No matter where you live in Vermont, it’s important to have adequate renter’s insurance to protect your personal property from loss or damage. Renter’s insurance is designed especially for those individuals who don’t own their own home but are leasing their place of residence. Whether you are renting an apartment, a condo, or a house, it makes good financial sense to have Vermont renter’s insurance coverage to safeguard your valued possessions in the event of theft, fire, or weather-related calamities.
Why You Need Renters Insurance in Vermont
The turmoil in the housing market over past few years has caused an enormous increase in the number of people renting a property rather than buying. But nearly half of the over 80 million people who lease their homes or apartments have no insurance on their personal property and therefore stand to face a total loss in the event of fire, theft, or weather damage. In a recent survey conducted by Allstate, it was found that nearly 43 million renters would be left footing the bill to replace some or all of their lost or damaged personal possessions. Most renters simply can’t afford to do this.
While there are many reasons why people put off buying renter’s insurance, experts agree that the main cause appears to be a basic misunderstanding of what renter’s insurance actually is. Following are some of the most common misconceptions:
1. Renter’s insurance is too expensive.
The cost of renter’s insurance does vary according to where you live and what type of dwelling you lease. But on average, an adequate renter’s policy costs between $200 and $300 per year. That’s less than $1 a day which is a pretty good bargain considering it’s less than a cup of coffee at Starbucks.
2. My landlord’s insurance covers my personal property.
This is a very common misconception that renters believe. The fact is that your landlord does carry homeowner’s insurance on the place you are renting. But it only covers the actual structure itself and the land on which it is built. Anything that is located inside of the rental home or apartment is strictly the responsibility of the renter when it comes to insurance coverage.
3. My possessions aren’t worth very much.
A lot of people think this. A good reality check is to do this: First, make a detailed inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices.
4. It’s only my things.
Most people think of renter’s insurance as protection for their personal property in the event of a fire, theft, or weather damage. But a standard policy also includes liability coverage which is very important. This protects you in the event a visitor is injured in your home. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.
5. It takes too long and is too complicated.
We work with all of the major insurance carriers in Vermont who offer renter’s insurance to consumers. From the comfort of your home or office you can compare policies and get quotes from several different insurance companies. Our friendly and professional staff is available 24 hours a day, 7 days a week to assist you in finding the most comprehensive renter’s insurance policy for the best possible price. We take the guesswork and confusion out of buying renter’s insurance. You can relax knowing that your personal property and valued possessions are adequately covered in the event of theft, fire, and a host of other possible disasters.
Some Ways To Save
As you’ve already discovered, Vermont renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:
- Choose a higher deductible. This will lower the overall cost of a policy.
- If they aren’t already present, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
- If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
- Some insurance companies offer savings to non-smokers. Find out about this possibility.
- Bundle your policies together with one insurance carrier. (such as renter’s, auto, or life)
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