How much is renters insurance in Virginia Beach, VA

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In Virginia Beach, renters insurance costs an average of $299 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible, which is $64 more 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 Virginia Beach? We’ve compared the top companies to help you find the cheapest options.

Key Takeaways

Renters insurance costs an average of $299 per year or $25 per month in Virginia Beach.
Nationwide has the cheapest renters insurance for Virginia Beach renters at $17 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 Virginia Beach?

On average, renters in Virginia Beach pay $25 per month for renters insurance, which is $5 more than the state average of $20. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Virginia Beach varies depending on your insurance company and the coverage limit you buy. Renters in Virginia Beach typically pay $17 monthly for $20,000 in personal property coverage and a $1,000 deductible. If you decide to increase your coverage to $40,000, you’ll see an increase of $8 in your monthly premium.

Choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Virginia Beach by deductible?

Renters insurance in Virginia Beach costs $225 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 $17 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	$225	$323	$424
$1,000	$208	$299	$392

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

Who offers cheap renters insurance in Virginia Beach?

Your search for affordable renters insurance ends here.

Nationwide has the lowest rates in Virginia Beach, with an annual premium of $203 a year or $17 per month. Based on our data, State Farm and Erie Insurance also offer cheap rates.

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

Renter insurance provider	Average annual rate	Average per month rate
Nationwide	$203	$17
State Farm	$221	$18
Erie Insurance	$225	$19
Progressive	$233	$19
Allstate	$243	$20
Universal Insurance Holding	$243	$20
Farmers	$269	$22
IAT Insurance Group	$356	$30
American Family	$381	$32
Travelers	$615	$51

How to lower the cost of renters insurance

Follow these tips to reduce the cost of your renters insurance in Virginia Beach:

Bundle policies. If you have other insurance policies, such as car insurance, consider bundling them with the same company. Many insurers in Virginia Beach provide discounts for bundled policies.

Increase your deductible. A higher deductible can lower your premium in Virginia Beach, but make sure you’re comfortable with the potential out-of-pocket costs if you file a claim.

Choose the right coverage amount. Review your renters insurance policy regularly to ensure you aren’t paying for unnecessary coverage, such as excess personal property coverage if you don’t own many valuables.

Avoid filing too many claims. Filing frequent small claims can increase your rates. It might be worth paying for minor damages out-of-pocket instead of using your insurance.
Compare quotes. Don’t accept the first quote you get. Shop around and compare renters insurance rates from different insurers in Virginia Beach to find the best deal.

Renters in Virginia Beach should purchase renters insurance to protect their belongings and financial health. The cost of coverage varies based on your location, coverage limits and individual circumstances. To find the best deal, evaluate your coverage needs, compare quotes from different providers and take advantage of any available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Virginia Beach in 2023 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.