As a renter, your landlord insures the structure of the rental property, paying for damages to the exterior of the building or complex. However, if something were to happen inside of your unit, your landlord isn’t required to cover the cost of repairs or replacements.

Renters insurance covers this gap by paying for things like property damage that you might experience during your lease.

If you purchase a Virginia renters insurance policy, you’ll receive the following coverage:

• Personal Property Coverage: Personal property coverage helps you pay to repair or replace covered items in your home that are damaged from an unexpected event.
• Loss of Use Coverage: This type of coverage pays for additional living expenses incurred in the event you can’t use your residence.
• Liability Coverage: Liability coverage protects you from paying for any property damage you cause to another renter or their property.
• Coverage for Medical Payments to Others: This covers the medical expenses of any guest injured inside of your home or apartment.
• Optional Coverage: Many renters insurance providers allow you to purchase optional coverage for identity theft, earthquake damage, jewelry, and water backup protection.

According to the Insurance Information Institute, a Virginia renters insurance plan in 2017 cost an average of $152 for the year year or $12.66 per month, which was lower than the national renters insurance rate of $180 per year. Virginia ranked No. 39 out of 50 for the average cost of renters insurance when ranked among all states in order from most expensive to least expensive.

When selecting a renters insurance policy, consider the following factors before purchasing a plan.

• Coverage Limits: Most renters insurance policies have limits to the amount of coverage you can receive on personal property, liability, loss of use, and medical payments to others. Additionally, some landlords require a certain amount of liability insurance, so it’s important to make sure your provider can meet the minimum.
• Deductibles: Having the choice over your deductible amount gives you some flexibility in your monthly premium. Generally, selecting a lower deductible will increase your monthly premium while a higher deductible will decrease it.
• RCV vs. ACV Policies: If you have a damaged item, a replacement cash value (RCV) policy covers the cost of the item based on its current value and factors in depreciation, whereas an actual cash value (ACV) policy covers the damaged item based on its value at the time of purchase.

If you’re not sure which renters insurance policy is best for you, compare some of the best renters insurance providers below.