How much is renters insurance in Markham, VA

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In Markham, VA, renters insurance costs an average of $221 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible which is that’s $14 less than the statewide average of $235.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you rent, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

Looking for affordable renters insurance in Markham? We’ve compared the top companies to help you find the cheapest options.

Key Takeaways

Renters insurance costs an average of $221 per year or $18 per month in Markham.
American Family has the cheapest renters insurance for Markham renters at $11 per month.
Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.

What is the average cost of renters insurance per month in Markham?

On average, renters insurance costs in Markham are $18 per month. It’s $2 less than the state average of $20. Renters in Markham pay these rates for a coverage limit of $40,000 in personal property coverage, $1,000 deductible, and $300,000 in liability protection coverage.

Renters insurance rates can vary by city based on your insurer and the amount of coverage you choose. In Markham, for example, renters pay around $14 per month for $20,000 in personal property coverage with a $1,000 deductible. If you increase your coverage to $40,000, the monthly premium goes up to $4 more.

If you own high-value items like jewelry, electronics, or designer furniture, it’s a good idea to consider higher coverage limits to make sure you’re fully protected.

How much is renters insurance in Markham by deductible?

Renters insurance in Markham costs $180 per year for a $500 deductible and $20,000 in personal property coverage.

Your deductible is the amount you agree to pay before your insurance coverage kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same (e.g., $20,000) but you increase your deductible limit from $500 to $1,000, you will pay $12 less every year for insurance.

Below are the renters insurance rates for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$180	$237	$295
$1,000	$168	$221	$274

Note: The liability protection coverage is $100,000.

Who offers cheap renters insurance in Markham?

Your search for affordable renters insurance ends here.

American Family has the lowest rates in Markham, with an annual premium of $135 a year or $11 per month. Based on our data, Progressive and State Farm also offer cheap rates.

Below, you’ll find the average annual and monthly rates for cheap renters insurance companies in Markham, VA.

Renter insurance provider	Average annual rate	Average per month rate
American Family	$135	$11
Progressive	$160	$13
State Farm	$160	$13
Nationwide	$172	$14
Universal Insurance Holding	$194	$16
Allstate	$235	$20
Farmers	$246	$21
Erie Insurance	$249	$21
IAT Insurance Group	$265	$22
Travelers	$393	$33

Tips for reducing the cost of renters insurance

Below are some tips to help you save on renters insurance in Markham:

Bundle policies. If you have other policies through the same insurer, such as car insurance, bundling it with the same provider can often earn you a discount. Many insurers in Markham offer savings for bundling policies.

Increase your deductible. Choosing a higher deductible can lower your premium, but ensure you’re prepared to cover the higher out-of-pocket costs if you need to file a claim.

Choose the right coverage amount. Regularly review your renters insurance to avoid paying for more coverage than you need. For example, you might opt for lower personal property coverage if you don’t own high-value items.

Limit small claims. Filing multiple small claims can drive up your rates. Consider paying for minor damages yourself to keep your premium low.

Shop around for quotes. Don’t settle for the first offer. Compare renters insurance rates from multiple providers in Markham to find the best coverage at the lowest price.

Renters in Markham, VA should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Markham for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.