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The average cost of renters insurance in Virginia Beach, VA is $299 per year (for insurance coverage of $40,000 in personal property coverage, $300,000 in liability coverage and $1000 as deductible) — that’s $64 more than the state average of $235 a year.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you live in a rented apartment or home, 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.

We did a thorough analysis of renters insurance companies to find the most affordable options for Virginia Beach renters. Keep reading to find out the cheapest renters insurance companies in Virginia Beach.

Key Takeaways

  • The average cost of renters insurance in Virginia Beach is $299 annually or $25 monthly.
  • The cheapest option for renters in Virginia Beach is Nationwide, offering coverage at $17 per month.
  • Renters can reduce their insurance costs by taking advantage of discounts, such as discounts for installing a security system or bundling policies.

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

The average monthly cost of renters insurance in Virginia Beach is $25, which is $5 more than the state average of $20. This rate is for the coverage limit of $40,000 in personal property, $100,000 in liability protection and a $1000 deductible.

Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in Virginia Beach pay $17 monthly for $20,000 in personal property coverage with a $1,000 deductible. If you increase your personal property coverage to $40,000, the cost will rise by $8 more.

You’ll need to determine the right amount of coverage based on your needs and budget. However, opting for higher coverage limits is recommended if you own valuable items like jewelry, furniture and electronics.

How much is renters insurance in Virginia Beach by deductible?

Renters insurance in Virginia Beach costs an average of $225 per year for a $500 deductible and $20,000 in personal property coverage.

The deductible is the amount you pay before your insurance coverage applies. By increasing your deductible, you can lower your insurance premium. For instance, raising your deductible from $500 to $1,000 will save you $17 annually.

The table below shows renters insurance premiums for varying personal property coverage and deductible amounts.

Deductible$20000 personal property$40000 personal property$60000 personal property
$500$225$323$424
$1,000$208$299$392

Read our guide to know what does renters insurance cover.

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 $17 per month. Based on Insure.com data study, State Farm and Erie Insurance also offer cheap rates.

After evaluating renters insurance quotes from all the national and regional insurance companies in Virginia Beach, the experts at Insure.com put together a list of the most affordable insurance carriers.

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

Renter insurance providerAverage annual rateAverage 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

Tips for lowering 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: Opting for 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.

Final thoughts

Renters insurance in Virginia Beach, VA, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Virginia Beach for $40,000 personal property coverage, $300,000 liability coverage, and a $1000 deductible. The data presented are those with a good credit tier alignment.

How much is renters insurance in other cities

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Shivani Gite
Contributing Writer

 
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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.

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