8 Best Renters Insurance Companies in Virginia of 2023

Renters insurance is a great way for Virginia residents to protect their personal property at a low cost.

Renters insurance is a type of insurance that helps protect your belongings in the event of damage or theft. It can also provide liability coverage if someone is injured while on your property.

Renters insurance is not required by law, but it is often required by landlords.

According to PropertyNest research, the average cost of basic renters insurance in Virginia is $17.21 per month or $206.52 per year.

In fact, for many people, one of the most important factors when choosing a renters insurance policy is cost.

While affordability is an important factor to consider, prospective policyholders should also evaluate other criteria.

To find the best renters insurance company for you, it's important to be financially stable and have a useful website/app as well as many discounts.

You should also consider coverage that protects your belongings whether found in standard policies or added on top of other coverages.

But where do you start when there are so many insurers out there?

We did the work for you. We’ve given you a look at the best renters insurance companies in Virginia ranked by category to start you out and to give you an idea of what an insurer can offer.

Compare Renters Insurance Rates in VA

The Best Renters Insurance Companies in Virginia

• Lemonade – Best for Quick Claims
• Allstate – Best Policy for Coverages
• Liberty Mutual – Best for Low-Priced Premiums
• State Farm – Best Affordable Renters Insurance
• USAA – Best For Free Premium Coverage
• Farmers – Best for Unique Options
• Progressive – Best Policy for Discounts
• Erie Insurance – Best Policy to Connect with Agents

Lemonade: Best for Quick Claims

If you're looking for an affordable way to protect yourself from liability lawsuits, lemonade renters insurance is the perfect solution.

Lemonade offers a number of different plans starting at just $5 per month so that everyone can find something they need without breaking their budget.

Lemonade is all AI, meaning you get instant quotes, buy coverage, and pay your bills to name a few, from the company’s website and mobile app.

But that comes with a cost. There are no live agents or a customer service department.

There are many different renters insurance companies out there, but not all of them are created equal.

Lemonade renters Insurance is one of the best renters insurance companies out there, and it's especially well-suited for people who need to file a claim quickly.

That's because Lemonade uses technology to streamline the claims process, so you can get your claim processed and paid out as quickly as possible.

You can file a claim anytime using the app or website.

Lemonade handles 30% of claims instantly.

In most situations, your claim may be paid in as little as three minutes.

And this means you get reimbursed in a very short time.

Read the full Lemonade renters insurance review.

Allstate: Best Policy for Coverages

Allstate is a nationally recognized and respected company that is known for its many insurance policies.

It’s also known for its renters insurance coverage.

Allstate Renters Insurance offers a comprehensive renters insurance policy that covers a wide range of protections.

For example, the policy covers personal belongings, liability, and loss of use.

It also offers additional coverage for high-value items, such as jewelry and computers. In addition, the policy can be customized to meet the specific needs of the renter.

For renters in Virginia, Allstate Renters Insurance is an excellent option for a comprehensive and affordable renters insurance policy.

Read a full Allstate renters insurance review.

Allstate Renters Insurance Coverage Options

Identity theft restoration

This coverage will pay for expenses if your identity is stolen, including reimbursing you for credit card charges that you didn’t make. The policy will also monitor your credit report and pay for lost wages and any legal fees.

Increased coverage on business property. 

This protects items in your home that are used as business samples or for sale.

Scheduled personal property

While a standard policy typically covers a renter’s personal property, it will only pay up to a certain limit for some types of valuables.

As an optional add-on, the scheduled personal property covers more risks (such as accidental loss) and may increase the coverage limits on specific, high-value items like jewelry or musical instruments.

Personal umbrella policy

This prevents policyholders from paying out-of-pocket for medical or legal bills if they’re found responsible for damages in certain situations.

An umbrella policy provides liability protection beyond the limits of regular policies.

Liberty Mutual: Best for Low-Priced Premiums

Liberty Mutual offers low-cost insurance for renters.

Their premium rate starts at only $12 per month. This is the second-best affordable rate in Virginia.

Liberty is also known for its plans.

Other insurers cover your personal property if it is stolen from your car or while traveling, whether it’s for business or pleasure.

Liberty takes it one step further by offering coverage during your move to a new home.

There are three ways to save with Liberty’s plan discounts.

Clients who bundle their renters insurance from Liberty with an auto insurance policy can save on their premiums.

People who have a membership with one of more than 14,000 groups associated with Liberty Mutual can benefit from plan savings.

And finally, renters who have never made a claim for the past five years, even with another policy carrier (this is unique compared to other insurers) can save on their premium.

Also, Liberty policyholders can add coverage for their home computers and mobile devices, such as smartphones, iPads, and Kindles.

You can add additional coverage for peripheral devices, media players, and even software if you like.

And with Liberty’s blanket jewelry coverage, you can schedule all the items in your jewelry collection with a single combined limit.

Read a full Liberty Mutual home insurance review.

State Farm: Best Affordable Renters Insurance

State Farm is best overall for two main reasons.

One, the insurer’s customer service has one of the best reputations in comparison to similar insurers.

A J.D. Power study for customer service that accounted for 14 renters insurance companies ranked State Farm as the third-best in the US.

In addition, the NAIC complaint index concluded that State Farm received far fewer complaints than expected for its size.

Two, State Farm has the cheapest renters insurance in the state of Virginia.

State Farm’s premium for basic coverage is about $10 per month or $121 per year.

However, there’s a huge drawback if you go with State Farm.

You can’t really lower your premium by qualifying for discounts because there are only two available discounts.

One, if your bundle your State Farm auto policy with your renters insurance, you’ll qualify for a discount.

Two, if you secure your house against thieves by installing security systems in your rental, or if you live in a building with 24/7 doormen and a reception area with cameras, you’ll get a discount.

However, State Farm’s reputation is solid gold and a highly-regarded insurance industry leader.

Read a full State Farm renters insurance review.

USAA: Best For Free Premium Coverage

USAA was created for active or retired military members and their families.

USAA offers in their standard policy and to no cost to you,

several premiums that usually cost renters a separate fee.

USAA offers replacement cost coverage that you usually must take out as separate coverage. Replacement cost pays for your personal property that is damaged or destroyed in a covered peril at today’s cost, not its depreciated value.

In addition, the basic USAA renters insurance policy offers flood, storm, and earthquake insurance. To get these coverages with most insurers, you’ll have to purchase them as endorsements.

Flood and earthquake policies are expensive and cost hundreds of dollars annually.

However, USAA requires all policyholders to be members of the military. This includes current and former U.S. military members, their children, and their spouses. Also, former spouses are included, but they can’t have re-married.

Farmers: Best for Unique Options

Farmers offer plenty of unique options for policyholders.

You can get a deductible as low as $100 (other companies go as low as $250).

You can also opt to add coverage for a relatively low price (around $25 per year) to get Farmers’ Identity Shield, which pays for expenses to restore your identity if you are the victim of identity theft.

The company will monitor your credit and public records, as well as recover your identity and replace any travel documents.

Here’s another unique option.

You can also get a discount for not smoking in your home or have been smoke-free for at least two consecutive years, which other renters insurance companies in Virginia don’t typically offer.

And it’s straightforward to reach Farmers. The customer portal on the Farmers website or mobile app allows you to manage your policy and file a claim in the easiest way possible.

You don't have to waste time online to talk to a live agent about customer service-related questions to find the insurer’s website. It is transparent, and there are two numbers to call, one for general customer service questions and one for claims questions.

Progressive: Best Policy for Discounts

If you're a renter in Virginia, you should know that Progressive renters insurance offers some of the best discounts in the state.

For example, if you have a home renters policy and an apartment renters policy with progressive, you'll get a 10% discount on both policies.

And, if you have a renters policy with another company and switch to progressive, you'll get a 20% discount. So, if you're looking for the best renters insurance policy for discounts, progressive is the way to go.

There are a lot, but here are the most popular ones.

Read a full Progressive renters insurance review.

Progressive Renters Insurance Discounts

• Multi-policy Discount: This is the most popular discount because it’ll lower your premium significantly. You qualify for a discount just for having more than one policy with Liberty.
• Early Quote: If you get a quote at least three days before your policy takes effect, you can get a discount.
• Pay in Full: If you pay your premium in full rather than pay month by month, you’re eligible for a discount.
• Paperless: If you elect to receive all communication electronically, you’re entitled to a discount.
• Security Discount: If you have alarms or security features like remote cameras in your rental, you’ll also get a discount. And if you live in a gated community or your rental complex has a doorman or security guard, you’ll save even more.
• Claims-Free: If you have not filed a claim with your previous insurer for five years or more, you’ll save on your policy
• Online Purchase Discount: Besides the bundling option, this is the second most popular discount.

Erie Insurance: Best Policy to Connect with Agents

Erie Insurance was awarded a Confirmit ACE Award for the Voice of Customer category, which means the company handles claims satisfactorily.

Erie is also known for many things, some of which are unique.

Due to loss from power failure or mechanical failure, Erie’s policy includes refrigerator or freezer content loss. This is available in Erie’s standard policy.

It also provides coverage for watercraft and trailers.

As well as varying levels of increased coverage for your belongings.

Erie offers identity theft insurance too, which covers expenses if you’re a victim of ID theft.

Home-sharing, which is rarely seen, covers liability, theft, and damage to your belongings if you rent out your space on a site like Airbnb or Vrbo.

It also has scheduled personal property, which offers additional coverage for valuables like jewelry or musical instruments.

But Erie is best known for policyholders being able to connect with live agents.

Many insurers no longer offer customer service where you can speak to a live agent about your policy, such as Lemonade.

But there are several occasions when you would rather speak to an agent than file something online.

For example, Erie still requires that potential customers must contact independent agents to receive a quote and buy a policy.

The good thing is that it has 13,000 local agents across the states they insure.

So, if you want personalized help and prefer to speak to an agent to purchase a policy or file a claim, Erie is your best choice.

Erie has its own website, but one reason it’s not used as much is that it lacks features that some insurers have, which are deemed necessary by customers.

These include not being able to receive online quotes and not being able to file a claim on the website or app.

Is Renters Insurance Mandatory to Rent an Apartment in Virginia?

Renters insurance is not required by law in Virginia.

However, some landlords may require it for you to live in their building. They will ask for proof when you sign a lease.

What is the Average Cost of Renters Insurance in Virginia?

In the US, the average cost of renters insurance is $17 per month or $206 per year, according to the Insurance Information Institute.

In Virginia, the average cost of basic renters insurance is $17.21 per month.

Renters insurance is usually cheaper than homeowners insurance.

That’s because a renter’s policy does not cover your rental structure, such as the exterior and interior of your apartment building. That’s your landlord’s responsibility.

However, the cost of your renters insurance policy will depend mainly on how much coverage you buy.

What Natural Disasters in Virginia Can Cause Your Premium to Rise?

To start, it’s good to know which natural disasters are covered in renters insurance.

These are:

• Fire, lightning, and wildfires.
• Windstorm and hail damage.
• Smoke damage
• Volcanic eruption
• Weight of ice, sleet, or snow
• Hurricanes
• Floods

In Virginia, the most common natural disasters include:

• Severe storms
• Tropical storms
• Floods
• Wildfires
• Tornadoes
• Winter storms
• Extreme heat
• Landslides

Here are a few natural disasters that occur in Virginia.

Earthquakes

Virginia doesn’t have many earthquakes. That’s good to know because earthquakes are not covered in a standard renters policy.

If you live in a state where earthquakes are prominent, you’d have to purchase earthquake insurance as an add-on. That can cost you a lot of money and will raise your premium.

Severe Storms 

Virginia is the 19th wettest US state and severe storms, including thunderstorms, occur mostly during the summer.

Thunderstorms are often accompanied by strong winds, hail, and lightning, which is why they are so dangerous. 

Since a renters policy covers thunderstorms and their related natural disasters, you don’t need to buy a separate policy for each.

Tropical Storms 

Tropical storms are responsible for causing severe damage. However, they are only expected once every 2 to 3 years in Virginia.

Tropical storms are also covered in a standard renter’s insurance policy, so there’s no reason why you should add storm coverage.

Floods

With its numerous types of storms, 2,900 dams, and four major rivers flowing through the state, Virginia is prone to flooding.

For the most part, flooding is caused by short periods of heavy precipitation, dam failure, severe storms and surges, and rapid snowmelt.

July and August are the months that see the most amount of precipitation every year.

The coastal region is most susceptible to floods.

In general, no matter what company you are looking at, an insurer will not cover damage to your personal possessions caused by water coming from outside the house.

This is considered flood damage rather than water damage, and flood damage is not covered.

For example, if a storm surge produces a flood and ruins your personal property, your insurer will not reimburse you for the damage.

But if there’s water damage that ruins your belongings due to a burst pipe, a renters insurance policy will cover that.

A renters policy will also cover damage due to leaks from your ceiling,

In short, renters insurance covers water damage that is not due to the weather.

For Virginia residents, it’s highly recommended that they purchase a flood endorsement in case water damage ruins or destroys their property that’s unrelated to flood damage due to the weather.

Wildfires

While fires can occur any time of the year, the peak season for Virginia is spring. The spring wildfire season runs from February through April and the fall wildfire season runs from October through November.

On average, the state experiences 1,200 wildfires every year, which is a lot

The good thing is that fire and wildfire are covered perils in a standard renters insurance policy, which means you don’t have to purchase separate endorsements for each.

Tornadoes

Virginia has an average of 6 to 7 tornadoes per year and ranks as the 29th most-affected US state.

While tornadoes are less common than other natural disasters in Virginia, they can occur at any time of the year.

But the majority of tornadoes occur in the spring, mostly in April.

Wind-related damage is covered in almost all renters insurance policies, so you're covered if a tornado wreaks havoc on your property.

What Determines Your Renters Insurance Premium?

No Flood Area

If you live in a neighborhood that is not prone to flooding, your rate will be low.

However, if you live in the coastal region of Virginia, where hurricanes and flood damage are common, you are considered a risk by your insurer and will thus have to pay more for your premium,

Crime Rate

You'll also pay more if your city or suburb has a high crime rate.

Virginia is one of the safest states in the U.S. and has a very low crime rate. Thus, your premium will go down.

Most renters insurance companies want you to live on a high floor in an apartment complex compared to a lower level, the first level, or the basement because property crimes or burglaries are more likely to occur on these floors.

Safe Neighborhood

In general, renters insurance companies prefer insuring a renter who lives in a safe neighborhood that is close to a fire hydrant or a fire department in case your building or rental house catches fire.

If you live in a safe neighborhood, you’ll pay less.

If your rental is in a gated community or is fortified by guards, or if you have a doorman or live on a high floor, you’ll also pay less.

Credit Score

A credit score starts at 300 and goes up to 850.

• A score between 690 and 719 is considered good credit.
• Scores above 720 are considered excellent.
• And scores between 630 and 689 are considered fair.
• Scores below 630 are considered poor.

You'll also get a cheaper rate with a high credit score.

If your score is low, you can expect a high premium.

Learn how to check your credit score.

Claims History

You'll pay less if you have never made a claim for a period that your insurer decides.

Coverage Limits

If you have a lot of valuable belongings, your standard policy will not cover the full amount if they get stolen or damaged. As such, you have to add on a rider to get full coverage, which means you’ll pay a higher rate.

Deductible

If you raise your deductible, your rate will be lowered.

Pets

Dog bites are common. Your liability insurance covers injuries caused by your dog, but you will pay a higher premium if you have a breed that is considered high-risk, such as a pit bull or a Doberman pinscher.

Some insurers will flat-out not cover these types of dogs.

How to Get Affordable Renters Insurance in Virginia

There are two ways you can lower your premium.

One is getting quotes from as many insurers as possible. Then you can decide which is the most affordable when you compare rates.

You can usually get a quote online by going to the insurer’s website.

But note that you may have to complete your application with a customer service rep.

Once you submit your application, an insurance company representative will call you to buy the policy and review it with you so that you know how much coverage you are getting.

Two, talk to a rep to see how many discounts you qualify for to lower your premium.

The following discounts are the most popular, and most Virginia insurers will be able to offer them to you.

Multi-Policy Discount

If you bundle renters and auto insurance, you’ll get a discount.

But check if your insurer has other insurance policies because if you keep bundling, your premium will decrease.

Let’s look at Allstate. The company offers many policies, and you'll get significant savings if you purchase one or more of these when bundling.

These policies are:

• Boat Insurance
• Identity Theft Protection
• Flood Insurance
• Snowmobile insurance
• Pet Insurance
• Retirement & Investments
• Life insurance
• Being Claims-Free

If you don’t make a claim in a set period of time, you’ll receive a discount.

Home Security

You'll get a discount if you install a security system, a smoke detector, or an alarm.

Home Credit

You'll get a discount if you purchase new and costly home equipment such as a stove or a refrigerator.

Paperless

If you go paper-free, you’ll also get a discount.

Payment

If you sign up for autopay, you’ll get a discount.

What Does Renters Insurance Cover?

In Virginia, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use. It is the same standard policy that is offered by other insurers in the US.

Liability Coverage

Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them.

Liability also covers your legal defense.

Personal Property Coverage

Personal property coverage pays to replace the property that’s stolen or damaged due to a covered peril.

A covered peril in a standard policy is theft, burglary, vandalism, and natural disasters like lightning, windstorms, hurricanes, explosions, and water damage.

Loss of Use

This policy covers basic living expenses and temporary housing costs if your unit becomes uninhabitable due to a covered peril like a fire.

Medical Payments

This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.

It’s always a good idea to purchase renters insurance.

If you don’t have renters insurance and a fire, a burglary, or other unexpected events happen, you will be responsible for replacing your belongings, which can cost a lot of money.

If you have valuable assets such as artwork and jewelry, will you have enough money to replace them?

Only renters insurance will make it easy for you to purchase replacements.

Do You Need to Purchase Additional Insurance?

Basic renters insurance pays for personal belongings.

But only up to the policy limit.

So, if you have costly items, such as jewelry or artwork, they may be subject to a low limit of liability, causing your insurer to only pay up to a certain amount.

The typical standard renters insurance value cap for high-priced items like jewelry is around $10,000.

So if your jewelry is appraised at $15,000, you have to pay $5,000 extra to replace them.

To make sure your jewelry is insured to its full value, you can add a rider to your policy.

A rider or endorsement adds more benefits to your basic renters insurance policy, and you can have peace of mind that your jewelry is fully protected.

Just note that a rider comes with an additional cost, and your premium will go up.

How Do You Know How Much Insurance You Should Get?

The cost of your renters insurance depends on how many personal properties you have and how much coverage you need.

Since you don’t want to pay extra for coverage that you don’t need, you can determine how much you should buy by doing a home inventory.

A home inventory is simply a list of everything you own in your rental.

If you think you don’t have enough personal property to justify the cost of renters insurance, you will mostly have a lot after you do a home inventory.

Many people don’t realize that the property you use daily should be covered.

So don’t forget to add your TV, laptop, furniture, and clothes to your inventory, in addition to the obvious jewelry, musical instruments, and expensive artwork.

All these things need coverage because they can be expensive to replace, and you don’t want to pay out-of-pocket.

For example, your smart TV might’ve cost you over $1,000. Do you have extra money to cover the TV if it gets damaged or stolen?

The correct way to do a home inventory is to go through your entire rental to see if your personal property is expensive enough to replace.

Use Excel or any spreadsheet to list each item along with its cost.

For the cost of your items, you may have forgotten how much you’ve paid for them.

The easiest way to remedy this is by finding your receipts and, if you haven’t saved them, go online and find your property to determine the cost.

If your item can’t be found online, you can choose a similar one and use its price to determine the cost.

Or you can use a roundabout figure.

Along with the spreadsheet, take photos or videos of your items, or have them appraised if they are costly.

The home inventory documentation can cover you if you need to file a claim because then you will be able to prove the value of everything you own.

And if you give your documentation to your insurer before the unexpected happens, the insurer will know exactly what needs to be covered and how much.

What Else Should You Look for When Buying a Policy?

Customer service.

The best policy is not just because it’s affordable. It’s also because it has great customer service.

You should check to see how convenient it is to reach customer service, especially when rushing to make a claim.

If you can reach an agent via phone, text, chat, or online, that means you have many ways to connect to a rep.

You also need to know how friendly, knowledgeable, and respectful an agent is.

If an insurer has great customer service, its reps will have these qualities in addition to being responsive, courteous, and willing to take as long as possible to go over a policy when you’re planning to purchase one.

After getting an online quote, you can get a feel for the insurer when a rep returns your call.

Do they sound amicable? Or are they trying to sell you more coverage? Are these reps salespeople?

Good service makes the process of buying coverage straightforward and quick. It also eases the stress of having to make a renters insurance claim.

In addition, ask the rep many questions to ensure you know as much as possible about the company.

This way, you can learn about the insurance company and its policies' protection before signing on the dotted line.

Our Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Virginia. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.

How We Ranked and Picked the Best Renters Insurance Companies in Virginia

We gathered information from multiple trusted sites in renters insurance in Virginia and the websites of insurance companies. We narrowed our search down to the needs of Virginia residents by prioritizing the following:

Discounts

A company with many discounts makes a premium more affordable for prospective policyholders.

So, we considered the number of discounts a company had.

A multi-policy or bundling discount was also essential to us because it gives policyholders the highest percentage of their premium.

Coverage

A reputable insurance provider should have a range of policy coverages to cover your needs.

We looked at the basic or standard coverage option, unique features that other insurers didn’t have, and add-ons or riders to make sure your personal belongings would be sufficiently covered after a named peril destroys or damages them.

Technology

An insurer with its own website and app makes the process of buying a policy or making a claim easier.

Technology helps you save time, as a company’s website and app allow you to pay your bill, check on a claim, review policy documents, and more whenever you feel like it.

So, we looked at only those companies that had useful and convenient websites and apps that were not difficult to use and were easy to navigate.

Customer Satisfaction

We scoured customer reviews from many trusted sites to see how well a renters insurance company performed.

We also considered rating companies such as AM Best and JD Powers to see if a particular renters insurance company, based on customer service performance, had a high score.

Price

You shouldn’t pay high for renters insurance. We looked at insurers with rates lower than or near the state and national average and multiple discounts to lower the policy.

Locations

We surveyed insurance coverage prices in Virginia Beach, Chesapeake, Arlington, Norfolk, and Newport News.