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CheapRenters InsuranceVirginiaThe Best and Cheapest Renters Insurance Companies in Virginia for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceVirginiaThe Cheapest Renters Insurance in Virginia
Cheap Renters Insurance Companies in Virginia
For many people, one of the most important factors when choosing a renters insurance policy is cost. Based on average premiums, the cheapest renters insurance in Virginia is offered by Allstate. On average, a policy with Allstate costs $8 each month or $95 annually. Metlife is the second most affordable option, with policies costing an average of $116 per year or $10 monthly.
These estimates are based on MoneyGeek’s research using a diverse set of ZIP codes throughout Virginia for a policy that includes personal property coverage of $20,000, liability coverage of $100,000 and deductible of $500.
Personal Property Coverage:
$20,000
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MoneyGeek ranked the best renters insurance companies in Virginia based on affordability, customer service and financial stability to help you find the best policy and price for your needs.
Cheapest Renters Insurance Companies in Virginia by City
Based on MoneyGeek’s analysis, Allstate is the cheapest renters insurance provider in Virginia by city. MoneyGeek collected renters insurance quotes across four cities in the state — Chesapeake, Norfolk, Richmond and Virginia Beach — and Allstate had the cheapest renters insurance in each, costing on average $92 to $101 a year, depending on the city.
Companies With the Cheapest Renters Insurance in Virginia by City
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- CityCheapest CompanyAverage Annual Premium
- Allstate$92
- Allstate$97
- Allstate$101
- Allstate$94
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Best Renters Insurance Companies in Virginia
Allstate is the best renters insurance company in Virginia, with a MoneyGeek score of 97 out of 100. In second place is State Farm, and Farmers takes the third spot as the best renters insurance company in Virginia.
MoneyGeek ranked renters insurance companies using financial stability ratings from AM Best, customer service scores from J.D. Power and affordability.
The best renters insurance companies in Virginia may not offer the cheapest coverage. However, they balance the best of affordability and service quality. Our research helps you select financially stable providers with the best customer service at affordable prices.
1
Allstate
Score:97
With the highest score, Allstate has the best renters insurance in Virginia. It received a perfect affordability score and above-average scores for financial stability and customer satisfaction. Allstate provides flood insurance that covers the cost of replacing property destroyed by floodwater.
More About Allstate
Allstate renters insurance is available nationwide. The insurer has four add-on coverage options, lower than the national average of seven. Allstate provides five discounts, including multi-policy and auto-pay.
Allstate has comprehensive online account management tools where policyholders can make payments and review the status of their claims. They can also use the mobile app to file and track claims.
2
State Farm
Score:82
State Farm is the second-best renters insurance provider in Virginia, with a perfect financial stability score and above-average customer satisfaction. State Farm has a personal injury add-on coverage for protection against libel, slander or defamation claims.
More About State Farm
State Farm provides renters insurance in every state, plus Washington, D.C. Renters can choose two additional coverages and may be eligible for two discounts, such as multi-policy, where you save money for having auto insurance with State Farm as well.
Renters can get a personalized quote on State Farm’s website. They can also pay their renters insurance and file claims online. The insurer has a mobile app that aids in account management, too.
3
Farmers
Score:71
MONEYGEEK EXPERT TIP
The cheapest renters insurance companies in Virginia may not always offer the best service. That’s why you want to choose the best renters insurance from an insurer that is more likely to process your claims efficiently — so you may need to pay a higher premium. But, over time, you could save money.
Largest Renters Insurance Companies in Virginia
While shopping around for renters insurance in Virginia, it may be helpful to choose a provider with a significant market share. Large companies often have more financial stability, meaning they are more likely to pay your claims quickly. They also tend to invest more in customer service, giving you a better overall experience.
Company | Market Share | |
|---|---|---|
1. | USAA | 19.8% |
2. | State Farm | 17.9% |
3. | Travelers | 9.3% |
4. | Allstate | 8.7% |
5. | Nationwide | 7.1% |
6. | Liberty Mutual | 5.9% |
7. | Erie | 5.6% |
8. | American Family | 3.7% |
9. | Virginia Farm Bureau | 2.1% |
10. | Farmers | 2.1% |
Average Cost of Renters Insurance in Virginia
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The average cost of renters insurance in Virginia is $127 per year or $11 per month, less than the national average of $159 by $32 a year or $3 per month.
These rates refer to a policy with a personal property limit of $20,000 and liability coverage of $100,000, with a $500 deductible.
Renters insurance costs vary in Virginia based on the personal property coverage amount. If you select a high amount, you pay more per month or year. You can use the calculator below to determine what coverage you need based on your personal property value.
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MONEYGEEK EXPERT TIP
You can save on renters insurance in Virginia by comparing rates across multiple providers. For example, Virginia renters could save up to $62 annually or about $5 per month by purchasing a policy from Allstate instead of Farmers.
What Factors Impact Renters Insurance Cost in Virginia
Several factors can impact the cost of renters insurance in Virginia. Insurance companies evaluate criteria like location, deductibles, coverage amount and more. Keep the following in mind when comparing policies.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Virginia: What You Need to Know
Renters insurance can help you protect your belongings from unexpected damage at a low cost. It can lessen the financial burden you may face during a fire, theft or destruction caused by severe weather conditions.
In Virginia, 31.5% of the population are renters and the average rent is $1,254 per month. The average monthly cost of renters insurance is $11. This is 0.84% of the price of rent.
What Renters Insurance Typically Covers in Virginia
Before purchasing renters insurance in Virginia, you should understand what is covered and what is not. While some policies may offer additional benefits like identity theft protection, a typical renters insurance policy covers personal property, additional living expenses, liability insurance and medical payments.
Personal property coverage in Virginia protects renters from damages caused by natural disasters like wildfires, hail, lightning and windstorms.
What Renters Insurance Typically Does Not Cover in Virginia
It is important to read and understand the fine print before purchasing a policy. Ask your agent if you have any questions so you can increase the odds that your claims will be accepted.
While renters insurance in Virginia protects you in certain situations, it does not cover every unexpected event. There are common issues that may not be covered by standard renters insurance policies.
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If you need more information about renters insurance, like what it covers and does not, check out the State Corporation Committee (SCC) of the Commonwealth of Virginia. The agency provides you with everything you need to know about insurance and addresses concerns, should they arise.
You can contact the Bureau of Insurance of the SCC through the following channels:
- Office Address: Bureau of Insurance, 1300 E. Main St., Richmond, VA 23219
- Email Address: bureauofinsurance@scc.virginia.gov
- Main Office: 804-371-9741
- Toll-free: 877-310-6560
Its regular business hours are from 8:15 a.m. to 5 p.m. CT, Monday through Friday.
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FAQs About Renters Insurance in Virginia
MoneyGeek aims to provide you with the necessary information you need to know about renters insurance in Virginia. Below we answer commonly asked questions about renters insurance in the state.
The cheapest renters insurance company in Virginia is Allstate, with an average cost of $95 per year or $8 per month.
Allstate is the best renters insurance company in Virginia that balances affordability and service quality. The insurer received a MoneyGeek score of 97 out of 100
Renters insurance with a $20,000 personal property limit, $500 deductible and liability coverage of $100,000 costs an average of $11 per month or $127 per year. Average rates may vary between $95 and $158 annually, depending on the insurer.
Having renters insurance is not a legal requirement in Virginia. However, landlords may require it as part of the lease agreement. MoneyGeek recommends renters insurance for reasons such as peace of mind and protection of your property in case of damage.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Virginia Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Virginia that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Virginia. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- State Corporation Commission of the Commonwealth of Virginia. "Insurance." Accessed May 6, 2022.