The Cheapest and Best Renters Insurance in Virginia Beach
The Companies With the Cheapest Renters Insurance in Virginia Beach
Virginia Beach renters should consider the cost of renters insurance when choosing an insurer since many policies offer similar coverages.
If you are looking for cheap renters insurance in Virginia Beach, the two most affordable companies are:
- Allstate: $94 per year
- MetLife: $115 per year
The rates used in this study assume a policy with $20,000 in property coverage, $100,000 in liability coverage and a deductible of $500. In the table below, you can tweak the personal property coverage limits to see how the premiums change based on your needs.
If you live elsewhere in Virginia, you can also compare renters insurance rates for the state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Virginia Beach?
MoneyGeek's research determined the following as the top two renters insurance companies in Virginia Beach:
- Best Overall: Allstate
- Runner-up: MetLife
Our comprehensive rating system combines affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We have also included coverages not offered by other renters insurance companies to help you find the right policy for your needs at an affordable price.
Allstate is our top pick in our analysis, with high rankings for affordability. With Allstate's policy, you can purchase flood coverage.
A key difference between Allstate and its competitors is that the insurer lets you opt out of its off-premises coverage. This is ideal if you rarely go out of your home. Additionally, Allstate's identity protection can monitor your digital footprint and pay costs associated with identity theft.Read MoneyGeek's Allstate renters Insurance Review
MetLife is the second-best renters insurance company in Virginia Beach, with above-average affordability scores and high customer satisfaction ratings.
MetLife offers identity-theft coverage to all members at no extra charge. Other companies may charge extra for this coverage or require you to pay an additional monthly premium to get it. You can also purchase additional protection for valuable items and covers on your cars, motorcycles and ATVs under specialty coverage.
The Average Cost of Renters Insurance in Virginia Beach for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Virginia Beach is $128 per year ($11 per month), which is $31 cheaper than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Virginia Beach?
While several factors impact your renters insurance cost, the following are the most impactful on the amount you will spend.
- Personal property coverage amount. When looking for renters insurance in Virginia Beach, find the one that suits your specific needs. With so many options available and so much at stake, you should consider the amount of coverage you need.
- Location. In most cases, crime does not significantly affect renters insurance rates. However, living in a high-crime neighborhood can raise your rates.
- Deductible. A deductible is an amount you must pay for a covered peril or loss before your insurance company starts paying your claim. A policy with a lower deductible means higher monthly premiums, but you will pay less out of pocket if you need to file a claim.
- ACV vs. RCV. Renters policies can reimburse you based on your items' actual cash value (ACV) or replacement cost value (RCV). An ACV policy will reimburse you based on the item's depreciated value. In contrast, RCV policies do not consider depreciation, so they reimburse you for the same value and quality of the lost item.
- Liability coverage amount. The right amount of insurance coverage is a personal decision, but most standard policies have $100,000 in liability. A few more dollars per year can get you extra coverage levels and protection.
Calculate How Much Renters Insurance You Need
Does My Virginia Beach Neighborhood Impact Cost of Renters Insurance?
Where you live does not have much of an impact on your renters insurance rates. MoneyGeek found that neighborhoods only affect monthly premiums by a couple of dollars.
Understanding Renters Insurance in Virginia Beach
MoneyGeek strongly recommends purchasing renters insurance, even though it is not a legal requirement in Virginia Beach. This is a low-cost way to safeguard your personal belongings in case of fire, theft or other unexpected incidents.
Renters insurance in Virginia Beach can help you recover the cost of replacing personal property if it is damaged or stolen. Without renters insurance, you risk losing your belongings perennially when this range of unforeseen possibilities strikes.
What Does Renters Insurance Cover in Virginia Beach?
A key part of protecting your belongings is getting enough renters insurance coverage. When you have enough coverage, you'll have the resources necessary to recover from theft or other losses. According to the FBI, the property crime rate in Virginia Beach was 1,632 per 100,000 residents in 2019. This is 14% lower than the national average.
Home and apartment renters in Virginia Beach may also want to consider buying renters insurance to protect their personal property from fire, smoke and water damage, which are not uncommon these days.
Renters insurance policies in Virginia Beach have the following coverages:
- Personal property coverage: This covers replacement costs of your belongings if damaged by fire, water, windstorm, plumbing leak or electrical breakdown.
- Additional living expenses: If a covered peril damages your home, this will pay for the cost of staying in a hotel or other temporary housing until it's repaired.
- Liability insurance: This protects you if a third party is injured while on your property. It also covers legal expenses and court costs if someone files a lawsuit against you.
- Medical payments coverage: In the unfortunate event that someone gets injured while in your rental property, this coverage pays for medical expenses resulting from the accident.
What Is Not Covered by Renters Insurance in Virginia Beach?
Renters insurance protects personal property, not structural damage to your home. Before signing a lease, do a walk-through with the landlord or management company.
Most renters insurance policies do not cover flood damage policies. However, Virginia Beach renters can purchase flood insurance through the National Flood Insurance Program (NFIP).
If you share the space with others, you might not have coverage for their belongings. In fact, most renters insurance policies do not include coverage for your roommates' belongings or damage from earthquakes, damage to your car or jewelry and other valuable items worth more than your policy limits.
Before finalizing the purchase, you should always carefully read your policy to know whether it covers what you need. Remember that different policies cover different things.
Frequently Asked Questions About Renters Insurance in Virginia Beach
MoneyGeek answered commonly asked questions about the cost of renters insurance in Virginia Beach and the best insurers in the city.
Renters Insurance in Virginia Beach Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Virginia Beach 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 10, 2022.