Virginia Renters Insurance
Experts break down renters insurance costs, coverages, companies, and more.
Whether you are a professional leasing an apartment in Alexandria or a student renting a house near Virginia Tech, if you are among the many tenants living in the state of Virginia, you can benefit from having renters insurance.
Local independent agents are available to help you find the best renters insurance policy. These agents do not work for a particular insurance provider, so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to get started.
Virginia Rental Statistics
- Virginia residents pay an average of $1,234 per month in rent.
- Around 33.7% of all homes in Virginia are occupied by renters.
- An estimated 42.9% of renters in Virginia spend more than 30% their income on rent and utilities.
How Much Does Renters Insurance Cost in Virginia?
The average renters insurance policy in Virginia costs just $152 a year. That’s just a little more than $12 a month for the peace of mind that having a policy can afford you. You can easily spend more than that on a single lunch.
Some factors that can make your actual cost higher or lower than this average rate include:
- The value of the personal property you are covering
- The crime rate and weather risks in your neighborhood
- Your claims history and credit score
- Your method of payment
- Whether you are bundling your coverage with another policy like car insurance
If you take the time to contact a few different insurance companies to request customized quotes, you will be able to choose the policy that is offered at the best price. Independent agents make comparison shopping easy.
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What Does Virginia Renters Insurance Cover?
Renters insurance can protect your financial interests in three different ways. These include:
- By covering your personal property: This is called contents insurance. It can cover the cost of repairing or replacing your personal belongings if they are lost or damaged due to covered hazards like:
- Property crimes
- Severe weather events, excluding floods
- By covering housing costs if you are displaced: This is called loss of use insurance. It can cover your extra living expenses if your home is rendered uninhabitable due to damage caused by a covered event like a fire. It can provide this coverage until your landlord has brought your rental home back up to code or you have moved to a new location.
- By covering you against potential liability lawsuits: This is called renters liability insurance. It can cover your financial responsibilities and legal representation if you accidentally cause someone else to experience injuries, property damage, or financial harm.
When you buy your policy, you will want to be sure that you are purchasing a suitable amount of contents coverage. That way, if all of your personal property is destroyed in a disaster, you will have the funds needed to replace it.
What about Coverage against Floods in Virginia?
Renters insurance does not cover property damage caused by floods. This can be problematic in some parts of this state, particularly along the coast near Chesapeake Bay.
If you rent an upper-level apartment, you probably don’t need to give much thought to the threat of flood damage. However, if you are renting a house, mobile home, or ground-level apartment in a flood-prone area, you can benefit from supplementing your renters insurance policy with flood insurance.
The National Flood Insurance Program (NFIP) was created to ensure that all Americans have access to affordable flood insurance for their homes. As a renter, you can purchase a contents-only flood insurance policy through the NFIP for a very reasonable price.
How Can an Independent Insurance Agent Help?
If you are looking to purchase a renters insurance policy, a local independent agent can serve as a wonderful information resource. These agents can offer you guidance and advice. They can also save you money by shopping around to find the coverage you want at the most competitive price.
Best of all, it won’t cost you anything to consult an independent agent. There are more than 450 independent insurance agencies located in Virginia, so it should be easy find a helpful, experienced insurance agent near you.
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