5 Best Renters Insurance Providers in Virginia of 2023

According to our analysis of the best renters insurance companies in Virginia, we found that Lemonade, State Farm and Nationwide were the top three providers. We considered each company based on factors like cost, coverage and customization options, and consumer satisfaction to score each one out of five stars.

Based on our list of top renters insurance companies in Virginia, average premiums range from $111 to $162 annually. The state average cost of renters insurance is $153.

After in-depth research, we at the Guides Home Team found the following are Virginia’s best renters insurance providers:

Lemonade Renters Insurance

Lemonade earned 4.3 out of 5 stars according to our scoring methodology, and it’s our top pick for college students in Virginia. Lemonade offers the convenience of a user-friendly online quote tool, a fast enrollment process and artificial intelligence (AI) claims processing that saves you time. You also won’t have to worry about having to speak with an insurance agent before you enroll or when filing a claim. College students — or anyone looking for basic coverage — will also appreciate that Lemonade allows you to adjust your coverage limits to lower your monthly premium.

Pros and Cons of Lemonade Renters Insurance

Costs and Coverage Options

Lemonade costs an average of $160 each year in Virginia, which is around $13 monthly. However, Lemonade offers plenty of customization options to adjust your monthly rate, typically offering bare-bones plans for as low as $6 per month. Your property, who you live with and the coverage limits you choose will factor into your price.

Discounts:

• Home security devices
• Policy bundling

Endorsements:

• Additional coverage for valuable items like fine art, bikes, jewelry, cameras and musical instruments
• Partner living with you (if unmarried or not in a legally-recognized civil union)
• Water backup damage
• Landlord’s property damage

Get your quote: Get your Lemonade renters insurance quote online today.

To learn more: Lemonade renters insurance review

State Farm Renters Insurance

State Farm earned 4.8 out of 5 stars under 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.

Pros and Cons of State Farm Renters Insurance

Costs and Coverage Options

The average renter in Virginia pays $111 annually for renters insurance through State Farm, or around $9 per month. That makes State Farm the cheapest provider on our list. However, how much you’ll pay depends on your coverage limits, add-ons and living situation.

Discounts:

• Auto policy bundling
• Auto-pay
• Home security devices
• Claim-free history

Endorsements:

• 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

To learn more: State Farm renters insurance review

Nationwide Renters Insurance

Nationwide earned 4.6 out of 5 stars in our ranking system, and it’s our pick for valuable endorsements. If you’re looking for additional coverage, Nationwide has you covered: you can opt into endorsements like watercraft, cash, trailer, expensive jewelry, or watches or food spoilage. You can also expand your coverage to cover earthquakes or water damage.

Pros and Cons of Nationwide Renters Insurance

Costs and Coverage Options

Nationwide Renters Insurance costs an average of $137 each year for Virginians, or a little over $11 per month. Nationwide’s basic policy covers personal property, loss of use, personal liability, medical payments to others and stolen credit cards. You can also pay extra on specialized coverage for high-value items like watches, jewelry, furs, cash, etc.

Discounts:

• Claim-free history
• Policy bundling
• Home security devices

Endorsements:

• Water backup damage
• Additional coverage for high-value items
• Earthquake and volcano coverage
• Extended protection against theft

Learn more about Nationwide’s basic and add-on coverage options here.

Get your quote: Get your quote for Nationwide renters insurance online.

Allstate Renters Insurance

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.

Pros and Cons of Allstate Renters Insurance

Costs and Coverage Options

Allstate costs an average of $146 annually for renters in Virginia, or a little over $12 per month. If you’d like higher coverage caps for personal items and family liability coverage, you can opt for Allstate’s slightly more expensive Enhanced Plan. You can also adjust your coverage caps to customize your monthly premium to fit your budget.

Discounts:

• Autopay
• Claim-free history
• Policy bundling
• Retired seniors

Endorsements:

• Additional coverage for high-value items
• Identity theft protection

Get your quote: Get your Allstate renters insurance quote online.

To learn more: Allstate insurance review

Erie Renters Insurance

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.

Pros and Cons of Erie Renters Insurance

Costs and Coverage Options

Erie renters insurance costs Virginians an average of $162 per year, or around $13.50 each month. You can extend your coverage beyond Erie’s base plan by choosing the ErieSecure Advantage, Plus or Select bundle. These bundles offer higher policy limits that go beyond Erie’s standard coverage for an extra monthly cost.

Discounts:

• Multi-policy bundling
• Home safety devices
• Advance quote discount
• Senior discount

Learn more about Erie’s renters insurance discounts here.

Endorsements:

• Sewer and drain backup coverage
• Earthquake coverage
• Flood coverage

Get your quote: Request a quote from an Erie agent online.

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.

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.

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.

Lemonade is our overall top pick for renters insurance in Virginia, thanks to its flexible plan customization options and budget-friendly pricing. However, State Farm, Nationwide, Allstate and Erie also made our list for renters insurance in the state, as the best provider for you depends on your preferences and needs.

State Farm offers the most affordable premiums, while Nationwide has the most valuable endorsements. Allstate is our pick for seniors, thanks to its generous discounts for retired people and Erie offers excellent localized coverage. We recommend comparing several quotes from top providers to find the best value. Get instant renters insurance quotes by entering your ZIP code in the form below to get started.

Through in-depth research of the industry, we determined the following factors and weights to rate each company by:

• Overall cost: 15/100
• Add-ons and discount options: 20/100
• Standard coverage: 17.5/100
• State availability: 5/100
• Support availability: 20/100
• Connectivity: 12.5/100
• Authority: 10/100

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.

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 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.