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

bestrenters insuranceVirginia Beach

2024

The Cheapest and Best Renters Insurance in Virginia Beach

Cheapest renters insurance in Virginia Beach - Allstate

Best renters insurance in Virginia Beach - Allstate

Virginia Beach renters should consider the cost of renters insurance when choosing an insurer since many policies offer similar coverages.

If you are looking for cheap renters insurance in Virginia Beach, the two most affordable companies are:

• Allstate: $94 per year
• MetLife: $115 per year

The rates used in this study assume a policy with $20,000 in property coverage, $100,000 in liability coverage and a deductible of $500. In the table below, you can tweak the personal property coverage limits to see how the premiums change based on your needs.

If you live elsewhere in Virginia, you can also compare renters insurance rates for the 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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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is our top pick in our analysis, with high rankings for affordability. With Allstate's policy, you can purchase flood coverage.

More About Allstate

A key difference between Allstate and its competitors is that the insurer lets you opt out of its off-premises coverage. This is ideal if you rarely go out of your home. Additionally, Allstate's identity protection can monitor your digital footprint and pay costs associated with identity theft.

2

MetLife

Score:86

-

COMPARE QUOTES

by MoneyGeek

4.3/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

MetLife is the second-best renters insurance company in Virginia Beach, with above-average affordability scores and high customer satisfaction ratings.

More About MetLife

MetLife offers identity-theft coverage to all members at no extra charge. Other companies may charge extra for this coverage or require you to pay an additional monthly premium to get it. You can also purchase additional protection for valuable items and covers on your cars, motorcycles and ATVs under specialty coverage.

The average cost of renters insurance in Virginia Beach is $128 per year ($11 per month), which is $31 cheaper than the national average of $159 per year.

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

1. Personal property coverage amount. When looking for renters insurance in Virginia Beach, find the one that suits your specific needs. With so many options available and so much at stake, you should consider the amount of coverage you need.
2. Location. In most cases, crime does not significantly affect renters insurance rates. However, living in a high-crime neighborhood can raise your rates.
3. Deductible. A deductible is an amount you must pay for a covered peril or loss before your insurance company starts paying your claim. A policy with a lower deductible means higher monthly premiums, but you will pay less out of pocket if you need to file a claim.
4. ACV vs. RCV. Renters policies can reimburse you based on your items' actual cash value (ACV) or replacement cost value (RCV). An ACV policy will reimburse you based on the item's depreciated value. In contrast, RCV policies do not consider depreciation, so they reimburse you for the same value and quality of the lost item.
5. Liability coverage amount. The right amount of insurance coverage is a personal decision, but most standard policies have $100,000 in liability. A few more dollars per year can get you extra coverage levels and protection.

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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Where you live does not have much of an impact on your renters insurance rates. MoneyGeek found that neighborhoods only affect monthly premiums by a couple of dollars.

MoneyGeek strongly recommends purchasing renters insurance, even though it is not a legal requirement in Virginia Beach. This is a low-cost way to safeguard your personal belongings in case of fire, theft or other unexpected incidents.

Renters insurance in Virginia Beach can help you recover the cost of replacing personal property if it is damaged or stolen. Without renters insurance, you risk losing your belongings perennially when this range of unforeseen possibilities strikes.

A key part of protecting your belongings is getting enough renters insurance coverage. When you have enough coverage, you'll have the resources necessary to recover from theft or other losses. According to the FBI, the property crime rate in Virginia Beach was 1,632 per 100,000 residents in 2019. This is 14% lower than the national average.

Home and apartment renters in Virginia Beach may also want to consider buying renters insurance to protect their personal property from fire, smoke and water damage, which are not uncommon these days.

Renters insurance policies in Virginia Beach have the following coverages:

• Personal property coverage: This covers replacement costs of your belongings if damaged by fire, water, windstorm, plumbing leak or electrical breakdown.
• Additional living expenses: If a covered peril damages your home, this will pay for the cost of staying in a hotel or other temporary housing until it's repaired.
• Liability insurance: This protects you if a third party is injured while on your property. It also covers legal expenses and court costs if someone files a lawsuit against you.
• Medical payments coverage: In the unfortunate event that someone gets injured while in your rental property, this coverage pays for medical expenses resulting from the accident.

Renters insurance protects personal property, not structural damage to your home. Before signing a lease, do a walk-through with the landlord or management company.

Most renters insurance policies do not cover flood damage policies. However, Virginia Beach renters can purchase flood insurance through the National Flood Insurance Program (NFIP).

If you share the space with others, you might not have coverage for their belongings. In fact, most renters insurance policies do not include coverage for your roommates' belongings or damage from earthquakes, damage to your car or jewelry and other valuable items worth more than your policy limits.

Before finalizing the purchase, you should always carefully read your policy to know whether it covers what you need. Remember that different policies cover different things.

MoneyGeek answered commonly asked questions about the cost of renters insurance in Virginia Beach and the best insurers in the city.

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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