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VERMONT RENTERS INSURANCE

Vermont renters insurance is a welcome, if not altogether well-known, value in a state ranking in the top ten in the U.S. for cost of living [1]. Renters in Vermont can take advantage of excellent values on insurance coverage that protects them in a variety of circumstances. When we live as tenants, insuring the physical structure in which we live is not our responsibility. This is one of the better perks of renting. We count on our landlords to take care of our house or condo in exchange for the money we give them for rent each month. Theoretically, all it takes is a phone call (or perhaps two or three) to get things that need repair taken care of.

But the personal belongings we have with us in our Vermont apartment or other rental home is generally not covered by the insurance policies our landlords have to carry on the buildings they own. To ensure protection for your personal possessions, you need to carry a Vermont renters insurance policy. Whether you live in a large condominium or a tiny loft, the premium you pay for your Vermont renters coverage protects your belongings, not the place you keep them. As a matter of fact, when you have Vermont renters insurance, it insures your things against loss anywhere around the world, wherever you take them.

How Much Vermont Renters Insurance Do You Need?

If you are thinking about pricing out Vermont renters insurance coverage, it is smart to do a little work beforehand to figure out just how much coverage you need. Your policy can be customized based on the financial coverage you want for your belongings. You should go through them and take a thorough inventory. Take down each item and an estimate of its replacement cost. Once you have all you own tallied up, do the math to determine what it might cost you to start over. You may be surprised at the figure. You accumulate your possessions so gradually over time that it is hard to believe the dollar value of all of it, but in a pinch, you would have to come up with something close to that to give yourself new furniture, clothes and other essential items.

Taking an inventory does more than give you a figure to use when gathering quotes for Vermont renters insurance. It also reinforces your need for coverage in general by proving to you what a bind you would be in if you were to lose it all with no fall-back plan. Any renter in Vermont can surely appreciate the value of this bit of logic. Once you see the need for Vermont renters insurance and the sorts of predicaments it can help prevent, your question shifts from how can you afford it to how can you afford not to have it. Paying the rent on your first loft and feeling the freedom of independence is a wonderful thing. But all these feelings can be washed away if you lose your possessions with no method of recompense.

Full Replacement vs. ACV Vermont Renters Insurance

Talk of taking inventory brings up another important point to consider when you are shopping for renters coverage in Vermont. There are two different methods of covering personal possessions in that portion of your Vermont renters insurance policy. One of them is called actual cash value coverage, which is the less expensive of the two. Actual cash value or ACV determines compensation in the event of loss by the depreciated value of the item in question. For example, if you purchased a stereo system five years ago and it was stolen in a break-in at your rented condominium today, the Vermont renters insurance payout would be significantly depreciated due to the age of the stereo. By contrast, guaranteed replacement cost coverage pays out based on what a new item would cost to purchase at the time of the loss. While ACV coverage costs less, guaranteed replacement coverage gets you much closer to the amount of money you would actually need to replace everything you have lost in a claim situation. Generally speaking, full replacement coverage offers more dollar-for-dollar value than ACV coverage.

Vermont renters insurance also gives you a safeguard against financial liability should an injury occur at your apartment or townhouse. The premium you pay is small in comparison to the protection it can provide. A typical policy might contain $100,000 in personal liability coverage, which protects you against claims both at home and away. Personal liability coverage also comes to your aid if you are found responsible for damage done to others' property as well as taking care of you at home. Your level of coverage is adjustable just like in the personal property section of coverage. As with any insurance coverage, you should opt for the best and most comprehensive Vermont renters coverage plan you can afford.

If you are a Vermont college student living off campus for the first time, you may be getting out from under the family umbrella of insurance protection for the first time. It can be hard to keep up with all the expenses associated with living on your own, especially when it all so new to you. It may appear at first glance that Vermont renters insurance is an expense you can opt out of to save yourself a few dollars, but in reality you are better off signing on for coverage. Renters insurance is quite inexpensive and can really come in handy if anything happens while you are living in your apartment or rented house. One thing to remember is that for your Vermont renters insurance to take effect, all roommates have to be covered. You can usually get roommate discounts if everyone at your address buys a Vermont renters policy from the same provider. If you are a student, you need to have college student renters insurance.

Compare and Save on Vermont Renters Insurance

In Vermont, you can quickly and easily find affordable renters insurance policies. It is quite surprising that in spite of its obvious value and affordability, some experts estimate that as many as 64 percent of renters in the United States do not carry insurance covering them from liability and loss of their possessions [2]. Popular misconceptions abound regarding this coverage that greatly contribute to these figures. Many people erroneously believe that their landlord's policy will cover all their belongings and their financial liability in the event of loss or accident. They think just by paying rent, they have some kind of coverage that will come to their aid of they fall victim to theft or vandalism. This is far from the truth; each renter is responsible for insuring his or her own goods against the risk of loss, and landlords' policies have very limited provisions in only specific circumstances providing for restitution to tenants for loss of personal property.

To take care of your belongings as a renter in Vermont, comparison shop and purchase a Vermont renters insurance policy that combines value and affordability. Use this site to seek out top providers in your area. Make the best of your experience as a renter by protecting yourself against the unknown and insuring your possessions against catastrophic loss. A small premium can do great good.

So what are you waiting for? Compare cost and coverage details from the Vermont cities of: Burlington, Barre, Bennington, Rutland and more...

[1] http://www.costoflivingbystate.org/cost-of-living-by-state.html Retrieved 2009-10-29.
[2] http://www.relocation.com/library/insurance_guide/renters_insurance.html Retrieved 2009-10-30.

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