The Best and Cheapest Renters Insurance in Norfolk, VA, for 2024: Rankings, Reviews and Rates

bestrenters insuranceNorfolk

2024

The Cheapest and Best Renters Insurance in Norfolk

Cheapest renters insurance in Norfolk - Allstate

Best renters insurance in Norfolk - Allstate

Renter's insurance costs vary significantly among insurers, so Norfolk renters should compare prices before purchasing a policy. After all, many of them offer the same basic coverages.

According to our research, the following are the cheapest options in Norfolk for the average consumer:

• Allstate: $97 per year
• MetLife: $118 per year

The sample prices in this study assume a policy with $20,000 in property coverage, $100,000 in liability coverage and a deductible of $500. Check the table below to see how prices change based on varying personal property coverage limits.

If you live elsewhere in Virginia, you may want to compare renters insurance for the entire state.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

Allstate

Score:95

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by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is the overall top provider in Norfolk. It has high ratings across all categories, with a perfect score for affordability. Allstate's identity protection coverage helps you monitor your digital footprint and protects you in the case of identity theft.

More About Allstate

The good thing about Allstate's policy is that it lets you opt out of Allstate's off-premises theft coverage. However, doing so means you get no coverage for objects taken outside your home. Most renters policies do not include flood coverage, but you can purchase it from Allstate.

2

MetLife

Score:86

-

COMPARE QUOTES

by MoneyGeek

4.4/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

MetLife is the second-best renters insurance provider, earning high scores in affordability, customer satisfaction and financial stability.

More About MetLife

All MetLife policies include identity-theft protection. Other companies charge extra for this coverage. You can also add specialty coverage to your policy if you have valuable items like musical instruments or sports equipment.

Norfolk policyholders pay an average of $132 per year for renters insurance or around $11 per month. This is $27 less than the national average of $159 per year.

While several factors affect your renters insurance cost, the following are the most impactful to the amount you will spend.

1. Personal property coverage amount. When looking for renters insurance in Norfolk, you want to find the best deal possible. You can protect your personal property from damage or loss with the right coverage level.
2. Location. The level of crime in your area can either lower or increase your insurance premium. However, your neighborhood's crime rate tends to have a minor effect on costs.
3. Deductible. This is the amount you must pay before your insurance company starts to pay its share. A higher deductible means a lower monthly premium because you'll have to pay more in case of a claim.
4. ACV vs. RCV. If you file a claim on your insurance, your policy may reimburse you based on either the actual cash value (ACV) or the replacement cost value (RCV). ACV policies will reimburse you for the depreciated value of your item. RCV policies reimburse the cost of buying a replacement that's similar in quality and type without considering depreciation.
5. Liability coverage amount. Coverage level will only slightly affect the cost of your renters insurance. A standard policy has $100,000 in liability coverage. However, you can add thousands more in coverage for only a few dollars more per year.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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In general, your neighborhood has no significant impact on your insurance premiums. MoneyGeek's study found that where you live will only affect your monthly premium by a couple of dollars.

MoneyGeek recommends purchasing renters insurance despite this not being a requirement by law in Norfolk. Renters insurance is an affordable way to protect your belongings in the event of fire, theft or other unexpected incidents.

Getting enough coverage when you shop for renters insurance in Norfolk is essential. When you do this, you get protection from theft, which could put a dent in your bank account. According to the FBI, Norfolk's property crime rate was 3,132 per 100,000 residents in 2019. This is 66% above the national average.

Norfolk apartment and home residents should also consider purchasing renters insurance to protect against fires and water damage, which can happen everywhere across the country. A standard renters insurance policy in Norfolk typically offers the following coverages:

• Personal property coverage: This covers your belongings inside your rented home in case of fire, vandalism, theft, plumbing issues and electrical malfunctions.
• Additional living expenses: If you're living in a damaged rented property after a covered peril, this coverage will pay for your temporary housing expenses.
• Liability insurance: If an accident on your rental property causes bodily harm to a third party, this will cover. It also helps pay for legal expenses and court judgment in case of a lawsuit.
• Medical payments coverage: If someone is injured while in your rented property, this coverage pays for medical expenses, irrespective of who is at fault.

Renters insurance in Norfolk protects your personal belongings, not the structure of the home. Additional coverage may be necessary for certain situations. For example, flood-related damage is not covered by most standard policies. With additional coverage from National Flood Insurance Program (NFIP), you can safeguard your property from water damage caused by flooding.

Most renters insurance policies may also exclude coverage for roommates' belongings, earthquake damage to your apartment, damage to your car, jewelry or other valuable items that exceed your policy's limits.

It's important to read your policy carefully, as different policies cover different things.

To let you know more about the best renters insurance in Norfolk, MoneyGeek answered some of the most commonly asked questions below.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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