Selecting a renters insurance provider involves discovering the optimal blend of budget-friendly rates, beneficial features, and excellent customer service.
We compiled over 100 quotes from seven leading companies to assist you in picking the finest renters insurance in Virginia.
Affordable Renters Insurance Quotes in Virginia
Lemonade provides the most budget-friendly renters insurance in Virginia, with an average monthly cost of $9 or $106 per year.
This is 43% cheaper than the statewide average.
The typical cost of renters insurance in VA is $15 per month or $185 per year.
A bar graph illustrates the average renters insurance costs in Virginia across various companies.
Virginia renters should also consider comparing quotes from State Farm, where coverage is priced at around $11 per month or $131 per year.
A State Farm policy is only $2 per month more expensive than the most economical option, Lemonade.
The cheapest renters insurance companies in Virginia:
- Lemonade:
- Monthly Cost: $9
- State Farm:
- Monthly Cost: $11
- Nationwide:
- Monthly Cost: $14
- Travelers:
- Monthly Cost: $15
- Amica:
- Monthly Cost: $15
- Allstate:
- Monthly Cost: $16
- Farmers:
- Monthly Cost: $28
Renters insurance quotes are influenced by factors such as coverage amount, location, and claims history.
Therefore, it’s crucial to compare quotes from multiple companies to find the best price for your specific needs.
Lemonade
stands out as the best renters insurance option in Virginia, offering the cheapest rates and receiving positive customer service reviews.
The average cost of Lemonade renters insurance is approximately $9 per month or $106 per year, which is $6 per month less than the state average.
State Farm
Is recommended for those looking to bundle insurance policies.
With a monthly cost of about $11, it provides a large bundling discount, especially for renters with a car, offering approximately 4.7% savings on renters insurance when bundled with auto insurance.
Nationwide, while not the cheapest, offers a comprehensive coverage range with various add-ons, such as replacement-cost coverage and water-backup protections.
The average cost of Nationwide renters insurance is around $14 per month or $167 per year, slightly below the typical price in Virginia.
Keep in mind that customer service reviews for Nationwide are mixed, with fewer complaints than expected for its size but a subpar score in J.D. Power’s customer satisfaction survey.
Nationwide Renters Insurance:
While Nationwide may not offer the most affordable rates in Virginia, it provides a comprehensive selection of coverage options.
Renters have the option to enhance their policies with practical add-ons such as replacement-cost coverage and water-backup protections, addressing common needs.
Additionally, Nationwide extends standard add-ons like insurance for valuables and increased liability protection.
- Website: insurance.mediaalpha.com
- Premium: $14 per month
- Coverage Highlights: Extensive add-ons, competitive rates
- Considerations: Mixed customer service reviews
Amica Renters Insurance:
Amica ensures a hassle-free claims experience for Virginia renters.
With minimal complaints compared to similarly sized insurers, as reported by the NAIC, and a commendable score from ValuePenguin editors considering excellent customer service, coverage options, and costs, Amica stands out.
Renters can rely on Amica to swiftly assist in restoring normalcy after an emergency.
- Premium: $15 per month
- Strengths: Reliable customer service, various discounts
- Considerations: Not the most budget-friendly option, but high ValuePenguin score
Best Renters Insurance in Virginia:
Amica stands out as the top-rated renters insurance provider in Virginia, earning praise from ValuePenguin’s comprehensive evaluation.
With only about 12% as many complaints as a typical insurer of its size, as reported by the NAIC, Amica also receives high marks for customer service, coverage availability, and overall value for Virginia renters.
| City | Average Annual Cost | Difference from State Average (%) |
|---|---|---|
| Alexandria | $155 | -11% |
| Annandale | $137 | -21% |
| Arlington | $165 | -6% |
| Ashburn | $145 | -17% |
| Blacksburg | $150 | -14% |
| Centreville | $158 | -10% |
| Charlottesville | $168 | -4% |
| Chesapeake | $198 | +13% |
| Dale City | $152 | -13% |
| Hampton | $227 | +30% |
| Harrisonburg | $167 | -5% |
| Lake Ridge | $152 | -13% |
| Leesburg | $170 | -3% |
| Lynchburg | $171 | -2% |
| McLean | $162 | -7% |
| Newport News | $185 | +6% |
| Norfolk | $231 | +32% |
| Portsmouth | $188 | +7% |
| Reston | $162 | -8% |
| Richmond | $203 | +16% |
| Roanoke | $177 | +1% |
| Suffolk | $224 | +28% |
| Tuckahoe | $164 | -6% |
| Virginia Beach | $218 | +24% |
| Woodbridge | $148 | -15% |
Understanding Renters Insurance in Virginia
Renters insurance in Virginia is designed to provide essential coverage for your belongings through a standard policy.
At a minimum, a standard renters insurance policy should encompass:
- Personal Property Insurance: Safeguards your belongings from covered perils.
- Personal Liability Insurance: Offers protection in case you’re responsible for injury to others or damage to their property.
- Medical Payments Coverage: Covers medical expenses if someone is injured on your rental property.
- Additional Living Expenses: Assists with costs if you need temporary accommodation due to a covered event.
Moreover, renters in Virginia can enhance their coverage with additional options:
- Flood Insurance: Shields belongings from weather-related flooding, including hurricane damage.
- Replacement Cost Coverage: Covers the cost of replacing belongings without accounting for wear and tear.
- Water Backup Coverage: Safeguards against water damage from backed-up sewers, plumbing issues, or a malfunctioning sump pump.
- Valuable Items Coverage: Extends protection to high-value items like jewelry, artwork, electronics, and sports equipment, which may not be covered by a basic policy.
Also read: Cheap Life Insurance Cigars
Frequently Asked Questions
1. How much is renters insurance in VA?
The average cost is $185 per year or $15 per month. For budget-friendly options, consider Lemonade, offering coverage at around $9 per month.
2. Is renters insurance required in Virginia?
While not mandated by Virginia law, landlords or property management may legally require it as part of your lease agreement.
3. How much is renters insurance in Richmond, VA?
Renters in Richmond can expect to pay around $17 per month, which is 16% higher than the Virginia average. In comparison, Virginia Beach residents typically pay $18 per month for coverage.
Approach:
In evaluating the optimal renters insurance company for residents in Virginia, we considered three key factors:
- Affordability: The cost of coverage for renters, examining various quotes.
- Coverage options: Assessing the features and quality of standard packages offered by insurers.
- Customer service: Evaluating an insurer’s reputation for delivering high-quality and timely customer service.
To identify the most cost-effective renters insurance in Virginia, we collected quotes from seven leading insurers across 25 of the state’s most populated cities.
The rates were calculated for a 25-year-old male renter with no insurance claims history, living alone without pets or a significant other.
The specified coverage limits for the quotes were:
- Personal property protection: $30,000
- Liability coverage: $100,000
- Guest medical protection: $1,000
- Deductible: $500
In the assessment of customer service quality among renters insurance companies in Virginia, we considered three key criteria:
NAIC Complaint Index:
Tracking the number of complaints filed against each insurer relative to its market size.
J.D. Power U.S. Home Insurance Study – Renters Insurance:
Analyzing the performance of 10 of the largest renters insurance companies in the U.S. based on criteria such as policy offerings, price, and customer-employee interaction.
An overall rating was derived from responses to these categories.
ValuePenguin editor’s rating:
Editors at ValuePenguin scored insurers based on customer service reviews and ratings, the availability of coverage options, and the overall value provided to customers.