A state with more than eight and a half million people and an extremely rich history that’s still growing, Virginia is home to many renters who have all decided that this is home. And nothing should drive you out of your home or make your apartment worse to live in. Nature, fires, and some criminals would disagree, however, and that is why we recommend that nearly every renter consider getting a renters insurance policy. They’re easy to get, and we reviewed the on-average cheapest companies in the state to show you that they’re affordable as well.
Here are the five cheapest renters insurance providers operating in Virginia:
The Five Cheapest Quotes:
We would like to note here that while you can rely on the general impressions and numbers listed here, your exact experience might vary depending on your circumstances.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $117
By far the cheapest choice in Virginia and a great pick for anyone just looking for a cheap renters insurance plan, State Farm is known for its relatively simple and easy-to-acquire policies that will ensure you have at least some protection (which for the price is actually excellent). To further drive down the price, you might even be able to take advantage of some deals, discounts, and bundling opportunities.
Yet when a company focuses on providing the cheapest policy possible, there are sacrifices that must be made. In State Farm’s case, that happens to be customer service, as there are numerous complaints against that department. Additionally, water damage and flooding coverages are extremely hard to come by, so State Farm is not the best choice for coastal renters.
You can expect the following working with State Farm:
- A fantastic loss-of-use plan that will give you more than enough time to get back on your feet should the worst happen to your apartment.
- A great level of expensive items coverage.
- Strong electronics and business property coverages for the cost.
2) Allstate: $211
A bit more expensive but similar in many ways to State Farm, Allstate is another company that provides policies to millions across the country, but Allstate also has a few things that State Farm doesn’t, such as strong options for water damage and flooding coverage. This makes it a strong alternative to those at risk who still want a relatively cheap plan.
Allstate doesn’t escape some of the same failings, though, as it is also not the best in the customer service department. Other things to watch out for are rate spikes in certain areas and a relative lack of customization options.
You can expect the following working with Allstate:
- The benefits of working with an extremely fiscally and organizationally stable company.
- An excellent set of online tools and services.
- Strong bundling options, especially when auto insurance is concerned.
3) Nationwide: $300
A company with a different general model than the previous two options, Nationwide is a jump in expense, but also a jump in the number of options and likely the level of coverage you’ll be getting. Great for people who know exactly what they have and what they want, Nationwide has more customization options than you might know what to do with, and well-trained agents to help you navigate them if needed.
What Nationwide doesn’t have is the best default coverage levels on expensive items or the lowest prices for what you get. And unfortunately, your rate can get even higher in certain areas, often ones with high crime rates.
You can expect the following working with Nationwide:
- The ability to modify your deductible and the level of coverage you will have for certain types of items.
- Optional coverages such as additional valuables coverage, theft extension coverage, earthquake protection, and water and sewage backup damage coverage.
- A free (and optional) annual assessment to make sure you are getting the best possible policy.
4) Farmers: $323
With more in common with Nationwide than any other provider listed here considering the customization options available to customers and policyholders, Farmers is also known for providing excellent and friendly customer service. With them, you’ll be able to customize your deductible and levels of coverage for item groups, but you’ll also get a little bit of an extra service boost (and a bit of a price boost as well).
Yet Farmers might not be the fastest or easiest option for many, as quite a few customers have reported issues relating to paperwork or bureaucratic runaround, and you should be aware of this. Some coverage types, such as jewelry, are also not up to par at their default levels.
You can expect the following working with Farmers:
- Discounts for certain types of professionals such as teachers, police officers, and doctors.
- Optional coverages including improved liability coverage, personal article floaters, pet damage protection, and identity theft protection.
- A customer service team that is extremely easy to work with.
5) Liberty Mutual: $610
Liberty Mutual is the most expensive option listed here by a wide margin, and for that reason we expect many people to write Liberty Mutual off as an option for renters insurance (and they’re completely justified to do so). Yet the company is not without its good points as well, and if you stick with them you’ll find out that their policies have a great level of coverage across the board and they are an easy company to work with.
Where the trouble comes in is if you consider bundling, as customers commonly complain about their other types of policies. And even more concerning for many is the fact that depending on where you live, the rates can spike up even higher.
You can expect the following working with Liberty Mutual:
- Potential discounts offered in conjunction with partner organizations and workplaces, one of which you likely belong to.
- Plenty of insurance products available, even if they aren’t all perfect.
- Excellent online and mobile interfaces
Life can be unpredictable sometimes, but people living in Virginia and beyond can control the unpredictability by purchasing renters insurance. With a good policy provided by one of the above companies at an affordable price, you don’t need to worry about losing footing in life just because of circumstances beyond your control. Chances are that getting a policy for you, your apartment, and your family will take less than an evening, so mark down your best options and get a few quotes as soon as you can.