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.
Renters insurance in Vermont is very affordable. The average annual renters insurance premium in Vermont was $14 a month, which is lower than the national average of about $18 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.
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.
Read a full Allstate renters insurance review.
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.
Allstate Renters Insurance Pros & Cons
- Lowest premiums in Vermont.
- Standard coverage is comprehensive, including personal property coverage, reimbursed living expenses, liability protection, and guest medical coverage.
- Renters can customize their policy by selecting their deductible and coverage limits based on their needs.
- There is an extensive network of agents in Vermont providing service to renters.
- There are many negative online reviews concerning Allstate’s response time with claims and the payout amounts for claims.
- Limited discounts are offered.
|J.D. Power (out of 1,000)||837|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
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.
Amica Renters Insurance Pros and Cons
- High customer satisfaction ratings.
- Available through an extensive network of independent insurance agents.
- Competitively priced.
- Agents selling Amica renters insurance are not company employees.
- Premiums are higher than the state average in Vermont.
- Lacks many add-ons, such as water backup or equipment breakdown coverage.
|J.D. Power (out of 1,000)||854|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.32|
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.
Travelers Renters Insurance Pros & Cons
- Premiums are competitive.
- Claims can be filed online.
- Coverage for home improvements is standard.
- A robust website with many online tools.
- Customer service is not available 24/7.
|J.D. Power (out of 1,000)||801|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||3.88|
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.
Read a full State Farm renters insurance review.
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.
State Farm Renters Insurance Pros & Cons
- Easy to get quotes and apply for a renters insurance policy online.
- Option to purchase pet insurance with renters insurance.
- Coverage limits and deductibles are customizable.
- Higher than the average number of complaints.
- A limited number of discounts.
|J.D. Power (out of 1,000)||836|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
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.
Nationwide Renters Insurance Pros & Cons
- Claims can be filed online.
- The company has strong financial ratings.
- More options and discounts than most other renters insurance companies.
- Customer service is not 24/7.
- The online customer satisfaction ratings are lower than many competitors selling renters insurance in Vermont.
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.
Vermont Mutual Renters Insurance Pros & Cons
- Based in Montpellier, Vermont.
- Sizeable agent network in Vermont selling renters insurance.
- Very competitive rates.
- No mobile app.
- Their website provides little detail about their claims process.
|Company||PropertyNest Rating||J.D. Power (out of 1,000)||A.M Best Rating||BBB Rating|
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 renters insurance in Vermont is $14 per month or $168 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.
|Cash or Other Forms of Currency||Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards.||Most renters insurance policies will only cover up to $200 in stolen cash.|
|Electronic Equipment||Phones (iPhones, Androids), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc.||Standard renters insurance policies cover the loss or damage of electronic devices.|
|Clothing||Designer purse/handbags, shoes, jewelry, designer watches||Standard renters policies cover your personal clothing or designer handbags etc.|
|Power Tools||Drills & drivers, saws.||Covered under the personal property coverage.|
|Kitchen appliances||Vitamix or NutriBullet blenders, electric mixers, ice makers, coffee machines.||Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril.|
|Prescription drugs||Will not cover stolen prescription drugs, but in most cases will cover prescription drug refills.|
|Personal information||Bank accounts, identity information stolen from documents, or stolen personal equipment.||Most companies do not include identity theft as a covered peril in a standard renters insurance policy.|
|Firearms||Pistols, rifles||Firearms are covered under personal property coverage.|
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.