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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Aug 3, 2021

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Having a renters insurance policy is crucial in case you fall victim to fire, theft, or a guest is injured on your property. That’s because it helps protects you from legal and medical costs and in most cases, will replace your damaged or stolen belongings. We’ve done the research for you to help answer questions you might have about Arizona renters insurance.

What is the average cost of renters insurance in Virginia?

On average, renters in Virginia pay $158 per year for their renters insurance policies, which works out to just over $13 monthly. That’s 16% less than the national average cost for renters insurance premiums. Based on the minimum wage in Virginia, you would only have to clock in 22 hours to earn enough money for coverage for an entire year.

Take a look around your apartment. If you added up the cost of everything it may surprise you the net worth of what you own. If your possessions are lost in a fire, during a burglary, or other covered incident, you’ll be glad to have renters insurance to help pay for the cost of replacing.

Why do you need rental insurance coverage in Virginia?

In 2012 alone, Virginia had 29,511 burglaries reported. Whether you’ve been a victim of burglary or not, there’s no denying the financial relief that renters insurance can provide in such a situation. In addition to helping pay to replace your stolen things, renters insurance also protects your belongings if they are damaged as a result of fire, smoke, or other covered event. Plus, if someone is injured in your rental, the liability coverage in your renters insurance may help pay for their medical expenses. In a perfect world you’d never end up in such a position, but in reality, you might. From the Chesapeake Bay to the Appalachian Mountains, our advice is the same wherever you live in Virginia, you need the protection of renters insurance.

The standard renters insurance policy comes with the following coverage:

  • Personal property coverage – This coverage protects your property from theft or damage. Those with high-value items in their homes like sports equipment or musical instruments may wish to up their coverage limits.
  • Liability coverage – If someone is hurt on your property, liability insurance will cover their medical bills.
  • Additional living expenses – If you can’t stay in your apartment for any reason, additional living expenses coverage can pay for hotel costs or other living expenses.

There are many extra coverage options you can add if the standard policy isn’t enough protection, such as earthquake coverage, flood insurance, and identity theft protection. Ask your prospective insurance provider what kind of optional coverage they offer if you think you need additional protection.

How can you save with renters insurance discounts in Virginia?

Even though the cost of renters insurance coverage is already very affordable, there are discounts you can qualify for. When comparing renters insurance companies, see if you are eligible for the following popular discounts:

  • Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
  • No Prior Claims: If you have never filed a renters insurance claim, you can save with this discount.
  • Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
  • Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.

Often, finding the cheapest renters insurance comes down to capitalizing on discounts.

What should you do next?

The typical cost of a two-bedroom apartment rental is $1,097 per month in Virginia and 33% of the state’s residents rent. Comparatively, with the average yearly rental insurance premium being just $158 in the Old Dominion State, it’s coverage you shouldn’t turn down. If you are ready to buy or have more questions you need answered, speak with an expert insurance agent.  They can help you find the cheapest renters insurance that offers the coverage you need. Call [mapi-phone /].

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