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CheapRenters InsuranceVirginiaThe Best and Cheapest Renters Insurance Companies in Virginia for 2023: Rankings, Reviews and Rates
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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.
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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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.
Read MoneyGeek's Allstate renters Insurance Review2
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.
Read MoneyGeek's State Farm renters Insurance Review3
Farmers
Score:71
Ranking third on MoneyGeek’s rating system, Farmers has an above-average customer satisfaction score but a lower financial stability and affordability score. Renters insurance policyholders may add personal property replacement cost to cover the cost of replacing older items with their new equivalents.
More About Farmers
Farmers provides renters insurance in 42 states. The insurer has three common add-on coverage options and seven different discounts that help renters save on their insurance in Virginia. Discounts include good payer, smoke-free and protective device. Renters can easily obtain a personalized quote online and use the Farmers mobile app to manage their accounts.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK 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% |
Average Cost of Renters Insurance in Virginia
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renters insurance is equal to the average.
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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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.
Location
ZIP codes influence the cost of renters insurance in Virginia. This is because each ZIP code has different weather patterns and crime rates. Renters living in areas at risk of natural disasters or where theft is common are likely to pay more for coverage.
Coverage Amount
The level of coverage included in your policy will impact your premium. The more coverage you have, the more you’ll pay for insurance. Make sure you have a solid idea of how much coverage you really need before getting a quote. This will help you only pay for what you need.
Deductible
Your deductible is the amount of money you’ll pay out of pocket if your insurance company accepts your claim. Policyholders who are willing to pay higher deductibles will have lower monthly premiums. Those who choose a lower deductible will have higher premiums.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
When your renters insurance company accepts your claim, they will provide reimbursement according to actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies allow you to save on monthly premiums, but you’ll receive less money if you file a claim since your insurer will consider the fact that your property has lost value over time. RCV policies have higher premiums but pay more if you file a claim since they will reimburse you for a new item of similar quality and kind.
Credit Score
Insurance companies may consider your credit score when calculating your rate. Those with low credit scores tend to have higher premiums because research has shown individuals with poor scores are more likely to file a claim. People with high scores may get a better rate because they are less likely to file a claim.
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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.
- EventDescription
Flooding
Water damage caused by broken pipes or water mains are generally covered by renters insurance, but flooding caused by natural disasters may not be included. Renters may want to consider getting flood insurance through the National Flood Insurance Program (NFIP).
Earthquake Damage
Most renters insurance policies do not have earthquake coverage. If you want protection from earthquakes, you may have to add it to your policy.
Structural Damage
Your renters insurance in Virginia only protects your personal property. Damages to your rental’s frame or structure are your landlord’s responsibility.
Roommate Property
Unless your roommate is included in your renters insurance policy, their belongings won’t be covered. They will have to purchase their own plan to protect their property.
Expensive Items
Renters insurance policies typically don’t cover high-value items. To protect your valuables, you may need to have an additional rider.
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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.
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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.