The Cheapest and Best Renters Insurance in Norfolk
The Companies With the Cheapest Renters Insurance in Norfolk
Renter's insurance costs vary significantly among insurers, so Norfolk renters should compare prices before purchasing a policy. After all, many of them offer the same basic coverages.
According to our research, the following are the cheapest options in Norfolk for the average consumer:
- Allstate: $97 per year
- MetLife: $118 per year
The sample prices in this study assume a policy with $20,000 in property coverage, $100,000 in liability coverage and a deductible of $500. Check the table below to see how prices change based on varying personal property coverage limits.
If you live elsewhere in Virginia, you may want to compare renters insurance for the entire state.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
Scroll for more
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
What Are the Best Renters Insurance Companies in Norfolk?
MoneyGeek analyzed and ranked the top renters insurance companies in Norfolk. They include:
- Best Overall: Allstate
- Runner-up: MetLife
MoneyGeek's unique rating system combines affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We also found that these companies offer coverages not found in all renters insurance providers.
Allstate is the overall top provider in Norfolk. It has high ratings across all categories, with a perfect score for affordability. Allstate's identity protection coverage helps you monitor your digital footprint and protects you in the case of identity theft.
The good thing about Allstate's policy is that it lets you opt out of Allstate's off-premises theft coverage. However, doing so means you get no coverage for objects taken outside your home. Most renters policies do not include flood coverage, but you can purchase it from Allstate.Read MoneyGeek's Allstate renters Insurance Review
MetLife is the second-best renters insurance provider, earning high scores in affordability, customer satisfaction and financial stability.
All MetLife policies include identity-theft protection. Other companies charge extra for this coverage. You can also add specialty coverage to your policy if you have valuable items like musical instruments or sports equipment.
The Average Cost of Renters Insurance in Norfolk for 2023
renters insurance is equal to the average.
Norfolk policyholders pay an average of $132 per year for renters insurance or around $11 per month. This is $27 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Norfolk?
While several factors affect your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount. When looking for renters insurance in Norfolk, you want to find the best deal possible. You can protect your personal property from damage or loss with the right coverage level.
- Location. The level of crime in your area can either lower or increase your insurance premium. However, your neighborhood's crime rate tends to have a minor effect on costs.
- Deductible. This is the amount you must pay before your insurance company starts to pay its share. A higher deductible means a lower monthly premium because you'll have to pay more in case of a claim.
- ACV vs. RCV. If you file a claim on your insurance, your policy may reimburse you based on either the actual cash value (ACV) or the replacement cost value (RCV). ACV policies will reimburse you for the depreciated value of your item. RCV policies reimburse the cost of buying a replacement that's similar in quality and type without considering depreciation.
- Liability coverage amount. Coverage level will only slightly affect the cost of your renters insurance. A standard policy has $100,000 in liability coverage. However, you can add thousands more in coverage for only a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Norfolk Neighborhood Impact Cost of Renters Insurance?
In general, your neighborhood has no significant impact on your insurance premiums. MoneyGeek's study found that where you live will only affect your monthly premium by a couple of dollars.
Understanding Renters Insurance in Norfolk
MoneyGeek recommends purchasing renters insurance despite this not being a requirement by law in Norfolk. Renters insurance is an affordable way to protect your belongings in the event of fire, theft or other unexpected incidents.
What Does Renters Insurance Cover in Norfolk?
Getting enough coverage when you shop for renters insurance in Norfolk is essential. When you do this, you get protection from theft, which could put a dent in your bank account. According to the FBI, Norfolk's property crime rate was 3,132 per 100,000 residents in 2019. This is 66% above the national average.
Norfolk apartment and home residents should also consider purchasing renters insurance to protect against fires and water damage, which can happen everywhere across the country. A standard renters insurance policy in Norfolk typically offers the following coverages:
- Personal property coverage: This covers your belongings inside your rented home in case of fire, vandalism, theft, plumbing issues and electrical malfunctions.
- Additional living expenses: If you're living in a damaged rented property after a covered peril, this coverage will pay for your temporary housing expenses.
- Liability insurance: If an accident on your rental property causes bodily harm to a third party, this will cover. It also helps pay for legal expenses and court judgment in case of a lawsuit.
- Medical payments coverage: If someone is injured while in your rented property, this coverage pays for medical expenses, irrespective of who is at fault.
What Is Not Covered by Renters Insurance in Norfolk?
Renters insurance in Norfolk protects your personal belongings, not the structure of the home. Additional coverage may be necessary for certain situations. For example, flood-related damage is not covered by most standard policies. With additional coverage from National Flood Insurance Program (NFIP), you can safeguard your property from water damage caused by flooding.
Most renters insurance policies may also exclude coverage for roommates' belongings, earthquake damage to your apartment, damage to your car, jewelry or other valuable items that exceed your policy's limits.
It's important to read your policy carefully, as different policies cover different things.
Frequently Asked Questions About Renters Insurance in Norfolk
To let you know more about the best renters insurance in Norfolk, MoneyGeek answered some of the most commonly asked questions below.
Renters Insurance in Norfolk Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Norfolk to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 9, 2022.