How much is renters insurance in Markham, Virginia

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Renters insurance in Markham, Virginia averages $259 annually – $11 less than the state average of $270 per year.

A standard renters insurance policy covers your personal belongings against fire, smoke, theft, and vandalism. It also provides liability protection if you’re held responsible for injuring someone or damaging their property.

Factors like your ZIP code, deductible, coverage limits, insurer, and eligible discounts all play a role in determining your final rate.

How to get the best deal for renters insurance in Markham

Get quotes from a minimum of three insurers – rates differ considerably between providers, and switching can mean hundreds in annual savings.
Bundle your renters policy with auto or another insurance policy under the same provider to unlock a discount.
Increase your deductible from $500 to $1,000 – this move alone can save you $16 per year.
Look into discounts tied to safety features such as deadbolts, smoke detectors, or a home security system.
Pay your full annual premium in one payment instead of monthly – most insurers offer a discount for this.

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

Monthly renters insurance costs in Markham depend on your provider and how much coverage you carry. For a policy with $20,000 in personal property coverage and a $1,000 deductible, the average monthly rate is $15.

Upgrading to $40,000 in personal property coverage adds approximately $7 more per month, putting the average premium at $22. That figure covers $40,000 in personal property protection, $100,000 in liability coverage, and a $1,000 deductible – equals to the state monthly average of $22.

Key takeaways

Renters insurance protects your personal belongings and provides liability coverage within your rental
The average annual cost of renters insurance in Markham is $259
Progressive has the most competitive rates in the city
Your premium is influenced by your insurer, coverage limits, ZIP code, and available discounts
If you own valuable items like jewelry, electronics, or furniture, higher coverage limits are worth considering

How much is renters insurance in Markham? Rates by deductible

In Markham, a renters insurance policy with $20,000 in personal property coverage and a $500 deductible averages $198 per year.

Your deductible is what you contribute before your insurer covers the rest of a claim. Opting for a higher deductible is one of the quickest ways to reduce your premium – moving from $500 to $1,000 can cut $16 from your yearly cost.

The table below outlines average premiums by coverage amount and deductible.

Deductible	Rates with $20,000 personal property	$40,000 personal property	$60,000 personal property
500	$198	$281	$361
1000	$182	$259	$333

Who offers affordable renters insurance in Markham?

Progressive tops the list for affordability in Markham, coming in at $167 per year or $14 monthly. State Farm holds the second spot, with American Family rounding out the top three.

The table below compares average annual and monthly premiums from the most affordable renters insurance providers in Markham.

Renter insurance provider	Average annual rate	Average per month rate
Progressive	$167	$14
State Farm	$207	$17
American Family	$228	$19
Universal Insurance Holding	$237	$20
Erie Insurance	$242	$20
Farmers	$246	$21
Nationwide	$246	$21
IAT Insurance Group	$288	$24
Allstate	$292	$24
Travelers	$432	$36

How to lower the cost of renters insurance

You can lower the cost of renters insurance by shopping around, bundling policies, and going for a higher deductible.

Bundle policies. Pick your renters, auto, and other insurance with one provider to unlock multi-policy savings.
Increase your deductible. Raising your deductible cuts your premium right away – just make sure you have enough set aside to cover it if you need to file a claim.
Choose the right coverage amount. Make an account of your belongings once a year. If you don’t have much value, your current personal property coverage limit may be higher than it needs to be.
Avoid filing small claims. Frequent small claims can push your rates up more than a single large one. When the damage is minor, paying out of pocket often works out better.
Improve your credit score. Most states allow insurers to factor in credit when pricing policies. Keeping your score healthy can have a direct impact on your premium and keep your rates steady.
Compare quotes every renewal. Premiums shift from year to year. A quick comparison at renewal – about 30 minutes – can save hundreds of dollars.

Renters insurance replaces your belongings after theft or damage, and it protects you financially if you’re held liable for someone else’s loss. Comparing quotes and taking advantage of available discounts are the most effective ways to keep your cost down.

Frequently asked questions

Is renters insurance required in Markham?

It isn’t required by state law, though some landlords make it a condition of renting. Either way, a policy provides valuable protection for your belongings and covers you if a visitor is injured on your property.

What does renters insurance cover?

Renters insurance covers personal belongings lost or damaged through covered events, liability if you’re held responsible for injury or property damage, and temporary housing costs if your rental becomes unlivable after a covered incident.

How much renters insurance do I need?

A good starting point is enough to replace all of your possessions. For anyone with higher-value items – think electronics, jewelry, or collectibles – it’s worth looking at higher limits or adding scheduled item coverage.

Who has the cheapest renters insurance in Markham?

Progressive offers the most affordable rates in Markham, averaging $14 per month.

Methodology

Insure.com worked with Quadrant Information Services to compile renters insurance rate data for Markham, using a policy with $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible. All rates are based on a good credit tier profile.

How much is renters insurance in other cities?

See rates in your city

Alisha Ambre

Alisha Ambre holds a Bachelor of Arts with honours in English Literature and Media Studies. She focuses on crafting clear, engaging content that makes complex information feel practical and approachable for everyday readers. When she’s not writing, she’s likely on the volleyball court or immersed in a good video game.