Renters Insurance

The Best Cheap Renters Insurance in Virginia

The Best Cheap Renters Insurance in Virginia

Choosing a renters insurance provider is about finding the best combination of affordable prices, useful features and great customer service. We gathered more than 100 quotes and researched dozens of companies to help you choose the best renters insurance in Virginia.

Compare cheap renters insurance options in Virginia

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The cheapest renters insurance we found in Virginia costs about $10 per month or $121 per year. In addition to listing the most affordable renters insurance in Virginia, we also broke down our picks for the state's other top providers below.


Best for most renters

State Farm logo
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Best for complete coverage

Nationwide logo
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Best for customer service

USAA logo
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Methodology

Best renters insurance for most people: State Farm

State Farm's affordable rates are the lowest for renters in Virginia.
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The good:

  • Most affordable policies
  • Highly rated customer service

The bad:

  • Doesn't offer coverage for less than $10,000 of property

State Farm is the best renters insurance for most people in VA. It offers the cheapest renters insurance in the state and maintains highly favorable customer satisfaction ratings. State Farm renters insurance offers the same coverage typically offered by other providers but at a cheaper price than most.

The average cost of State Farm renters insurance is about $10 per month in Virginia, or $121 per year. This is 28% cheaper than the average cost of coverage in the state, and 17% less expensive than the next-most-affordable provider's rates. Additionally, State Farm tends to be the cheapest option in Virginia's largest cities.

While State Farm is the cheapest provider on average, the company doesn't offer many chances to reduce your premiums further: There are only two available discount opportunities. You could save the most money if you have an auto policy with State Farm, but you could also qualify for discounts if your home is outfitted with security systems.

The customer service reputation of State Farm is one of the best among companies we surveyed. In a study conducted by J.D. Power on the customer service of 14 other renters insurance providers, State Farm placed third. Additionally, data from the National Association of Insurance Commissioners indicates State Farm receives far fewer complaints than expected for its size.

Best renters insurance for complete coverage: Nationwide

Nationwide offers the best range of policy add-ons we found.
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The good:

  • Many practical add-ons available
  • Affordable renters insurance premiums

The bad:

  • Customer service isn't outstanding

Although Nationwide isn't the cheapest provider in VA, its range of coverage options are the most robust we found. We like its replacement-cost coverage and water-backup protections — two standout add-ons that are highly practical for most renters.

Like other competitors, Nationwide also has an identity theft insurance package that you can add to your regular renters insurance policy, as well as extra coverage for valuables and extended liability. However, Nationwide's identity theft package costs about $45 per year, which is more expensive than State Farm's similar package.

The average cost of Nationwide renters insurance is about $12 per month, or $145 per year — about 14% cheaper than the typical price for renters insurance in Virginia. Nationwide offers few opportunities to lower your premiums. You can save by bundling coverage, installing security devices in your home and remaining claims-free.

Nationwide's customer service is above-average but mixed. It also receives about 65% fewer complaints than its size would indicate. Nationwide's service was ranked seventh of 14 renters insurance providers by J.D. Power. In every category J.D. Power examined, Nationwide's customer service underperformed State Farm.

Best renters insurance for customer service: USAA

For eligible renters, USAA has the best customer service in Virginia.
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The good:

  • Lots of premium coverages included for free
  • The best-rated customer service in the state

The bad:

  • Only available to members of the military

The best renters insurance for Virginia's military-affiliated tenants is USAA. Coverage is available to Virginia's numerous active-duty, reserve and retired armed forces members as well as their families. Rates are only available to eligible renters, so you'll have to inquire to USAA directly if you want to learn more.

The customer service offered by USAA renters insurance is the best out of the companies we surveyed. The National Association of Insurance Commissioners shows that USAA receives only a quarter of the complaints expected for its size. J.D. Power placed USAA second of 14 insurers for customer service quality in its study of the renters insurance industry.

USAA renters insurance offers the best coverage of any provider we surveyed. Its standard policies are bolstered by several premium forms of protection that usually cost renters a separate fee. In addition to replacement-cost coverage, a basic USAA renters insurance policy includes flood and earthquake insurance — forms of protection that often cost hundreds of dollars extra per year.

How we chose the best renters insurance in VA

We compared three factors to determine which renters insurance company is the best option for most people in Virginia:

  • Affordability: How much policyholders might pay for coverage.
  • Coverage options: Which features are offered by insurers, as well as the quality of a standard package.
  • Customer service: An insurer's reputation for quality, timely customer service.

Affordability: How much renters might expect to pay for coverage

The average cost of renters insurance in VA is just over $14 per month, or $170 per year. Compared to the national cost of renters insurance, which is about $16 per month, we found that Virginians pay less for coverage on average.

The cheapest renters insurance in VA is State Farm, which sells coverage for about $10 per month. The state's most expensive provider, Liberty Mutual, charges $18 per month on average for renters insurance coverage.

A bar graph showing the average costs of renters insurance in Virginia
A bar graph showing the average costs of renters insurance in Virginia
CompaniesAverage cost (per month)Average cost (per year)% difference from statewide average
State Farm$10$121-28%
Nationwide$12$145-14%
Travelers$14$1701%
Allstate$16$19214%
Liberty Mutual$18$22132%

The rate you're quoted for renters insurance coverage depends on several factors that will likely be different for each individual. Renters will see different rates based on the amount of coverage they decide to purchase, their location and their personal history of making claims. With this in mind, the cost of your renters insurance may differ from ours.

We obtained quotes from across Virginia by creating a sample profile: a 30-year-old unmarried man with no history of making claims. Our quotes reflect the following coverage limits:

  • Personal property protection: $30,000
  • Liability coverage: $100,000
  • Guest medical protection: $1,000
  • Deductible: $500

Compare Renters Insurance Quotes from Providers in Virginia

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Coverage options: Which features are offered by each renters insurance company

Renters insurance companies should provide enough coverage that your assets are protected with a standard policy without needing add-ons. The endorsements that insurers do offer should be practical. Finally, insurers should have a reputation for meeting the needs of their policyholders and responding to claims fairly.

Below, we've tabulated the offerings from each provider we surveyed, including USAA renters insurance despite the public unavailability of some policy details, such as its minimum and maximum coverage limits.

InsurerPersonal property coveragePersonal liabilityEarthquakeWater-backup coverageIdentity theft protectionReplacement-cost coverageValuables plus
USAAUnknownUnknownX†--X†X
State Farm$10,000 – more than $100,000$100,000 – $1 millionX-X-X
Nationwide$15,000 – more than $100,000$100,000 – $1 million-XXXX
Liberty Mutual$5,000 – $25,000$100,000 – $1 millionX-XXX
Allstate$15,000 – more than $100,000$100,000 – $500,000--X--
Farmers$4,000 – $150,000$100,000 – $1 million--XX-
†-indicates this coverage is included with a standard policy.

Customer service: Comparing insurer reputations

We measured three areas of each insurer's reputation to determine which companies in Virginia provide the best customer service. These measurements include: the Complaint Index prepared by the National Association of Insurance Commissioners (NAIC), J.D. Power's U.S. Home Insurance Study - Renters Insurance and A.M. Best's Financial Strength Rating (FSR).

CompanyNAIC Complaint IndexJ.D. Power study (score out of 14)A.M. Best Financial Strength Rating
USAA0.252ndA++
State Farm0.353rdA++
Allstate0.476thA+
Travelers0.1313thA++
Nationwide0.357thA+
Liberty Mutual0.6511thA
Erie0.305thA+
American Family0.631stA
Farmers0.349thA

NAIC Complaint Index: The Complaint Index tracks the number of complaints filed against each renters insurance company relative to its market size. The median score is 1.0, so companies with a score under 1.0 have fewer complaints compared to other companies its size. An insurer with a Complaint Index of 1.50, for example, receives 50% more complaints.

J.D. Power U.S. Home Insurance Study - Renters Insurance: J.D. Power analyzed 14 large renters insurance companies based on several criteria, including policy offerings, price and customer-employee interaction. J.D. Power calculates an overall rating using responses to these categories.

A.M. Best Financial Strength Rating: A.M. Best's Financial Strength Rating assesses the ability of insurers to fulfill their financial obligations such as settling and paying claims, especially in periods of economic contraction. Many companies are highly rated by A.M. Best, but the tool is a useful way to weed out risky insurers.

Virginia renters insurance rates: City-by-city breakdowns

Our survey of the best and cheapest renters insurance in Virginia enables us to create an overview of the cost of coverage in Virginia's largest cities. Below, we've combined the rates into a table showing each city's relationship to the average cost of coverage in Virginia, which is $16 per month.

The cheapest city for renters insurance is Fair Oaks, where coverage costs about $13. On the other hand, the most expensive place to buy coverage is Winchester.

CityAverage cost (per month)Average cost (annual)% difference from Virginia average
Virginia Beach, VA$15$1744%
Norfolk, VA$15$1849%
Chesapeake, VA$15$1807%
Arlington, VA$13$159-5%
Richmond, VA$15$1817%
Newport News, VA$13$157-7%
Alexandria, VA$13$159-5%
Hampton, VA$15$1818%
Roanoke, VA$13$154-8%
Portsmouth, VA$14$165-2%
Suffolk, VA$16$18611%
Lynchburg, VA$14$1722%
Centreville, VA$13$161-4%
Reston, VA$13$154-8%
Harrisonburg, VA$13$158-6%
Tuckahoe, VA$14$1691%
Charlottesville, VA$14$164-3%
Blacksburg, VA$14$166-1%
Danville, VA$15$1807%
Fair Oaks, VA$13$153-9%
Petersburg, VA$15$18410%
Fredericksburg, VA$14$165-2%
Winchester, VA$16$18812%
McNair, VA$13$162-4%

Methodology

We obtained 125 renters insurance quotes from addresses across Virginia to find which insurer offers the cheapest coverage. To source these quotes, we constructed a sample profile: an unmarried, 30-year-old male renter, living alone without pets or a significant other.

Our quotes reflect prices for $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to guests. Renters insurance policies also come with expenses if you have to live away from your home, but this coverage is often determined by each renter. Finally, our sample policies carry $500 deductibles wherever possible.

Chris Moon

Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.