
5/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Renters insurance is a great way for people to protect their property at a low cost. According to MoneyGeek’s research, the cheapest renters insurance in Virginia costs $8 per month while the most expensive option costs $13 monthly. By shopping around for a policy, renters may save over $60 per year. The average cost of renters insurance in Virginia is $11 per month.
MoneyGeek ranked the top 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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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.
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Chesapeake, VA | Allstate | $92 |
Chesapeake, VA | MetLife | $118 |
Chesapeake, VA | State Farm | $147 |
Chesapeake, VA | Farmers | $162 |
Norfolk, VA | Allstate | $97 |
Norfolk, VA | MetLife | $118 |
Norfolk, VA | State Farm | $143 |
Norfolk, VA | Farmers | $168 |
Richmond, VA | Allstate | $101 |
Richmond, VA | MetLife | $111 |
Richmond, VA | State Farm | $115 |
Richmond, VA | Farmers | $134 |
Virginia Beach, VA | Allstate | $94 |
Virginia Beach, VA | MetLife | $115 |
Virginia Beach, VA | State Farm | $143 |
Virginia Beach, VA | Farmers | $159 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
While the cost of renters insurance in Virginia is an important factor to consider, policyholders should also evaluate other criteria. Making sure to choose a financially stable company that provides excellent customer service is important as well.
MoneyGeek scored the best renters insurance companies in Virginia based on affordability, J.D. Power and Associates’ customer service scores and AM Best’s financial stability ratings. Allstate took the top spot with a score of 94.6 out of 100. MetLife came in second place with 85.4 points.
Allstate customers can add coverage for events like floods or identity theft to their standard policy at an extra cost. Renters who have a security system or are claim-free are eligible for discounts. Allstate also has a tool that policyholders can use to create a photo log of their possessions and determine how much coverage they need.
In addition to the normal coverage provided by most insurers, MetLife policies include identity protection services at no extra cost. Policyholders can buy additional coverage for electronics, musical instruments, sports equipment and other luxury items. It’s easy to report damages or file a claim using MetLife’s 24/7 phone service.
State Farm provides personalized options for uncommon events, identity theft and valuables in addition to their standard renters insurance coverage. The company’s online quote system is easy to use. They also offer resources to help you learn more about renters insurance. Discounts are available for customers who bundle policies.
Farmers offers standard renters insurance with the option to add extra coverage if needed. Renters can include identity theft protection or replacement cost coverage at an extra cost. Discounts are offered to customers if their home has smoke alarms or they bundle policies.
According to market share data, the biggest renters insurance carriers in Virginia are USAA (20%), State Farm (18%), Travelers (9%), Allstate (9%) and Nationwide (7%). These five companies make up more than 62% of all renters insurance policies in the state.
Getting a policy from a larger company provides renters with added confidence that they will get paid if they file a legitimate claim since these carriers are more financially stable.
renters insurance is equal to the average.
Based on average premiums, the typical cost of renters insurance in Virginia is $127 per year. This is $32 less than the annual average premium in the United States. Policyholders in Virginia pay an average of $11 per month, which is $3 cheaper than the national monthly average. These rates are based on a renter whose policy includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Renters who want to save money should compare renters insurance quotes from multiple carriers. For example, a renter with a policy from Allstate, the cheapest provider in Virginia, may save up to $63 per year compared to those with a policy from Farmers, the most expensive company. This equals about $5 per month in savings.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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 .84% of the price of rent.
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.
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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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