The Cheapest Virginia Renters Insurance Companies 2020

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Even if you don’t own a home, the belongings in your place are valuable representations of what you hold dear. When you consider the fact that your landlord or the person who owns the property you’re renting likely won’t pay to help you replace your stolen or damaged possessions, it’s important to find coverage that will.

Finding the right renters insurance isn’t always easy. You may find a provider that offers tons of coverage but none that applies to your needs. Meanwhile, others might give you exactly what you need but charge you an arm and a leg for it. With this in mind, we’re here to help you find insurance that gives you the best of both worlds—protecting you where needed while not forcing you to break the bank for their services.

When looking for Virginia renters insurance, there are a few factors that users should take into consideration. Renters insurance policies are primarily composed of personal property protection, liability coverage and additional living expenses, with a few add-ons occasionally thrown in. Though these components are the pillars of a renters insurance plan, how much coverage you have for each of them is generally up to you. Virginia renters insurance customers should consider which risks they’re most exposed to—personal belonging theft or damage, bodily injury liability or temporary displacement—and find providers whose policies offer the most protection where needed.

Though this all may seem daunting, customers can take heart in the fact that renters insurance companies in Virginia are pretty forgiving from a price standpoint. Per 2017 figures, Virginians paid just $152 per year for renters coverage, ranking among the top 10 cheapest premiums in the nation and nearly $30 less than the national average.

All of that drives home the point that Virginia renters insurance customers can rest assured that when it comes to value, few policies in the nation are better. Once you’ve decided what coverage best suits your needs, there’s nothing left to do but shop around for the cheapest Virginia renters insurance companies.

Best cheap renters insurance companies in Virginia

Identifying the best Virginia renters insurance companies involves taking into account a number of factors. For example, while customer service is important in the grand scheme of the quality of your experience as the customer, it’s just as important that your provider has the financial pedigree to pay you out if you have to file a claim. Likewise, if your renters insurance provider is capable of paying your claim but makes you jump through countless hoops and cut through miles of red tape, it’s probably not coverage worth having.

AM Best J.D. Power Better Business Bureau
Farmers A 2 out of 5 A+
Liberty Mutual A 2 out of 5 A
State Farm A++ 5 out of 5 A+
Allstate A+ 2 out of 5 A+
Nationwide A+ 2 out of 5 A+

With all of this in mind, take a look at a shortlist of some of the lowest-cost renters insurance companies in Virginia. Each provider leans on a specific set of strengths that makes it an attractive option to some customers and an unattractive one for others:

  • Farmers: Farmers renters insurance customers have come to appreciate its standard coverage offerings for personal belongings, liability and home displacement while also enjoying a few choice features that make Farmers unique. Non-smokers, multi-policy customers and users with fire alarms or other security systems can all take advantage of discounts under Farmers coverage. Customers looking to handle claims and quotes remotely can do so through Farmers’ apps and online platforms. With strong financial to counter-balance its slightly below-average user ratings, Farmers renters insurance is a reliable option that Virginia renters insurance customers can trust.
  • Liberty Mutual: Liberty Mutual has gained popularity among renters insurance customers because of the extent of its coverage. In addition to standard coverage offerings, such as personal property, liability and medical expense payment, users can add an array of protection options, such as earthquake protection, jewelry insurance and personal property replacement costs that pay for the replacement cost of property. Liberty’s coverage also reimburses users for living costs when their residences become unavailable for a period of time as a result of a covered reason.
  • State Farm: A considerable amount of State Farm’s recognition has come from its sheer size alone. Having written over $18 million in premiums and owning more than 18% of the market share in the homeowners insurance sector, State Farm is a massive provider whose resources enable it to service a small army of clients while providing service that is highly-individualized. When you consider the perfect customer satisfaction score that State Farm’s earned in J.D. Power’s 2019 renters insurance study and the impressive A+ score from the Better Business Bureau, State Farm presents an attractive option to users seeking top-notch renters insurance at a reasonable price.
  • Allstate: Though Allstate certainly struggles in some aspect of its overall renters insurance package, one indisputable thing is the quality of their claims experience. Receiving the highest score of any Virginia renters insurance provider assessed in J.D. Power’s 2019 renters insurance study, Allstate has demonstrated a unique ability to handle claims and complaints swiftly. Though its pricing is more expensive compared to state and competitor averages, the peace of mind that users get in knowing that their claims will be resolved efficiently is a nice trade-off.
  • Nationwide: Nationwide’s average renters insurance premiums may cause a number of Virginians to lose interest in its coverage before they even start their research. Yet, while annual renters insurance coverage from Nationwide in Virginia is about $30 above the state average, the wide variety of coverage offerings and discounts made available to customers makes it an option worth exploring.
  • Cost of renters insurance in Virginia

    Costs vary depending on your needs, circumstances, applicable discounts and coverage options. Estimates for someone with a 1,000 square foot home and coverage options of $10,000 in personal property coverage and $100,000 in liability are as follows:

    • Allstate: $13 per month/ $174 annually
    • Farmers: $5.92 per month/ $71.05 annually
    • Liberty Mutual: $12.25 per month/ $147 annually
    • Nationwide: $15.24 per month/ $182.88 annually
    • State Farm: $9.15 per month/ $115 annually

    Some companies may have better options or better pricing for some people.

    Cheapest Virginia renters insurance: Farmers Insurance

    While conducting research into quotes for Virginia renters insurance premiums, we applied the same criteria to each quote. In an apples-to-apples comparison that considered residence style, installed safety equipment, estimated value of personal belongings and a few other factors, Farmers Insurance came out as the cheapest option of the Virginia renters insurance companies. Though this may bode well for users seeking bare-bones coverage and nothing else, those in need of further coverage may want to look elsewhere.

    Best Virginia renters insurance for discounts: Liberty Mutual

    When it comes to different ways of helping customers keep money in their pockets, few providers stand up to the diversity of discounts from Liberty Mutual. Policyholders can see if they are eligible for claims-free discounts, which entitle them to savings when they haven’t filed claims for five years or more; military discounts for active, retired and reserve members of the armed forces; early shopper discounts that can save users who get a quote before their current policy expires up to 45% and a dizzying list of other discounts including policy bundling, going paperless, purchasing online and outfitting your residence with adequate safety infrastructure.

    Cheapest Virginia renters insurance for best-overall offerings: State Farm

    According to the 2019 renters insurance study from J.D. Power, State Farm earned perfect scores in overall satisfaction, pricing, policy offerings, interactions and its overall billings process. Given this extent of highly-rated service paired with an outstanding financial portfolio, State Farm provides customers the best all-around offering at a price point that’s still cheaper than that of some of its competitors.

    Best Virginia renters insurance for claims service: Allstate

    Among the low-cost options assessed in this analysis, Allstate was far-and-away the highest-ranked provider when it came to customers’ ratings of their claim experience. No other provider, per J.D. Power’s 2019 renters insurance study, was able to garner more than a two-star rating from its customers.

    Best Virginia renters insurance for coverage offerings and add-ons: Nationwide

    Nationwide offers Virginia renters insurance customers a treasure trove of coverage options that few competitors can match. In addition to the standard coverage offerings you’re likely to see from most major renters insurance companies, Nationwide also offers its users coverage against unauthorized credit card expenditures and covers damages to additions, alterations, improvements or installations that you make to your residence.

    Additionally, Nationwide’s add-ons, which give users the option to further protect valuables, guard against losses caused by water backups, protect against earthquake damage and cover replacement costs resulting from theft occurring in the user’s vehicle allow policyholders to ensure that their coverage is customized to their needs.

    Find the Best Renter Insurance

    Enter your ZIP code below and be sure to click at least 2-3 companies to find the very best rate.

    Frequently asked questions

    How much renters insurance do I need in Virginia?

    The amount of renters insurance that you purchase will largely depend on your circumstances and what all you would like to protect. If you have a lot of valuables that you would like to insure and feel that you are at a high-risk of being held liable for bodily injury of guests, you may want to opt for a higher coverage limit on your policy. Likewise, some parts of Virginia don’t present as much of a risk in certain areas that you might want coverage for on your policy. To determine the amount of insurance that’s right for you, reach out to an agent.

    What is the best renters insurance company in Virginia?

    In terms of customer satisfaction, State Farm was rated the highest among all Virginia renters insurance companies, scoring a perfect five-star rating on J.D. Power’s 2019 renters insurance study. With that in mind, you may find that customer satisfaction isn’t the most important factor to you in your search for great, affordable renters insurance. To determine what renters insurance company is best for you, consider your needs and look for providers that stand out from the rest in providing them.

    Why do I need renters insurance?

    Though your landlord or the person that owns the building you live in may have insurance for the physical structure of your residence, that coverage does not extend to your personal belongings or the medical costs of your guests if they get hurt on your property and you’re deemed liable. As a result, it’s good to cover yourself against life’s unexpected events and opt for a renters insurance policy that fills the holes not covered by your landlord’s policy.

    What is the cheapest Virginia renters insurance?

    Our research found Farmers insurance to offer the cheapest premium quote for Virginia renters insurance customers. However, a renters insurance quote is made up of a variety of factors, including your coverage limit, your add-ons and the location of your residence. To get an accurate feel for which Virginia renters insurance companies offer the most affordable policies, reach out to an agent or get a quote online.