The Cheapest and Best Renters Insurance in Richmond
The Companies With the Cheapest Renters Insurance in Richmond
You need to pay attention to renters insurance costs, as most insurance companies offer similar core coverages.
According to our research, the two cheapest options in Richmond are:
- Allstate: $101 per year
- MetLife: $111 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. Use the table below to see how prices change based on varying personal property coverage limits.
You may want to compare Virginia's renters insurance if you live outside Richmond.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
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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 Richmond?
MoneyGeek analyzed and ranked the best renters insurance in Richmond. These are the top two picks:
- Best Overall: Allstate
- Runner-up: MetLife
Our unique rating system combines affordability, customer satisfaction ratings from J.D. Power, financial stability ratings from AM Best and coverages not offered by all renters insurance companies.
Allstate is overall the best renters insurance company. It has strong ratings across all categories, including a perfect score for affordability. You can save a few dollars per month by waiving your off-premises theft coverage, but objects stolen outside your home won't be covered.
Usually, standard renters insurance doesn't cover flood damage. With Allstate, you can get a flood policy if you want extra coverage. Allstate's identity protection can also monitor your online footprint and cover identity theft costs.Read MoneyGeek's Allstate renters Insurance Review
MetLife has the second-best company for renters insurance in Richmond. It ranks high for affordability, customer satisfaction as well as financial stability.
With MetLife, you'll get identity-theft protection at no extra cost, unlike other insurers. This helps cover the cost of repairing your credit, replacing your Social Security number and other expenses you may incur as a victim. Additionally, if your rented home has valuable items, you can purchase specialty coverage for protection.
The Average Cost of Renters Insurance in Richmond for 2023
renters insurance is equal to the average.
Richmond residents pay $44 less than the annual national average of $159 for renters insurance. The cost of renters insurance in Richmond is around $115 per year or $10 per month.
What Factors Impact Renters Insurance Costs in Richmond?
While several factors impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount. You can safeguard your personal property from damage or loss with the right coverage level.
- Location. Although a high crime area is one factor that determines how much you pay for insurance, it rarely has a significant impact on your premiums.
- Deductible. A deductible is how much you pay before your insurance company covers the rest. If you opt for a high deductible, your monthly premium decreases since you'll have to pay more in case of a claim.
- ACV vs. RCV. If you file a claim, your policy may reimburse you based on either the actual cash value (ACV) or the replacement cost value (RCV). An ACV policy reimburses the depreciated value of your item. If you have an RCV policy, it pays for claims without considering depreciation.
- Liability coverage amount. A standard policy has $100,000 in liability coverage. However, you can pay a few dollars more for additional liability protection.
Calculate How Much Renters Insurance You Need
Does My Richmond Neighborhood Impact Cost of Renters Insurance?
The cost of renters insurance is relatively consistent across neighborhoods, according to MoneyGeek's analysis. In other words, where you live won't make or break your monthly premiums.
Understanding Renters Insurance in Richmond
MoneyGeek strongly recommends buying a policy whether or not it's required. Renters insurance is an affordable way to protect you against damage or loss to your personal belongings in case of fire, theft or other unexpected incidents. Standard renters insurance has limitations based on your policy type and what it covers, but it's worth considering.
What Does Renters Insurance Cover in Richmond?
If you're shopping for renters insurance in Richmond, it's important to have enough coverage for your needs. You need to protect your assets from theft, which can be expensive if you don't have adequate coverage.
According to the FBI, Richmond's property crime rate in 2019 was 3,129 crimes per 100,000 residents. This is 66% higher than the national average.
Fire and water damage can also happen anywhere. With that in mind, Richmond apartment and home residents should also consider purchasing renters insurance to safeguard their property.
Renters insurance policies typically cover the following:
- Personal property coverage: This helps protect your belongings against damage or theft if the house is robbed or damaged by fire, vandalism or faulty plumbing or electrical systems.
- Additional living expenses: If you're living in a damaged property after a covered peril, this coverage will help you find temporary housing.
- Liability insurance: This protects you from damage to your property and bodily injury caused by you or a third party in your rented home. It also covers legal expenses and court costs if someone sues you.
- Medical payments coverage: If someone suffers injury from your rental property, this coverage will help sort medical bills.
What Is Not Covered by Renters Insurance in Richmond?
Renters insurance in Richmond protects your belongings. However, it does not cover the structure of your home because the owner is responsible for this. You may need additional coverage in certain situations.
Most standard policies do not cover water damage as a result of flooding. However, Richmond renters can get incremental coverage through the National Flood Insurance Program (NFIP).
Additionally, renters insurance may not cover the possessions of roommates, damage from earthquakes, damage to a car used for business, or jewelry and other valuable items whose value exceeds the policy limits. That said, read your policy carefully because policies differ from one insurance company to another.
Frequently Asked Questions About Renters Insurance in Richmond
If you consider purchasing a renters insurance policy, it's important to weigh the insurer's reputation for meeting your needs. Here are some questions you might have about renters insurance in Richmond
Renters Insurance in Richmond Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Richmond 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.