Lemonade, Toggle and State Farm provide the best renters insurance in Virginia. We at the MarketWatch Guides team chose these providers after analyzing several policies based on cost, coverage, customer service and other details we know to be important to Virginians. According to data we obtained from Quadrant Information Services, the average monthly cost of a renters insurance policy in Virginia is $13 per month — lower than the national average of $14.08.
Top 7 Renters Insurance Providers in Virginia of 2024
After in-depth research, we at the Guides Home Team team found the following are Virginia’s best and most affordable renters insurance providers:
- Lemonade: Our top pick
- Toggle: Best for Custom Pricing
- State Farm: Best for Localized Support
- Nationwide: Best for Customizable Coverage
- Allstate: Best for Industry Experience
- Liberty Mutual: Best for High-value Coverage
- Erie: Best for Local Coverage
Lemonade: Virginia’s Top-Rated Renters Insurance Company
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Lemonade is a digital-first insurer that leverages AI to offer estimates in just a few minutes, making it ideal for Virginia renters looking for a simple signup process. It’s also known for providing fast claims settlements, and it scored respectably in J.D. Power’s customer satisfaction study.
The insurer offers only a few discounts, but its basic coverage is competitively priced at $5 per month — lower than many of the other providers we reviewed.
Offers a straightforward and quick digital quote process using artificial intelligence
Received one of the highest scores in J.D. Power’s customer satisfaction study
Lets you donate to your chosen charity through the giveback program
Is not rated by AM Best
Has only a limited number of discounts available
Lemonade only offers two discounts, but it compensates for this by offering a low base price. Virginia renters might be able to save on their policies by qualifying for these discounts:
- Protective devices
- Bundling
On the other hand, the insurer offers a solid menu of endorsements, which includes:
- Pet damage to belongings
- Equipment breakdown
- Water damage
- Lost or stolen expensive property
- Water backup damage
We assessed Lemonade’s Trustpilot reviews to understand its customers’ common likes and dislikes.
What Customers Like
- Smooth experience: Several policyholders, such as this one, commended the company’s mobile app and customer service, highlighting the smooth experience.
- Easy claims process: A customer praised Lemonade’s stress-free claims process.
What Customers Don’t Like
- Unresponsive customer service: One property manager whose tenant has a Lemonade insurance policy complained about how difficult it was to reach customer service or to get a call back.
- Coverage refusal: A few policyholders, including this one, have complained that Lemonade has denied claims for perils they believed to be covered when signing up for their renters insurance policies.
Our team reached out to Lemonade for comment on the above-listed negative reviews but the company did not provide a response.
How much does renters insurance cost in Virginia?
Renters insurance costs $13 monthly on average in Virginia, but coverage is available for as little as $9.99 with State Farm. The price you pay for renters insurance will depend on a variety of factors that tell insurance companies how risky it will be for them to insure you and your rental unit, as well as what discounts you qualify for. Make sure to get quotes from at least three insurance companies in this review to get the best price.
The cost of coverage varies greatly on the city you reside in due to factors such as crime rates and distance from coastline. To get a better picture of what you can expect to pay in your area, search for your city in the chart below.
Cheapest Renters Insurance in Virginia
If cost is the most important factor to you, consider getting quotes from the providers below to maximize your savings. Keep in mind that although cost is important, you want to make sure you have sufficient coverage so that you do not end up incurring large repair or replacement costs in the event of a loss. The cheapest renters insurance company in Virginia based on average premium data is State Farm with a monthly average of $9.99.
How To Save on Renters Insurance
You could save on renters insurance in Virginia by adjusting your deductible, taking steps to protect your property and shopping around:
- Modify your deductible: You can lower your monthly renters insurance rate by choosing a higher-deductible policy. Your premiums will go down, but be prepared to pay more when you file a claim. Always choose a deductible amount that won’t burn a hole in your pocket if any damage occurs.
- Improve your home security: Some insurers provide savings when you install features to secure your property from burglary. These features include burglar alarms, surveillance cameras, deadbolt locks and smart home devices.
- Compare rates: One of the most straightforward ways to get a fair renters insurance rate is to compare rates from several insurance providers. Because each insurer underwrites its policies using different methodologies, you might end up with vastly different quotes.
Using data from Quadrant Information Services, we obtained multiple quotes for each provider in this article and compared them to the average annual premium in the United States. According to this data, the average cost of renters insurance is $180 annually. Read our full methodology to learn more.
For providers unavailable in Quadrant’s database, we calculated the average annual premiums using quotes we manually pulled from the provider’s website or representatives. Quotes include comparable policy details in ZIP codes across the U.S. Your cost may vary depending on your location, coverage and personal property needs.
Other Top Virginia Renters Insurance Companies
Lets you choose from several levels of coverage
Provides a convenient policy signup process
Offers highly customizable policies
No mobile app
Does not sell additional coverage for severe weather events
Toggle, a relatively new brand created by Farmers, can be a suitable provider for Old Dominion renters looking to customize their policies, as it offers an ample selection of coverage options. You can modify your chosen policy based on your needs, adding endorsements and adjusting the coverage limits to see how it affects your overall cost.
The insurer’s online estimate process is simple, requiring only your name, address and birthdate to get started. You can tack on a number of valuable endorsements, but the insurer does not offer additional coverage against severe weather events. Given that, you might not want Toggle coverage if you’re located in coastal areas of Virginia, where severe storms are more likely.
Toggle does not provide any saving opportunities for Virginia renters, but it offers several endorsements. You can purchase these additional coverages:
- Significant other
- Side hustle
- Temporary living costs
- Pet parent
- Identity protector
- Replacement cost coverage
Since it’s a relative newcomer to the insurance world, Toggle doesn’t currently have a presence on Trustpilot or the Better Business Bureau.
Charges affordable rates compared to other providers we reviewed
Received an above average score in J.D. Power’s customer satisfaction study
Provides an online quote in a few minutes
Does not offer many saving opportunities
Has only a limited number of additional coverage options available
State Farm is a strong option for those seeking budget-friendly premiums from a trusted name. Based on data we received from Quadrant Information Services, the company offers Virginia renters coverage at an average of $8.50 per month. However, your estimate can vary as it will depend on your specific situation.
The insurer lacks adequate endorsement options. Specifically, it does not provide additional coverage for damage from severe weather events, which can be a significant risk in the state.
State Farm offers some saving opportunities with its renters policies, but not as many as its competitors. You can generally qualify for these discounts with State Farm:
- Bundling
- Home protection
Those looking for extra coverage can purchase these endorsements:
- Identity restoration
- Personal liability umbrella policy
- Earthquake damage
- Pet medical insurance
We looked at State Farm’s Trustpilot reviews to identify some common themes of likes and dislikes.
What Customers Like
- Kind agents: Several policyholders, such as this one, praised State Farm’s kind and helpful agents for their support.
- Positive overall experience: A customer who struggled to pay her renters insurance bill was impressed by the company’s willingness to waive reinstatement fees.
What Customers Don’t Like
- Denial of coverage: A policyholder complained about the company denying them coverage over what he expected to be covered.
- Extra charges: A customer was upset with State Farm for charging them extra multiple times for their policies.
Our team reached out to State Farm for comment on the above-listed negative reviews but did not receive a response.
Offers many valuable additional coverages
Lets you purchase a flood insurance policy
Scored above average in J.D. Power’s customer satisfaction study
Does not offer many discounts
Offers no endorsements for natural disasters
Nationwide could be a good fit for Virginia renters who want extra protection through endorsements, as it has many valuable additional coverages. For example, its new belongings coverage — more commonly known as replacement cost coverage — can help you get reimbursement for the actual value of your items instead of only their depreciated value.
The insurer offers many other endorsements, but doesn’t have additional coverage for natural disasters except for earthquakes. However, renters can purchase a separate flood insurance policy through the provider.
Nationwide lets you lower the premium of your renters policy through these discounts:
- Multiple policies
- Protective devices
- Claims-free
The insurer’s valuable additional coverage options include:
- Earthquake
- Brand-new belongings
- Valuables plus
- Water backup
- Theft extension
We perused Nationwide’s Trustpilot reviews to understand what its customers like and dislike about its service.
What Customers Like
- Professional customer service: Many customers, such as this one, commended the company’s helpful and professional customer service agents.
- Smooth claims process: A policyholder gave thanks to the company for a smooth claims process and for helping them deal with damage to their property.
What Customers Don’t Like
- Poor online portal experience: A customer was upset with Nationwide and complained about failing to log in to their online portal.
- Policy termination: A policyholder was frustrated because the company canceled their policy despite them paying their premium on time.
Our team reached out to Nationwide for comment on the above-listed negative reviews but did not receive a response.
Offers up to 25% off to senior renters
Multiple bundling options
Sells several valuable endorsements
Does not offer a lot of discounts
Received a below-average score in J.D. Power’s customer satisfaction study
Allstate is a household name in the insurance industry with a financial strength score that backs its continued longevity. Retired renters might want to take a close look at Allstate’s offerings — they can score up to 25% off on their monthly premiums with its 55-and-retired discount. This discount is only available for renters aged 55 or older who are not working full-time. That said, there aren’t many saving opportunities available aside from this discount.
The insurer also offers many other policies and lets you earn a significant discount for bundling. You can also choose from valuable endorsements such as scheduled personal property coverage for specific expensive items.
Virginia renters can qualify for these discounts with their Allstate renters insurance policy:
- Bundling
- 55-and-retired
You can also purchase these endorsements if you want additional coverage:
- Blanket jewelry coverage
- Flood Insurance
- Identity theft restoration
- Scheduled personal property coverage
We assessed Allstate’s Trustpilot reviews to determine what customers appreciate and dislike about the company’s service.
What Customers Like
- Helpful agents: Several policyholders, such as this one, praised the company’s kind and helpful customer service agents.
- Satisfactory coverage: A customer commended the company for providing sufficient coverage in case of fire damage.
What Customers Don’t Like
- Billing issues: An Allstate renters insurance customer expressed frustration over an inadequate refund after he canceled his renters insurance policy.
- Extra fees: A customer complained about the company charging extra fees.
Our team reached out to Allstate for comment on the above-listed negative reviews but did not receive a response.
Provides many valuable discounts
Scored above average in J.D. Power’s 2023 customer satisfaction study
Offers a mobile app for policy management
Does not sell an endorsement for flood damage
Requires a Social Security number to provide an estimate
Liberty Mutual helps Virginia renters save significantly on their insurance with many valuable discounts. For instance, you can earn a discount by setting up automatic payments. Purchasing your policy online can also help you qualify for savings. Renters who remain claims-free for five years or more can enjoy lower premiums, too.
However, the insurer might not be a fit if you don’t want to submit sensitive information like your Social Security number when obtaining an estimate.
Virginia renters can qualify for these discounts with a Liberty Mutual renters policy:
- Early shopper
- Multi-policy
- Claims-free
- Online purchase
- Preferred payment
The insurer also offers these endorsements for extra coverage:
- Personal property replacement cost
- Earthquake damage
- Blanket jewelry
We analyzed Liberty Mutual’s Trustpilot reviews to determine its policyholders’ common likes and dislikes.
What Customers Like
- Efficient claims handling: Many reviewers, including this policyholder, praised Liberty Mutual for its rapid claims processing.
- Good coverage: This policyholder expressed satisfaction with Liberty Mutual’s coverage despite its high premiums.
What Customers Don’t Like
- Unhelpful customer service: A longtime Liberty Mutual renters insurance policyholder complained that customer service didn’t step up when their rental became uninhabitable.
- Rate increase: A customer was upset after the company substantially increased their monthly premiums after policy renewal.
Our team reached out to Liberty Mutual for comment on the above-listed negative reviews but did not receive a response.
Received the highest score for customer satisfaction in a J.D. Power study
Boasts a vast network of local agents
Provides many valuable discounts
Does not offer online estimates
Provides limited information on its website
Erie can suit Virginia renters who prefer working with an agent to find the right policy instead of getting an online estimate. The company has a vast network of local agents, and its website can help you locate your nearest one by filling out a short form that asks for your address and preferred language. Its agents can help you understand your specific risks and purchase a policy that fits your needs.
The insurer also received the highest score for customer satisfaction in J.D. Power’s 2023 customer satisfaction study, which shows it generally offers high-quality customer service compared to its peers.
You can save on your policy with the company by earning these discounts:
- Multi-policy
- Safety
- Advance quote
- Age of insured
The company also lets you purchase these endorsements:
- Sewer and drain backup
- Home sharing
- Earthquake
We looked at what people on Trustpilot and Reddit had to say about Erie’s renters insurance coverage.
What Customers Like
- Great overall experience: Several Redditors recommended Erie renters insurance based on its stellar customer service.
- Affordable rates: Several people on a Reddit thread commented on their adequate, cheap renters insurance coverage from Erie.
What Customers Don’t Like
- Unprofessional agent: One customer complained about an unprofessional Erie agent.
- Slow and unfair claims process: A policyholder was upset due to Erie’s slow claims process and unfair damage assessment.
Our team reached out to Erie for comment on the above-listed negative reviews but did not receive a response.
Common Renters Insurance Claims in Virginia
Damage from severe weather, property crimes and personal liability are three main reasons that renters in Virginia file renters insurance claims.
Severe Weather
Virginia can be susceptible to the occasional flash flood, hurricane or snowstorm, which can cause damage to your personal belongings and even make your residence unlivable. If you file a claim for a covered loss, you’ll be able to recoup the cost of replacing your belongings, as well as additional living expenses if you are temporarily displaced. (Note that not all renters insurance plans cover all extreme weather events, so check your renters insurance coverage before enrolling or filing a claim).
Property Crimes
For every 1,000 residents, 16.97 property crimes like burglary and vandalism are committed each year in Virginia. Although this is lower than the national average, that means that theft is still a very common occurrence in the state, and renters insurance can cover the cost of replacing your stolen items. However, these lower-than-average numbers of property crimes also mean that Virginians enjoy, on average, lower renters insurance rates than residents of states with more crime.
Personal Liability
Renters insurance provides you with personal liability protection by covering costs associated with a covered incident. The most common example of this is if someone is injured while on your rental property and you are found responsible. In this case, your renters insurance can cover the legal fees associated with defending yourself in court and your payment of damages awarded to the injured party.
Interestingly, Virginia’s Contributory Negligence law indicates that, in order for you to be legally responsible for someone else’s injuries while in your home or apartment, you must be 100% at fault for the accident. Therefore, if you’re a renter in Virginia, you may not have to worry about personal liability claims as much as someone in another state.
Is Renters Insurance in Virginia Worth It?
Although it’s not mandatory, purchasing renters insurance is often worth it for Virginia renters. Policies are generally affordable and provide broad protection for your personal property, giving you peace of mind that your belongings will be repaired or replaced if a covered peril strikes.
Savings With Insurance
Although we hope you never have to file a claim, having a renters insurance policy in place can keep you from shelling out thousands in the event of a covered loss. Here’s a look at how a policy with $30,000 in personal property coverage and a $1,000 deductible helps you save.
| Common Causes for Claims | Cost To Repair Without Insurance* | Cost With Insurance | Savings with Insurance |
|---|---|---|---|
| Water damage | $1,300 | $1,000 | $300 |
| Burglary | $2,661 | $1,000 | $1,661 |
Frequently Asked Questions About Virginia Renters Insurance
Based on our review of several renters insurance companies in Virginia, Lemonade provides the best overall experience. It’s an all-digital insurance provider known for its straightforward processes. However, your ideal insurer might differ based on your rental property, location and coverage features that are important to you.
It’s common for a renters insurance policy to provide at least $30,000 in personal property coverage and $100,000 in liability coverage. However, what constitutes sufficient coverage for you depends on the value of your rental property.
Renters insurance is not mandatory in Virginia, but your landlord can require it. Regardless of whether it’s required, we recommend purchasing a policy to gain affordable financial protection from covered losses to your personal property.
Based on data we obtained from Quadrant Information Services, the average cost of renters insurance in Virginia is about $13 per month. How much you’ll pay for renters insurance depends on your unique situation, as the insurer considers several factors to determine your price.
Methodology: Our System for Ranking the Best Renters Insurance Companies in Virginia
To identify the best renters insurance companies in Virginia, we conducted a comprehensive analysis of 14 insurers. Our evaluation involved gathering estimates for an apartment building in the state to understand the quote process, looking at customer reviews on third-party sites and assessing discounts and endorsements based on the specific needs of Virginia renters.
We then rated the providers based on these factors:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust: 15%
We revisit our ratings regularly so you can access the most up-to-date information. Read our full rating methodology to learn more.
