The Best and Cheapest Renters Insurance in Virginia for 2022: Rankings, Reviews and Rates
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.
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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Best Renters Insurance Companies in Virginia
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.
1
Allstate
Score:94.6
5/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
More About Allstate
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.
2
MetLife
Score:85.4
4.3/5
Affordability
4/5
User Satisfaction
4.5/5
Financial Stability
More About MetLife
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.
3
State Farm
Score:78.6
3.6/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
More About State Farm
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.
4
Farmers
Score:7
3/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
More About Farmers
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.
Largest Renters Insurance Companies in Virginia
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.
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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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.
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.
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 .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
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.
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.
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.
FAQs About Renters Insurance in Virginia
Virginia does not require renters to have an insurance policy. However, landlords may include it as a part of your lease agreement.
Having renters insurance in Virginia is not legally required. However, MoneyGeek recommends it since it can protect your personal property from unexpected damage at a low cost.
Yes, landlords in Virginia can require renters insurance as part of a lease agreement.
Data from MoneyGeek’s research shows that the average cost of renters insurance in Virginia for a policy with personal property coverage of $20,000 and liability coverage of $100,000 is $11 per month.
Based on average premiums, MoneyGeek’s research found that the cheapest renters insurance in Virginia is offered by Allstate.
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 the Author
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