Best and Cheapest Renters Insurance in Virginia (2024)

While Chubb is the best for $20K in personal property coverage with an average annual premium of $83 and a MoneyGeek score of 97 out of 100, the best for you will depend on your needs. For those who value service, Chubb excels, while Nationwide is the best company for those needing extra personal property coverage.

Chubb stands out as the best renters insurance provider in Virginia with a MoneyGeek score of 97 out of 100 and an annual premium of $83 for $20K in personal property coverage. This top provider typically balances both cost and customer service effectively. The following providers are the two best renters insurance providers in Virginia for the same policy:

• Chubb: MoneyGeek score of 97 out of 100 ($83 per year)
• Auto-Owners Insurance: MoneyGeek score of 88 out of 100 ($97 per year)

Chubb has perfectly balanced customer satisfaction and affordability. However, the best choice for you will still depend on your specific needs.

Chubb offers the cheapest renters insurance in Virginia with an annual premium of $83 for $20K in personal property coverage. Personal property coverage helps to cover the cost of replacing your belongings if they are damaged, stolen, or destroyed. The following providers are the top two cheapest providers in Virginia for $20K in personal property coverage and a $1,000 deductible:

• Chubb: $83 per year
• Auto-Owners: $97 per year

Cheap renters insurance policies often have low personal property coverage limits. While higher personal property coverage limits can lead to higher costs monthly, they provide better protection if you have many personal belongings.

A high deductible can help you lower costs, and the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible in Virginia is Chubb with an annual premium of $81. A deductible is the amount you pay out of pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest providers in Virginia:

• Chubb: $81 per year
• Auto-Owners: $100 per year

A deductible affects your insurance costs by influencing your out-of-pocket expenses and premium amounts. Higher deductibles usually mean lower premiums. You can check how rates change using the table we'll provide below.

Chubb is the best renters insurance company for service quality in Virginia, offering $20K in personal property coverage with an annual premium of $83. Here are the top two providers in Virginia for those who value great customer service and $20K in personal property coverage:

• Chubb: MoneyGeek score of 93 out of 100 ($83 per year)
• Travelers: MoneyGeek score of 91 out of 100 ($274 per year)

Great customer service is crucial for renters seeking insurance. It ensures you receive the support you need during stressful times, such as when filing a claim. When you make a claim, excellent customer service means timely updates and smooth processing, making the experience less stressful for you.

Nationwide is the best renters insurance company for those needing $100K of personal property coverage in Virginia, with an annual premium of $285. For $100K in personal property coverage, the following are the top two best providers in Virginia:

• Nationwide: MoneyGeek score of 93 out of 100 ($285 per year)
• Chubb: MoneyGeek score of 92 out of 100 ($331 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage helps protect your valuables like furniture, electronics and clothing from damage or theft. Higher personal property coverage often comes at a higher cost. It's important to find a provider that balances cost and great service to ensure you get the best value when covering a lot of valuables.

The best renters insurance company for those with military backgrounds in Virginia for $20K in personal property coverage is Chubb with an annual premium of $83. The following providers are the top two best providers in Virginia for military members who need $20K in personal property coverage.

• Chubb: MoneyGeek score of 97 out of 100 ($83 per year)
• Auto-Owners: MoneyGeek score of 88 out of 100 ($97 per year)

For military members, finding the best provider means prioritizing both customer service and affordability. It's important to balance these factors because military families may have unique needs and frequently relocate, making reliable and cost-effective coverage crucial.

Chubb is the best renters insurance company for those with poor credit in Virginia, with an annual premium of $83. The following providers are the top two best providers in Virginia for those with poor credit:

• Chubb: MoneyGeek score of 97 out of 100 ($83 per year)
• Nationwide: MoneyGeek score of 93 out of 100 ($214 per year)

Rates for those with poor credit are often higher as they pose a greater risk to providers. Providers view them as higher risk because poor credit history may indicate potential for future claims. However, you can take steps to improve your credit and take advantage of discounts to lower your rates.

The average cost of renters insurance in Virginia is $142 annually, which breaks down to $12 monthly. This is slightly cheaper than the national average of $146. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Virginia may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state, but also varies by city. For instance, renters in Norfolk pay an average of $160 annually, while those in Alexandria pay $126. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Virginia, including location, coverage amount, and deductibles. Understanding these factors is crucial for making informed decisions and potentially lowering your premiums. Here are some key factors that affect renters insurance costs:

Factors:

• Location: Urban areas may have higher premiums due to increased risk of theft or natural disasters.
• Coverage Amount: Higher coverage limits generally result in higher premiums.
• Deductibles: Lower deductibles can lead to higher monthly premiums.
• Claims History: A history of claims can increase insurance costs.
• Credit Score: Lower credit scores can lead to higher premiums.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Renters insurance does not cover everything; for example, it typically excludes flood damage and earthquake damage.
Here are some things renters insurance doesn’t cover:

• Flood Damage: Renters insurance does not protect against damage from flooding.
• Earthquake Damage: Losses caused by earthquakes are not covered.
• Pest Infestations: Damage from pests like bedbugs or rodents is not included.
• High-Value Items: Expensive items like jewelry often require additional coverage.
• Roommate’s Belongings: Your policy does not cover your roommate’s possessions.

Choosing the best renters insurance provider ultimately depends on your needs. To help you make an informed decision, we've answered some of the most frequently asked questions about renters insurance.