Best Renters Insurance Virginia: Get Quotes Now!
As you probably know, Virginia has a little of something for everyone – with the rocky Cumberland mountains flanking I-68 to sandy beaches along the Atlantic to the major burgs of Richmond to the DC metro, Virginia is a hotbed of history and heritage for our country.
We love Busch Gardens, Virginia Beach and Richmond – there are tons of engaging family activities you can check out, and no shortage of things to do. At Insurance Geek, we’re Virginia fans – and we’re even bigger fans of connecting you with the best renters insurance policy for your budget and personal needs.
Do I have to have Virginia Renters Insurance?
Even though it may not be legally required, your property manager or landlord can require renters insurance before a tenant moves into the dwelling. Landlords typically recommend at least $20,000 worth of protection, but as you’ll see below we have further recommendations that will protect you in the event of an accident or injury on the premises and more.
Over a one year median, there’s been a .17% increase in rents across Virginia since 2017, with a 3.15% increase over the past five years. This is still lower than the national average. Roughly 1/3 of people who live in Virginia are renting – actually Ωown right around 1% year over year.
One of Virginia’s long-standing institutions is the University of Virginia, founded in 1819, with close to 17,000 undergraduates at the current time. Charlottesville is the home of UVA, and it’s a hip college enclave with tons of interesting shops, a bustling music scene, and relatively consistent growth. We’re no stranger to helping our customers with policies in and around the Charlottesville area.
How much are renters premiums?
Even cheap renters insurance can give you the protection you need. Your best minimum coverage amounts for your specific situation may not be similar to what your landlord recommends, and even higher coverage amounts are still affordable.
Your quote will give you an annual cost that will be broken down into a monthly payment. Here’s what we recommend for your renters insurance policy in Virginia:
First, we typically recommend at least $20,000 in personal property coverage. This will allow you to replace your personal belongings in case of a loss. We work with you to help you develop an itemized sheet that assigns specific values to your items, which allows us to come up with a ball park type of amount for electronics, furniture, valuables, etc.
We also recommend $100,000 in coverage for liability and medical. If there is an injury in your home and you end up becoming legally responsible for any expenses, you’ll be covered under this portion of your policy.
We also typically recommend $1000 in loss of use coverage. If you’re unable to live in your dwelling for a specific amount of time or lose access to part of your rental, you’ll want to cover things like meals, laundry, and other basics you will no longer have access to.
Virginia Beach is one of our favorite cities in VA. A wholesome, family-oriented community, those looking for the seaside life will find it here. Of course, even a cheap renters insurance policy may be required for those new to the area.
Keep in mind that if you’re thinking of moving to a community like Virginia Beach, you can expect higher rents, and more coverage may be recommended based on your specific situation (i.e., is your rental property beachfront?)
Other metro areas in Virginia include:
- Norfolk
- Alexandria
- Richmond
- Roanoke
Most of our customers have right around a $500 deductible, which means you’ll need to pay this amount of money to the carrier before any funds are distributed from a claim. As with premiums, your deductible amount may vary based on several independent factors. Generally the higher your deductible, the less you may pay in monthly premium. Since renters insurance is not expensive, we typically recommend taking the lower deductible and paying a little more per month. This should only be a few dollars.
Also, make sure to ask your agent about actual cash value calculations for personal property vs replacement cost value calculations (RCV vs. ACV).
What will be covered?
With its proximity to the shore, Virginia’s residents are no strangers to hurricanes, flooding, tropical storms, and other such disasters. More inland, the Blue Ridge and Cumberland Mountain ranges tower toward the sky, ensuring that a simple winter storm could spell disaster for those at higher elevations. In addition to seasonal weather afflictions, the typical tornadoes, severe thunderstorms and microbursts are always a possibility. Anything can happen, so we want to make sure to work with you to mitigate any negative outcome.
It makes sense to protect against seasonal and other damages to property by getting the best Virginia renters insurance you can for your situation. With all the possibilities for bad weather and unexpected circumstances, it just makes sense to get protected.
How much coverage do I need?
It’s important to add up your personal property with your agent and work together on an itemized list that you both share to make sure you aren’t missing anything. Many factors will help decide how much liability insurance you should get, including whether or not you own or restricted to breed of dog for your carrier. This is something we can talk to you about and can help you handle on an individual basis.
Most carriers have renters coverage limits, so we can also talk about taking out additional insurance if you have property that exceeds any of your limits.
Are there discounts?
Absolutely. Carriers love giving you a bundle discount when you take out multiple lines of insurance. So if you’re in the market for another type of policy, such as life or health, working with the same carrier to get that policy can help give you a premium discount over the year.
We can tell you all about what discounts are eligible for and give you other ways to save when you talk to an insurance geek agent. We geek out on insurance because we know renters in your state, and we work to get you the best Virginia insurance policy with the maximum coverage protection possible.