ranks competitively in customer service ratings. In addition, claims are serviced by State Farm employees, who can make claims processing quicker and easier because they strictly work for State Farm.

State Farm Renters Insurance Discounts

State Farm has the standard discounts for companies that sell renters insurance in Vermont, including:

• Multi-policy bundle discounts.
• Discounts for having smoke detectors, fire extinguishers, and/or home monitoring equipment.

Read a full State Farm renters insurance review.

Nationwide: Best For Standard Coverage

In addition to having very competitive rates in Vermont, Nationwide’s standard policies also include “Brand New Belongings” coverage.

This unique feature is similar to replacement cost savings. This means if it costs more to replace an item than the claim reimbursement amount, Nationwide will issue the renter another payment to make up the difference.

Nationwide Renters Insurance Discounts

In addition to having the best standard coverage, Nationwide offers several renters insurance discounts:

• Multi-policy discounts.
• Claims-free discount.
• Protective device (burglar and smoke alarms) discount.

Vermont Mutual: Most Popular in Vermont

While not the most widely known renters insurance carrier nationwide, Vermont Mutual is extremely well-known and the most popular renters insurance in Vermont.

Vermont Mutual’s premiums are very competitive (lower than the state and national averages), and the company ranks highly in customer satisfaction and financial stability ratings.

In addition to basic coverages, policyholders can add theft protection and coverage of valuable items to their policies. Renters can also purchase extra protection for their computers, tablets, and laptops.

Vermont Mutual Renters Insurance Discounts

Vermont Mutual offers several types of discounts:

• Safety/security equipment discount.
• Bundle discount (renters/auto policy).
• Loss-free discount.

Is Renters Insurance Mandatory to Rent an Apartment in Vermont?

Renters insurance is not mandatory by law to rent an apartment in Vermont.

However, landlords may require tenants to purchase a renters insurance policy as part of the lease agreement.

It's important to check with your landlord or rental property management company to determine their specific requirements and policies regarding renters insurance.

What is the Average Cost of Renters Insurance in Vermont?

The average cost of basic renters insurance in Vermont is $13.64 per month or $163.71 per year.

Renters insurance premiums vary greatly depending on the amount and type of coverage you choose, your location, credit score, and claims history.

It's important to shop around to compare prices from different insurers and find the best coverage for your needs.

In addition to financial protection, renters insurance also provides you with personal liability coverage in the event that someone is injured on the property or if you are sued due to an incident involving your belongings.

Having this coverage can provide peace of mind should any unexpected or unfortunate incidents occur.

What is Actual Cash Value vs. Replacement Cost?

Actual Cash Value (ACV) is the amount it would cost to replace a damaged item with one of similar age and condition. Replacement Cost coverage pays the full amount needed to purchase a new item at today's prices, regardless of age or condition.

It is important to consider both types when selecting your insurance plan as this can significantly affect the coverage you receive in the event of a loss.

What Does Renters Insurance Cover?

Renters insurance in Vermont generally provides four types of protection:

• Personal property damage: If your personal property is damaged, renters insurance covers the cost of the damage up to your policy's limits. Covered causes are specifically named in your policy, such as fire, wind, or theft.
• Personal liability: If someone is injured or their property is damaged, and you’re blamed, your policy will cover liability costs, including legal expenses. A standard renters insurance policy includes up to $100,000 in liability coverage.
• Additional living expenses: If your rental becomes uninhabitable due to a covered cause, your renters insurance will pay for expenses above and beyond your ordinary living expenses, such as a hotel and meals if necessary.
• Medical Payments: Limited coverage for medical costs if someone is injured while visiting you.

What are Optional Coverages Available With Renters Insurance?

In addition to the four primary coverages, renters insurance sometimes provides supplementary coverages. These coverages are not always part of the standard coverage. Ask your agent if they are part of your policy or if you can add them.

• Debris removal: Renters insurance will often cover some of the debris removal costs after a covered loss, like a fire or water damage. This is covered under your personal property limits.
• Building additions or alterations: If you've paid for upgrades or modifications to your rental unit, renters insurance may cover damage from a covered event. Coverage is generally limited to a percentage of your personal property coverage limits, such as 15%.
• Credit card and check forgery: Renters insurance may cover losses you suffer resulting from the theft and fraudulent use of credit cards or forgery of checks. Coverage is usually up to a limited amount, such as $1,000.
• Food spoilage: If a power failure in your rental results in refrigerated food loss due to spoilage, renters insurance policies will often cover it under your personal property limits.

What Doesn’t Renters Insurance Cover?

The personal property and liability coverage provided by renters insurance won't protect you from all risks.

For example, property damage due to floods won't be covered, and liability coverage for events related to dangerous dog breeds (Pit Bulls, Dobermans, Rottweilers, etc.) may also be excluded.

Coverage is also usually limited for high-value items like fine art, expensive collections, and jewelry. Here are some common coverage exclusions and limits in renters insurance policies.

Bed bugs and pests

Most renters insurance policies will not cover damage costs associated with bed bugs, with limited exceptions. Along with rodents, they are considered a maintenance issue and not covered under your standard renters policy.

Earthquake and flood damage

Standard renters policies do not cover earthquake or flood damage, though some companies may offer that coverage as an add-on. If you can't get earthquake or flood coverage through your renters insurance policy, you can look into buying a separate flood or earthquake policy.

Car theft or damage

Damage or theft of your car will not be covered by your renters policy. You will need an auto insurance policy with comprehensive coverage. However, belongings inside your vehicle at the time of the theft are covered by renters insurance.

Roommate property

Renters insurance generally doesn't cover damage associated with a roommate’s property. To be covered, they need to be listed on the policy.

Do You Need an Inspection for Renters Insurance?

You do not need an inspection for renters insurance. However, providing as much detail as possible on the home or apartment you are insuring is essential.

This includes things like square footage and the number of rooms, the age of the building and its construction materials, security features such as fire alarms or window locks, etc. Providing these details can help you get the right coverage and find the best rates.

Conclusion

At PropertyNest, our mission is to provide Vermont renters with the information they need to make an informed decision that gives them the coverage they need at an affordable rate.

When collecting quotes and comparing insurers, ask questions about factors that affect your rates, such as different deductibles, policy limits, and available discounts. You can often reduce your coverage by having a higher deductible and applying discounts.

We recommend that you get at least three quotes from different insurers. You can usually get these quotes online and apply without talking to an agent.

Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Vermont. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.

How We Selected the Best Renters Insurance Companies in Vermont

While price is always a consideration, many other factors should be considered when purchasing renters insurance. For Vermont, we selected insurers using five essential criteria indicating which companies can protect renters.

Price

The cost of renters insurance is affected by many things, including your policy’s deductible and coverage limits, but regardless of how much coverage you need, we recognize that the rising cost of renting and inflation make keeping costs down a priority.

In selecting the best insurance companies for renters insurance in Vermont, we chose insurers that provide a good value at an affordable price.

Several carriers we selected in our analysis as “Best of” were higher in price than the state average, but their coverage and service were favorable in some respects compared to their competitors.

Because the cost of renters insurance in Vermont averages under $200 per year, the price differential was not that substantial between carriers.

Discounts

Renters insurance discounts can help you reduce your annual premium, particularly if you can bundle other products like your car for a bundle discount. Protective device discounts were also a standard discount for most insurers we analyzed.

We selected companies that offer multiple homeowners insurance discounts, particularly discounts that apply to most homeowners in Vermont, such as having security systems, fire extinguishers, and smoke alarms.

Coverage

To be protected adequately, you need to buy enough coverage to replace your belongings if they’re stolen or destroyed.

For our best renters insurance in Vermont, we prioritized insurance companies that provide excellent standard coverage, plus a selection of endorsements and add-ons to help you customize your coverage.

Customer Support

Filing a renters insurance claim can be stressful and time-consuming, and low premiums are not a substitute for the lack of customer support when you need it most.

To make our list, insurers needed strong customer service ratings and reviews, and we selected insurers with multiple support layers, including online customer portals, mobile apps, or 24/7 phone support.

Technology

Technology an increasingly important role in the purchase and service of insurance policies. Many insurers are scaling back on the number of agencies they have to reduce costs and meet customer demand for online sales and service.

Because of this, we highlighted companies with up-to-date websites, mobile apps, and online customer support.

Locations

As the rates vary widely based on the location, we compared the average rates in the major Vermont major cities such as Barre City, Burlington, Essex Junction, and Montpelier.