Protect What You Own with Renter's Insurance in Virginia

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage. 

• Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
• • Fire and smoke 
  • Storms, lightening, wind, hail 
  • Theft 
  • Vandalism 
  • Explosions 
  • Winter weather damage 
  • Damage from infrastructure tearing, cracking, burning, etc. 
  • Sudden, accidental damage from electric currents 

•  
• Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 
• Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Virginia Renters Insurance 

Renters insurance in Virginia protects you and your belongings from a range of perils. Virginia is vulnerable to several natural disasters including hurricanes, heavy rain, tornadoes, winter storms, and extreme temperatures. A Virginia renters insurance policy can protect you financially from damage caused by any of these disasters, in addition to losses from property crimes like burglary, theft, or vandalism. Renter’s insurance can also cover legal fees or medical expenses if you are liable for an injury that occurred in your home. 

What Does Renters Insurance Virginia Cost? 

What does renters insurance cost in Virginia? Fortunately, the cost of renters insurance in Virginia is very affordable. According to NerdWallet, the average Virginia renters insurance premium in 2024 is $125, or about $10 a month. Virginia’s average renters insurance rates are several dollars cheaper than the national average monthly cost of $12 a month. 

Remember that the final cost of your insurance will vary, depending on factors like the coverage limits and deductible amount you select. The cheapest renters insurance companies and policies tend to have higher deductibles, while more expensive policies will have lower deductibles. The best renters insurance companies often offer renters insurance discounts for bundling with an existing policy, like your car insurance. 

What Are the Most Common Claims in Virginia? 

Common renter’s insurance claims in Virginia include damage due to hurricanes and heavy rain along the Atlantic Ocean coastline. Norfolk experienced the most weather damage between 2009 and 2018, accumulating over $43 million worth of damage. Virginia also attributes millions of dollars’ worth of damage to heavy rainfall and thunderstorms. Renter’s insurance can cover losses due to these storms and other natural disasters in the state. 

What Additional Policies Do I Need in Virginia? 

Virginia renters also need flood insurance. Virginia had the tenth highest flood risk between 1996 and 2019 by total number of flooding-related insurance claims paid (38,177). Flooding often occurs near large bodies of water and after heavy rains and storms. Flash floods and coastal flooding near the ocean are common in Virginia. 

FEMA data shows that flooding is especially common in the mountainous regions of Virginia. Many counties in that region saw 50 to 100 flood events in the past several decades. 

If your home is in a floodplain or has a high likelihood of flooding, flood coverage may be needed. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Virginia 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Viaffinity. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable quotes, customize your coverage, and add an additional person onto your policy at no extra cost.