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: Our pick for custom pricing
- Liberty Mutual: Our pick for discounts
- State Farm: Our pick for affordable premiums
- Nationwide: Our pick for valuable endorsem*nts
- Allstate: Our pick for seniors
- Erie: Our pick for local coverage
Lemonade Renters Insurance
Our Top Pick
4.6
Cost: 4.8
Availability and Ease of Use: 5
Brand Trust: 5
Coverage: 3.5
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$11.67
Pros and Cons of Lemonade Renters Insurance
Pros Features convenient and seamless mobile app experience Resolves claims quickly using AI Donates unclaimed premiums to charity Cons Not rated by AM Best It can be hard to reach a live representative, based on customer reviews we read
Why We Chose Lemonade
If convenience is a driving factor for you in choosing a renters insurance company, look no further than Lemonade. The provider leaves the traditional agent network business model in the past in favor of a digital-first experience that allows you to obtain a quote, purchase a policy and even file a claim in seconds through its artificial intelligence (AI) bot, Maya.
Lemonade is great for college students and anyone who values convenience over personal interactions with live agents.
Costs and Coverage Options
In Virginia, renters pay $160 per year on average for Lemonade renters insurance, or around $13.33 per month before discounts. This is slightly higher than the state average of $153 annually. Lemonade offers several riders and discounts that affect your cost, along with other factors.
Discounts:
- Lower rates for a high deductible choice of $2,500
- Safety devices
- Claim history
Endorsem*nts:
- Landlord property damage
- High-value property such as bikes, fine art, cameras and jewelry
- Significant other if you’re not officially married or in a legally-recognized civil union
- Water backup damage
Why Trust Us?
How We Calculated Renters Insurance Ratings
3
Coverage LevelsWe used three different coverage amounts and three deductible levels to generate various reports and estimates from Quadrant Information Services, which provides property insurance analytics.
15,000
Estimates GatheredTo better understand the cost of renters insurance premiums throughout all 50 U.S. states, we gathered over 15,000 estimates across 14 renters insurance providers using Quadrant Information Services. When cost data is not listed for a provider in Quadrant’s database, we manually request quotes or reach out to representatives.
14
Nationwide Providers ReviewedOur team has scored and reviewed 14 renters insurance providers nationwide, ranking each company based on our comprehensive renters insurance methodology, which considers cost, availability, ease of use, coverage and brand trust.
1,000
Renters SurveyedWe surveyed 1,000 renters nationwide in 2024 to gain a better understanding of what consumers care about most when it comes to coverage. We also asked renters about their frustrations with the buying process and how much they pay for coverage.
Toggle Renters Insurance
Our Pick for Custom Pricing
4.1
Cost: 4.3
Availability and Ease of Use: 3.6
Brand Trust: 4.5
Coverage: 4
Our Review
A.M. BestAJ.D. PowerNR
MONTHLY COST$12.59
Pros and Cons
Pros Offers unique add-ons like pet protection and identity theft coverage Can help you report rent payments to credit bureaus Basic plan available from $5 a month in most areas Cons May have higher rates than competitors in some states May be challenging to speak with a customer service representative via phone
Why We Chose Toggle
Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’s unique Credit Lift option can help you report and get credit for your monthly rent payments.
If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. Toggle is also underwritten by 21st Century Assurance Company, combining the financial strength of major insurers with the personalization range of a fintech startup.
Discounts and Endorsem*nts
Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.
The company also offers multiple policy endorsem*nts, including:
- Identity protector
- Temporary living costs
- Pet Parent
- High-value items
- Side hustle
Liberty Mutual Renters Insurance Our Pick for Discounts
4.2
Cost: 4.4
Availability and Ease of Use: 4.6
Brand Trust: 4.3
Coverage: 3
Our Review
A.M. BestAJ.D. Power848/1000
MONTHLY COST$16.85
Pros and Cons
Pros Offers more discounts than competing nationwide providers Multiple coverage customization options, especially for personal property Features simplified policy documents and language Cons No discount for home safety features like other renters insurance providers Higher-than-average base premiums
Why We Chose Liberty Mutual
With over 100 years of experience in the insurance industry, Liberty Mutual is a national provider of renters insurance policies. With discounts available for everything from buying a policy online to enrolling in autopay, Liberty Mutual offers multiple ways to save on renters insurance. While policy rates may be slightly higher than average in some areas, Liberty Mutual’s wide range of coverage options and customization can be worth it for renters with unique or valuable items to protect.
Discounts and Endorsem*nts
Liberty Mutual offers the following discount options:
- Claims-free
- Early shopper
- Online autopay enrollment
- Multi-policy bundling
- Online purchase
The company also allows customers to purchase policy add-ons:
- Blanket jewelry
- Earthquake coverage
- Personal property replacement cost coverage
- Identity theft protection
State Farm Renters Insurance
Our Pick for Affordable Premiums
4.3
Cost: 4.3
Availability and Ease of Use: 5
Brand Trust: 4.7
Coverage: 3.5
Our Review
A.M. BestA++J.D. Power844/1000
MONTHLY COST$8.50
Pros and Cons
Pros Offers a long list of unique endorsem*nts to cover your unique situation Prices are lower than most competitors Has an online tool that can help you figure out how much personal property coverage you need Cons Its cheaper policies offer bare-bones coverage Add-ons are relatively expensive
Why We Chose State Farm
State Farm earned4.8 out of 5 starsunder our scoring methodology, and it’s our pick for affordable renters insurance. If you’re interested in fully customizing your renters insurance plan from the ground up, even if you’re on a budget, then State Farm might be the right provider for you. With an extensive selection of unique add-ons, adjustable coverage limits and customizable deductibles, State Farm has plans that work for just about everyone.
Discounts and Endorsem*nts
Discounts:
- Auto policy bundling
- Auto-pay
- Home security devices
- Claim-free history
Endorsem*nts:
- Drain or sewer backup
- Fraud and identity theft
- Waterbed liability
- Earthquake coverage
- Nurses’ professional liability
- Personal injury liability
- Business pursuits
- Incidental business
- Additional insured people
- Off-premises structures
- Rented personal property
- Adult daycare
- Childcare liability
- Home rental
- Scheduled coverage for high-value items
Nationwide
Our Pick for Valuable Endorsem*nts
4.5
Cost: 4.5
Availability and Ease of Use: 4.6
Brand Trust: 5
Coverage: 4
Our Review
A.M. BestAJ.D. Power852/1000
MONTHLY COST$10.67
Pros and Cons
Pros Can fully customize the amount of coverage you want “Brand New Belongings” coverage offers replacement cost value Pays for purchases on stolen credit and debit cards, as well as forged checks Cons Must bundle multiple types of insurance to get a renters insurance quote online Has fewer discount offerings than some other top providers
Why We Chose Nationwide
Nationwide earned 4.6 out of 5 stars in our ranking system, and it’s our pick for valuable endorsem*nts. If you’re looking for additional coverage, Nationwide has you covered: you can opt into endorsem*nts like watercraft, cash, trailer, expensive jewelry, or watches or food spoilage. You can also expand your coverage to cover earthquakes or water damage.
Discounts and Endorsem*nts
Discounts:
- Claim-free history
- Policy bundling
- Home security devices
Endorsem*nts:
- Water backup damage
- Additional coverage for high-value items
- Earthquake and volcano coverage
- Extended protection against theft
Allstate Renters Insurance
Our Pick for Seniors
4.3
Cost: 5
Availability and Ease of Use: 4.2
Brand Trust: 4.7
Coverage: 2.5
Our Review
A.M. BestA+J.D. Power835/1000
MONTHLY COST$12.17
Pros and Cons
Pros Has over 90 years of experience in the insurance industry Customer service line is available 24/7 Offers flood insurance Cons Its only add-ons are scheduled coverage and identity theft protection Has negative customer reviews on Trustpilot and the BBB
Why We Chose Allstate
Allstate earned a stellar 4.9 out of 5 stars according to our renters insurance provider methodology, and it’s our pick for seniors in Virginia. Allstate offers a generous discount of up to 25% to retired people over the age of 55, and that’s on top of its other discounts like autopay, claim-free history and policy bundling.
Even if you aren’t a retired senior, Allstate’s 24/7 customer service, mobile app and 92 years in the industry make it a great choice for renters insurance.
Discounts and Endorsem*nts
Discounts:
- Autopay
- Claim-free history
- Policy bundling
- Retired seniors
Endorsem*nts:
- Additional coverage for high-value items
- Identity theft protection
Erie Renters Insurance
4.1
Cost: 4.5
Availability and Ease of Use: 4.2
Brand Trust: 5
Coverage: 2.5
Our Review
A.M. BestA+J.D. Power881/1000
MONTHLY COST$13.08
Pros and Cons
Pros Policies include coverage for watercraft and trailers Has been in the insurance industry for nearly 100 years Has the highest J.D. Power score of any provider on our list Cons Does not offer instant online quotes Costs more on average than any other provider on this list
Why We Chose Erie
Erie Insurance earned 4.56 out of 5 stars under our ranking methodology, and it’s our top pick for local coverage. Erie operates in 12 states (including Virginia) and works with a network of over 13,000 independent insurance agents to offer the best customer experience possible.
Unfortunately, Erie does not offer instant online quotes like most of its competitors, so you’ll have to get in contact with a local agent through Erie’s website to receive a quote.
Discounts and Endorsem*nts
Discounts:
- Multi-policy bundling
- Home safety devices
- Advance quote discount
- Senior discount
Learn more about Erie’s renters insurance discounts here.
Endorsem*nts:
- Sewer and drain backup coverage
- Earthquake coverage
- Flood coverage
Compare Renters Insurance Premiums in Virginia
Renters insurance costs $11.33 monthly on average in Virginia, but coverage is available for as little as $8.50 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.
*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a standard insurance policy for a single occupant in Phoenix. Your cost may vary depending on factors like your location, coverage and personal property needs.
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 $8.50.
Do I Need Renters Insurance in Virginia?
Renters are not legally required to enroll in a renters insurance policy in Virginia. However, under the Code of Virginia, landlords can require tenants to have their own renters insurance plan.
Even if you aren’t required to have renters insurance, it’s still a good idea to enroll in a policy, as your landlord’s insurance does not cover your belongings that are stolen or damaged inside your unit. Plus, if someone is injured in your apartment, renters insurance can help pay medical expenses or lawyer fees if you’re held legally responsible.
Renters insurance only costs a few dollars each month, so it can be worth it to protect yourself and your belongings. If you do not have a renters policy, you’ll be forced to pay out of pocket to replace your belongings if your property is damaged or stolen.
What Factors Affect Renters Insurance Rates in Virginia?
Crime rates where you live, your location and property features, and insurance and credit history will affect your renters insurance rates in Virginia.
- Crime rates: Crime rates in your area affect how much your renters insurance costs, especially property crimes like theft, robbery and vandalization. The crime rate in Virginia is lower than the national average, meaning renters insurance rates may be lower than in other, high-crime states. However, this will vary by zip code.
- Location and property features: The type of residence you live in (for instance, a single-family home versus an apartment complex), as well as what city you live in, can affect your renters insurance rates. For example, if you live in a city in Virginia with an overall higher cost of living, like Richmond, your rate may be higher.
- Claim history and credit score: If you have filed very few insurance claims in the past and have a high credit score, you’ll typically be able to get the lowest renters insurance rates.
What Are the Common Causes of 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.
Frequently Asked Questions About Virginia Renters Insurance
Renters insurance provides various types of coverage for tenants, including personal property, liability and additional living expenses in the case of a burglary, severe weather or another unexpected event. Common renters insurance exclusions include floods, earthquakes and certain types of high-value items unless explicitly covered under your plan. That’s why it’s important to read your policy carefully so you know what’s covered.
You can typically secure a lower renters insurance premium by comparing quotes from several providers, adjusting your coverage levels and asking providers about discounts. For instance, most renters insurance companies offer several types of insurance products, like auto insurance and homeowners insurance, and will offer you a policy bundling discount if you enroll in more than one policy.
Companies like Toggle and Lemonade that allow complete customization of coverage levels are ideal for renters who want the ability to control their own pricing.
According to our analysis of insurers in Virginia, Lemonade, Toggle and Liberty Mutual are the top three renters insurance providers in the state.
According to our data of renters across Virginia, the average cost of renters insurance in the state is $136 each year or around $11.33 per month.
Related Posts in Virginia
- Top homeowners insurance provider in Virginia
- Top home warranty providers in Virginia
- Top moving companies in Virginia
- Top pet insurance Virginia
- Top solar providers in Virginia
Methodology: Our System for Ranking the Best Renters Insurance Companies
Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust:: 15%
We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here
A.M. Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $30,000
- Loss of use: $9,000
- Liability: $100,000
- Medical payments: $1,000
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of June 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Faith WakefieldAuthor
Faith Wakefield is a writer based in North Carolina. She holds economics and English degrees from UNC Chapel Hill, and her work has been featured on EcoWatch, The World Economic Forum and Today’s Homeowner. In her free time, she loves to binge-watch personal finance videos on YouTube, collect books and spend time in nature.
Sabrina LopezSenior Editor
Sabrina Lopez is an editor with over six years of experience writing and editing digital content with a particular focus on home services, home products and personal finance. When she is not working on articles to help consumers make informed decisions, Sabrina enjoys creative writing and spending time with her family and their two parrots.
