Renters Insurance in Virginia: Best Options, Cheapest Prices

Table of Contents

1. How much is renters insurance in VA?
2. Average cost of renters insurance in Virginia
3. Cheapest renters insurance in Virginia: Nationwide
4. Best overall renters insurance in Virginia: State Farm
5. Best renters insurance for military in Virginia: USAA
6. Best renters insurance for dog owners in Virginia: State Farm
7. Learn more about renters insurance providers in Virginia
8. Additional questions about Virginia renters insurance
9. How we gathered our data on Virginia renters insurance prices

How much is renters insurance in VA?

You can expect renters insurance rates in Virginia to closely mirror what others pay throughout the country. The average cost of renters insurance in Virginia is only $18.58 monthly — just a fraction cheaper than the national average of $20 per month.

In our survey of the 15 most populous cities in the state, the highest insurance quotes we found were in the Virginia Beach–Norfolk–Newport News coastal metropolitan area. Five cities within that region appear on our list, and each of them had average renters insurance rates over $20 per month, with Portsmouth ($24.22) being the most expensive and Suffolk ($20.25) being on the lower end of the spectrum.

Somewhat surprisingly, the cheapest renters insurance rates in Virginia can be found on the outskirts of the Washington, D.C. area. The cities of Centreville ($15.73), Reston ($15.76), Alexandria ($15.85), and Arlington ($15.86) are all similarly priced.

How is the price of renters insurance calculated in Virginia?

Hurricanes, storm surges, and an increased risk of water and wind damage raise the cost of renters insurance in Virginia’s coastal cities, particularly in the Hampton Roads region. If you live in coastal Virginia, know that renters insurance does cover hurricane damage but your monthly premiums will be higher.

However, plenty of insurance companies offer ways to drive those costs down, with discounts for bundling policies, installing security and fire alarms systems, and by filing claims infrequently (because the price of renters insurance increases after you file a claim).

Additionally, areas with lower instances of property crime typically have cheaper policy rates since theft is covered under renters insurance. Thankfully, property crime rates trend lower in Virginia than the national average, which accounts for the slightly lower than average renters insurance rates in the more suburban and rural regions of the state.

Average cost of renters insurance in Virginia

Buying renters insurance isn’t going to break the bank even if you live in coastal Virginia. Most Virginians can secure a very affordable policy at around $18.98 per month on average. Take a look at the following list which breaks down the average costs of renters insurance by city.

Average renters insurance costs in Virginia by city

Our next list shows the average cost of renters insurance per month and year for each of the main insurance providers in Virginia. We also included how each quote compares to the statewide average. For instance, Nationwide’s prices are 33% lower while Farmers’ are 70% higher (!) than the state average of $18.98 per month.

Average renters insurance costs in Virginia by insurer

Cheapest renters insurance in Virginia: Nationwide

Nationwide provides the cheapest renters insurance in VA, with policies that cost an average of $12.41 per month. However, our survey was unable to validate quotes in the Virginia Beach–Norfolk–Newport News metro, likely because of its coastal nature. We advise you to contact a local agent for price information in that area.

Pros of Nationwide renters insurance in Virginia

• Stolen credit card coverage comes standard: More often than not, you need to buy coverage for stolen credit cards separately by adding a renters insurance endorsement or rider to your policy. However, Nationwide’s standard renters insurance will reimburse you for any credit or debit card transactions that you didn’t approve (up to your chosen policy limits), as well as check forgeries that occur in your name. While this coverage comes standard, you’ll need to speak with an agent to determine your limit — the maximum amount they’ll pay you back.
• Policyholder ownership: Nationwide is a mutual insurance company, which means that it’s owned by its policyholders. If you purchase a renters insurance policy from Nationwide, you’ll have an opportunity to vote on the election of corporate directors each year at annual policyholder meetings held by the company.

Cons of Nationwide renters insurance in Virginia

• No flood insurance: As with most insurers, flood coverage is not part of Nationwide’s renters insurance policies. Flood insurance is federally regulated and offered by the National Flood Insurance Program. Coastal Virginians should consider purchasing an additional flood insurance policy, which Nationwide does offer.

Best overall renters insurance in Virginia: State Farm

With State Farm’s windstorm and hail damage coverage, not only is it among the cheapest options, it’s also the best renters insurance policy you can buy in VA.

Pros of State Farm renters insurance in Virginia

• Windstorm and hail damage coverage: Over 20% of Virginia’s population resides in the Virginia Beach–Norfolk–Newport News statistical metropolitan area. That’s almost 2 million people on the Atlantic coast of the state. For those residents, a renters insurance policy with strong hurricane-related coverage is a must. A basic State Farm renters insurance policy will protect covered losses resulting from wind damage, though certain endorsements may be required during a hurricane. Additionally, some coastal regions may be subject to a 2% deductible. Speak with a local agent for more information.
• Replacement cost coverage: All State Farm property insurance policies provide replacement cost coverage. This type of property loss coverage is significantly better than the actual cash value coverage offered by some of their competitors. Receiving the amount of money it would cost to replace your property with a brand-new equivalent usually results in a higher payout because items often depreciate after you buy them.

Cons of State Farm renters insurance in Virginia

• Average claims-filing ratings: State Farm doesn’t have a stellar rating when it comes to claims filing. They ranked 10th out of 20 in a J.D. Power property claims satisfaction survey. That survey measured customer satisfaction with various aspects of the claims process, including first notice of loss, estimation, claim servicing, settlement, and repairs.

Best renters insurance for military in Virginia: USAA

Virginia is home to some of the most prominent military bases in the country including the world’s largest naval station, Norfolk Naval Station. Active and veteran military personnel (and the families of USAA members) have exclusive access to one of the very best renters insurance policies in America through USAA.

Benefits of a USAA renters insurance policy

• Cheaper coverage than civilian providers: A renters insurance policy through USAA hovers around $10 a month, which is significantly cheaper than policies offered by the least expensive insurer in the state, Nationwide. The same location and credit factors will still apply when you receive your quote from USAA, but expect to pay much less than the average Virginia civilian.
• Flood insurance by default: USAA policyholders are offered flood and earthquake coverage with a standard renters insurance policy. That’s a drastic advantage over other insurers since most companies are often unable to provide that level of coverage (flood insurance is federally regulated, after all).

Best renters insurance for dog owners in Virginia: State Farm

State Farm is one of two major insurers that will never ask what dog breed you own when calculating your individual renters insurance premiums. A State Farm renters insurance policy is a great choice for Virginia pit bull owners or owners of other ostracized dog breeds.

Benefits of a State Farm renters insurance policy

• No dog breed information required: Some breeds unfortunately do bring with them higher monthly premiums under certain pet liability coverage options. This is because these breeds are statistically more likely to bite or otherwise injure people. Even though dog bites are usually covered by renters insurance, some providers choose to factor in your pet’s breed when determining premiums if they believe that type of animal is more likely to act out. Buying a State Farm renters insurance policy ensures you’ll never have to disclose your pet’s breed.

Learn more about renters insurance providers in Virginia

If you’re having trouble deciding which provider to pick, consider checking out our reviews of the best renters insurance companies in VA.

• Allstate
• GEICO
• Lemonade
• Progressive
• State Farm
• USAA

Additional questions about Virginia renters insurance

If you’re in the market for renters insurance in Virginia, there are a few other questions you may need answered:

Do you have to have renters insurance in Virginia?

No, you don’t have to have renters insurance in Virginia, but your landlord may need you to prove that you have a renters insurance policy before signing the lease. There aren’t any laws on the books in Virginia that require renters to buy renters insurance, but your landlord is entitled to make it a condition on the lease.

Can I get renters insurance without a credit check in Virginia?

No, you can’t get renters insurance without a credit check in Virginia. There are only a handful of states where you can get renters insurance with no credit check — California, Hawaii, Maryland, Massachusetts, Michigan, Oregon, and Utah. Each of those states has laws that restrict how companies are able to use your personal credit history, but Virginia is unfortunately not one of them.

How we gathered our data on Virginia renters insurance prices

Curious how we acquired all this data on renters insurance costs in Virginia? We surveyed the 15 most populous cities in the state and found out what the top insurers were offering those residents. You can take a look at all of our data at the end of this article.

To obtain quotes, we used the following policyholder profile:

• Insured party: 30-year old male, employed, unmarried, with no pets
• Personal property coverage: $30,000
• Personal liability coverage: $100,000
• Guest medical coverage: $1,000
• Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
• Deductible: $500

Keep in mind that our quotes are going to be different from your own based on your demographic and chosen coverage options. Also, many providers require down payments and one-time installation fees, and our quotes don’t take those into account either.

Many insurers allow you to skip those costs if you agree to choose their preferred payment option. For more information on reducing those extra costs, be sure to take a look at the different ways to get renters insurance with no down payment.

The average price of renters insurance in Virginia by city and insurer

Wherever you see “N/A”, that means that we were unable to receive a quote for that insurer in that city. Contact a local insurance agent if you need specific pricing data for those instances.

 

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