- What is the average cost of renters insurance in Virginia?
- Best renters insurance company in Virginia: State Farm
- Cheapest renters insurance in Virginia
- Virginia renters insurance: The least and most expensive ZIP codes
- Renters insurance cost in Virginia by city
- How to save on renters insurance in Virginia
- Methodology
- FAQ: Virginia renters insurance
- Compare Virginia renters insurance rates with other states
What is the average cost of renters insurance in Virginia?
The average renters insurance cost in Virginia is $217 per year. Rates vary based on factors such as location, coverage amount, deductible, and claims history.
"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."
| Average annual premium | $217 |
| Average monthly premium | $18 |
Best renters insurance company in Virginia: State Farm
Among the carriers surveyed, State Farm is the best renters insurance company in Virginia, with a top score and an average renters insurance rate of $130.
Nationwide and American Family are the other best insurance companies for renters insurance in Virginia.
Rates differ widely between renters insurance providers, so it's best to shop around. It's also important to choose an insurance company with a good reputation so you know it will be there for you when you need it.
To help you choose the best renters insurance in Virginia, we reviewed average rates, NAIC complaints, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.
Below are the best renters insurance companies in Virginia.
| Company | Average annual premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $130 | A++ | 0.95 | 5 |
| Nationwide | $172 | A+ | 0.87 | 4.76 |
| American Family | $181 | A | 0.37 | 4.72 |
| Erie Insurance | $214 | A+ | 0.38 | 4.65 |
| Allstate | $201 | A+ | 0.9 | 4.63 |
| Farmers | $227 | A | 0.54 | 4.49 |
| Universal Insurance Holding | $175 | A | 2.01 | 4.49 |
| Travelers | $421 | A++ | 0.54 | 3.82 |
| IAT Insurance Group | $284 | B++ | 2.52 | 3.79 |
| Progressive | $165 | A+ | 8.45 | 2.52 |
Cheapest renters insurance in Virginia
Our analysis shows that State Farm is the cheapest renters insurance company in Virginia, with an average annual premium of $130.
Renters insurance rates can differ greatly between providers, so it's best to compare quotes to find affordable coverage that meets your needs.
Here is the list of the cheapest renters insurance companies in Virginia along with their average annual premiums.
| Company name | Average annual premium |
|---|---|
| State Farm | $130 |
| Progressive | $165 |
| Nationwide | $172 |
| Universal Insurance Holding | $175 |
| American Family | $181 |
| Allstate | $201 |
| Erie Insurance | $214 |
| Farmers | $227 |
| IAT Insurance Group | $284 |
| Travelers | $421 |
Virginia renters insurance: The least and most expensive ZIP codes
Your location in Virginia directly impacts the cost of renters insurance. The most expensive ZIP code in Virginia is 23459, with an average annual premium of $311. This amount is $94 more than higher than the state average.
In contrast, the least expensive ZIP code for renters insurance is 22820, offering coverage at $184 a year.
The table below shows the most and least expensive ZIP codes in Virginia for renters insurance.
| ZIP code | Average annual rate |
|---|---|
| 23459 | $311 |
| 23461 | $298 |
| 23310 | $294 |
| 23664 | $293 |
| 23457 | $292 |
| 23651 | $291 |
| 23451 | $289 |
| 23663 | $289 |
| 23668 | $287 |
| 23405 | $286 |
| ZIP code | Average annual rate |
|---|---|
| 22820 | $184 |
| 24487 | $185 |
| 22812 | $186 |
| 24433 | $186 |
| 24468 | $187 |
| 22802 | $189 |
| 22473 | $231 |
| 23032 | $238 |
| 22539 | $239 |
| 23003 | $239 |
Renters insurance cost in Virginia by city
In Virginia, renters insurance rates vary across cities due to factors such as weather risks, crime rates, and other factors. To get the best deal in your city, Compare quotes from several insurers before selecting a policy, so they weigh each factor differently.
City Annual insurance premium
How to save on renters insurance in Virginia
You can lower the cost of renters insurance in Virginia in several simple ways without reducing the coverage you need:
- Bundle your policies. Many insurers give a discount when you purchase renters and auto insurance together.
- Increase your deductible. Selecting a higher deductible lowers your monthly or yearly premium, but you should make sure you can afford it.
- Ask about discounts. Many insurance companies offer discounts for having smoke alarms, security systems, or a claims-free history.
- Compare quotes. Since prices vary widely between companies, getting quotes from multiple insurers helps you find the best deal.
- Pay annually. Some insurers provide a small discount if you make yearly payment instead of paying monthly.
Methodology
Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.
FAQ: Virginia renters insurance
Do I need renters insurance in Virginia?
Renters insurance isn't required by law, but your landlord may require you to purchase a policy as part of your lease agreement.
How much renters insurance do I need in Virginia?
You should make sure your personal property coverage is sufficient to replace all of your belongings at replacement cost; there is no minimum requirement.
Compare Virginia renters insurance rates with other states
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