Renting property can oftentimes be cheaper than purchasing a home. You might not have the credit right now to buy your own house or you don’t want to be tied down to a property. While renting is a wonderful option for many individuals and families, it doesn’t come without risk. Just because your landlord has property insurance on the building, it does not mean that everything in the rental is covered. These blanket protection plans only cover the exterior of the property, leaving everything inside the renter’s responsibility. If you’re currently living in the beautiful state of Vermont and renting a home, condo or apartment, you need protection that prevents future financial quandaries.
An estimated four million people rent property in the state of Vermont. The average cost of an apartment is only $900 a month, making it an affordable option that lots of people find cost-effective. Just because your apartment is cheap doesn’t mean that you don’t have valuable items inside of it. Renters insurance will be your best friend if you experience theft, fire or any other damage sustained.
What Exactly is Renters Insurance?
Renters insurance is put on your goods and property within the rental itself. It will cover your possessions, electronics, items and furniture within the apartment or condominium. You pay a monthly premium on the coverage as you would any other type of insurance policy. If you fail to pay the premium, your coverage can be dropped and you will be without insurance. Most companies that offer homeowners and car insurance will offer rental insurance, too.
Who Can Be Covered?
As long as you’re paying rent each month to live where you’re living, you can qualify for rental insurance. This might include a couple who has an apartment or a college student renting out a dorm room. Even senior citizens who are living in nursing home facilities can qualify for renters insurance in the state of Vermont. If you own the property or are on the deed, you cannot get this type of coverage and should instead take out a homeowners insurance policy.
Policies Available to Renters
Insurance companies don’t offer just one plan to fit everyone’s needs. They understand that people have different requirements and budgets, and so they offer about three different types of policies. The most basic will cover fire damage and certain other incidents and it is the cheapest. The second and most popular will cover fire as well as natural disaster relief. Many areas of Vermont have flooding and hurricane issues, so this level of coverage might be your best option. The third premium is the most comprehensive because it covers theft, burglary and routine everyday damage to your items.
Each level of coverage will cost more or less than others. If you’re looking to save money, you should at least get the basic plan. If you want to have more extensive coverage to feel totally protected, you can spend a little more and get a comprehensive policy. Talk with an insurance agent to determine what you need according to your risk factors. For instance, if you’re living in an area of Vermont that experiences a lot of crime, it might be beneficial to be covered for theft.
How Coverage Pays Out and Filing a Claim
If you experience a problem in your Vermont rental, you’ll need to file a claim with your insurance company. They will use pictures taken at the time of signing up to determine your eligibility and the worth of your items. Coverage can pay out in two different ways: the first being a cash reimbursement that offers money for the item at the value it was worth at the time of the incident or full retail value which considers the amount of the product if you were to have to replace it.
Finding a Company
It doesn’t matter if you’re living in Burlington, Rutland, Stowe or Middlebury, renters insurance can be an integral part of your everyday life. It’s not great to think about fires, natural disasters and burglaries but it is always nice to be protected if any one of these things should happen to you.