Renters insurance helps save you money by protecting your belongings and covering the cost of items that are damaged due to an unexpected event, like a fire or theft. For instance, if someone breaks into your home, personal property coverage under your renters insurance plan would cover the items stolen.
To help you select the best renters insurance for your home, the This Old House Reviews Team researched the top three renters insurance providers in Virginia and did a deep dive into coverage and pricing.
Virginia’s Top Renters Insurance Companies
- State Farm
Learn more about the top renters insurance providers in Virginia so that you can select the right coverage for you and your home.
1. State Farm
Offering competitive premiums and placing no limit on personal property coverage, State Farm provides some of the best renters insurance coverage at an affordable rate. In addition to its no-limit personal property coverage, State Farm places no limits on the amount of loss of use coverage provided.
State Farm makes sure that its customers have access to resources to navigate their policy. Customers can visit State Farm’s website, customer portal, and mobile app to learn more about their policy and find answers regarding the claims process.
USAA is a company with almost 100 years of experience providing insurance solutions to military members. With a renters insurance policy from USAA, members receive flood and earthquake coverage as a part of their standard plan—coverage that typically needs to be purchased separately with other companies.
In addition to their comprehensive coverage, USAA is known for their responsive customer service. Their claims center is open 24 hours a day, and members can access their policy and file a claim directly through the USAA mobile app. As a state with military bases scattered throughout major cities like Virginia Beach and Norfolk, USAA renters insurance is a good option for service men and women in Virginia.
Farmers Insurance offers low deductible options and unique discounts to their customers, allowing them to customize their coverage. Farmers offers six deductible options including a $100 deductible and the choice of a $100 deductible for theft and $250 deductible on all other claims.
Along with their flexible deductible options, Farmers also places no limit on the personal property coverage available to its policyholders. Farmers will also provide discounts on monthly premiums for customers who are non-smokers or bundle their renters and auto insurance.
We recommend State Farm, USAA, and Farmers renters insurance for Virginia residents because of their unique offerings and customizable plans. Before committing to a policy, consider getting quotes from all three providers to see which one is the best for you and your home.
Is Renters Insurance in Virginia Necessary?
As a renter, your landlord insures the structure of the rental property, paying for damages to the exterior of the building or complex. However, if something were to happen inside of your unit, your landlord isn’t required to cover the cost of repairs or replacements.
Renters insurance covers this gap by paying for things like property damage that you might experience during your lease.
Virginia Renters Insurance Coverage
If you purchase a Virginia renters insurance policy, you’ll receive the following coverage:
- Personal Property Coverage: Personal property coverage helps you pay to repair or replace covered items in your home that are damaged from an unexpected event.
- Loss of Use Coverage: This type of coverage pays for additional living expenses incurred in the event you can’t use your residence.
- Liability Coverage: Liability coverage protects you from paying for any property damage you cause to another renter or their property.
- Coverage for Medical Payments to Others: This covers the medical expenses of any guest injured inside of your home or apartment.
- Optional Coverage: Many renters insurance providers allow you to purchase optional coverage for identity theft, earthquake damage, jewelry, and water backup protection.
How Much Does a Renters Insurance Policy Cost in Virginia?
According to the Insurance Information Institute, a Virginia renters insurance plan in 2017 cost an average of $152 for the year year or $12.66 per month, which was lower than the national renters insurance rate of $180 per year. Virginia ranked No. 39 out of 50 for the average cost of renters insurance when ranked among all states in order from most expensive to least expensive.
Factors to Consider Before Buying Renters Insurance
When selecting a renters insurance policy, consider the following factors before purchasing a plan.
- Coverage Limits: Most renters insurance policies have limits to the amount of coverage you can receive on personal property, liability, loss of use, and medical payments to others. Additionally, some landlords require a certain amount of liability insurance, so it’s important to make sure your provider can meet the minimum.
- Deductibles: Having the choice over your deductible amount gives you some flexibility in your monthly premium. Generally, selecting a lower deductible will increase your monthly premium while a higher deductible will decrease it.
- RCV vs. ACV Policies: If you have a damaged item, a replacement cash value (RCV) policy covers the cost of the item based on its current value and factors in depreciation, whereas an actual cash value (ACV) policy covers the damaged item based on its value at the time of purchase.
If you’re not sure which renters insurance policy is best for you, compare some of the best renters insurance providers below.
Compare Renters Insurance Companies
|Types Of Coverage||Personal property, loss of use, liability, medical payments to others||Personal property, liability, medical payments to others||Personal property, loss of use, liability, medical payments to others|
|Personal Property Coverage Limits||No limit||$25,000–$750,000||No limit|
|Liability Coverage Limits||$100,000, $300,000, $400,000, $500,000, $750,000 or $1,000,000||$100,000, $300,000, $400,000, $500,000, or $1,000,000||$100,000, $200,000, $300,000, or $500,000|
|ACV or RCV||ACV or RCV||ACV or RCV||ACV or RCV|
|Monthly Price||About $12||As low as $10||Varies|
|Unique Add-ons||Waterbed, computer||Computer, tablet, valuable personal property||Identity shield|
|Customer Service||Hours vary by department||Hours vary by department||Monday through Friday 7am–11pm and Saturday through Sunday 8am–8pm|
Frequently Asked Questions About Renters Insurance in Virginia
How much renters insurance do I need?
Typically, renters insurance provides $100,000 in liability coverage. However, the amount of coverage you receive is based on the amount of items you own and their value. Some landlords may require a specific amount of liability coverage.
What do I need to do to get a renters insurance quote today?
When you visit a company’s website to look at their renters insurance policy and request a free quote, have the following information ready:
- Name and birthdate
- Zip code
- Date you want coverage to start
- Number of people living in the apartment or home
- Value of personal property
Does renters insurance cover roommates?
Roommates are excluded from your renters insurance coverage unless they’re explicitly listed on the policy. However, covering your roommate isn’t advised as claims filed by roommates show up as claims filed through the policyholder and may affect the policyholder’s record.
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