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Landlords know that they need landlord's insurance to protect the structural aspects of their properties. However, damage often extends to tenants and their belongings. What happens then?
Most landlord's insurance providers won't cover a tenant's belongings. They will have to purchase renters insurance to protect their things. However, people renting apartments and homes won't typically buy this coverage unless it's required of them.
Overall, renters insurance in Virginia can be extremely helpful and give tenants peace of mind. Still, it's up to them to buy it. Landlords can offset the liability and costs of offering housing when they mandate renters insurance in their leases.
Today, you will learn about renters insurance, including what it is, what it covers, what it doesn't cover, and the best companies to consider when comparing quotes. Let's get started!
What Is Virginia Renters Insurance?
Renters insurance is something every tenant should get, but they rarely do so. In fact, they're misinformed, believing that landlord insurance will cover their property, as well. This isn't true.
Overall, a renters insurance policy covers the tenant's personal property after covered perils or unexpected events. It often includes liability coverage in case they hurt another person or damage their property, and additional living expenses are also typically available.
Tenants must understand the types of renters insurance coverage options they have before investing. Likewise, it's helpful for you as the landlord to know about it. That will help you answer questions.
Average Cost of Renters Insurance in Virginia Per Year
The average cost of renters insurance in Virginia could be about $127 per year, which is roughly $11 per month. This is less than the typical national average of $159 per year. Generally, the rates refer to policies with personal property coverage of about $20,000, a $500 deductible, and liability coverage of $100,000.
Usually, the best renters insurance companies will offer different coverage options so that tenants can customize their policies to meet their needs.
Likewise, it's important to realize that the average cost of renters insurance policies will vary based on the location of the property, previous claims made against an insurer, the tenant's age, and how much stuff they're protecting.
How Much Does Virginia Renters Insurance Cost (Based on Popular Cities)?
According to ValuePenguin, the cost of renters insurance varies based on the city. Those in Annandale will pay lower renters insurance rates, while those in Norfolk might spend much more. Here is a breakdown of the most popular cities:
- Woodbridge - $148
- Virginia Beach - $218
- Suffolk - $224
- Roanoke - $177
- Norfolk - $231
- Hampton - $227
- Chesapeake - $198
- Charlotte - $168
- Annandale - $137
Is Renters Insurance Required in Virginia?
Many people wonder: Is renters insurance required in Virginia?
Tenants aren't legally required to get renters insurance or carry it. However, landlords do have the right to mandate it in their leases under the Code of Virginia.
Overall, tenants should be willing and want to have renters insurance, but they rarely do because they see it as an unnecessary expense. Therefore, it's wise to require it in the lease to protect their belongings and offer liability protection if someone is hurt in their apartment.
What Does Renters Insurance Cover in Virginia?
The best renters insurance companies will give enough coverage to protect a tenant's belongings under a standard policy. This should include personal property coverage, medical payments coverage, liability protection, and additional living expenses.
However, Virginia is known for hurricanes and tropical storms. However, flooding and significant wind damage might not be covered. You'll learn more about that later. When focused on renters insurance coverage, tenants must ensure they're protected from any potential natural disaster or issue.
Personal Property Coverage
Most renters insurance quotes will automatically include coverage for the tenant's personal property. This consists of all their things, and it doesn't just focus on when they're in the home. For example, if the tenant's laptop is stolen while they're abroad, it's covered.
Liability Coverage
Liability coverage is there for when guests are injured in the tenant's apartment or if a policyholder causes damage to another party's stuff. The insurance company will cover property damage and legal fees.
Loss of Use
When disaster strikes and the tenant can't live in the rented property because of a covered loss, loss of use coverage is there. It will reimburse the tenant for temporary housing and other living expenses, including laundry, food, and hotel parking.
Medical Protection
The tenant's insurer will cover any medical payments when guests are hurt at the residence or if the tenant hurts anyone outside the home. However, it only pertains to non-residents; those under the policy will not be protected.
What Does Renters Insurance in Virginia NOT Cover?
As you learned earlier, renters insurance coverage won't protect tenants from everything. In most cases, they will need extra coverage, which is called an endorsement or rider, that they can apply to their current standard policy. Some common add-ons include:
- Replacement Cost Coverage - This will replace the tenant's things with new items after a covered loss, regardless of the wear and tear or age.
- Flood Insurance - This protects the tenant's things from weather-related flooding, such as hurricane damage.
- Valuable Items Coverage - This can upgrade the personal property coverage to protect the tenant's expensive jewelry, sports equipment, and electronics. Basic policies rarely do that.
- Water Backup Damage - This protects the tenant's belongings from backed-up plumbing damage.
How to Choose the Right Renters Insurance Policy in Virginia
With so many companies and renters insurance policies out there, it's hard to know how to choose the best one. Here are a few tips to help tenants:
- Appropriate Coverage - The most important thing to do is inventory all the items in the apartment or home and know what it would cost to replace them now.
- Know What's Covered - Cheap renters insurance might not have high enough coverage limits, so know what is and isn't covered.
- Check Renters Insurance Premiums - Check the premiums on the cheapest renters insurance companies you can find and compare them.
- Get Multiple Renters Insurance Quotes - Request quotes from at least three cheap renters insurance brands before deciding.
Available Renters Insurance Discounts in Virginia
Tenants want to keep renters insurance costs low, and they might succeed if they use discounts. Here are the top options available, but remember that each company is different:
- No claims history
- Safety devices discount
- High deductible discount
- Multi-policy bundling
- Auto-pay discounts
- Senior discounts
- Advanced quote discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
Knowing what renters insurance in Virginia is can be helpful, but how will it protect you? Here are the ways:
- Protects their property so you don't have to
- Reduces the lawsuit risk you might face
- Protects the landlord from personal liability
Top 5 Best Renters Insurance Companies in Virginia
Even though you probably don't need the cheapest renters insurance companies for yourself, it's helpful to learn about the top five brands. If tenants ask for the information, you have it readily available and can even show them this article to give them ideas.
Here are the top choices:
1. Lemonade Renters Insurance
Lemonade could be the best renters insurance company for most tenants. It has the cheapest rates in the state, and there are countless positive reviews. Overall, the average cost of renters insurance in Virginia from Lemonade is $9 per month, which is fairly inexpensive!
Though Lemonade is cheap, it doesn't offer many discounts. The only ways for tenants to save money are by installing security devices in the home and paying annual premiums upfront. Since Lemonade doesn't offer car insurance, there's no multi-policy discount option.
2. State Farm Renters Insurance
State Farm is an excellent choice for affordable renters insurance if tenants want to use one company. Along with Virginia renters insurance, there are other products, such as business, health, life, and auto insurance.
Overall, renters insurance in Virginia from this company costs $11 per month, which isn't as cheap as Lemonade but still decent. If tenants pair car insurance with it, they could save up to 4.7 percent.
Additionally, tenants in Virginia can count on this brand to give them a stress-free experience. Though no one wants to file a claim, it is easier from State Farm. Likewise, it hasn't seen many complaints from customers.
3. Nationwide Renters Insurance
While Nationwide renters insurance in Virginia isn't the cheapest option, it does have many coverages available. Tenants can upgrade to water backup protection and replacement cost coverage, which are two practical things for renters. Plus, this renters insurance company has other add-ons, such as additional liability protection, extra coverage for the valuables, and more.
Nationwide costs about $14 per month, which is a decent price. However, there aren't many discounts available. Still, it's possible to bundle renters and auto insurance together to save money. Another option is to stay claims-free and install security devices in the house.
4. Amica
Amica is another great renters insurance company that has seen few complaints from customers.
If tenants want affordable renters insurance rates, they'll get it, though Amica isn't the cheapest company. However, it does provide many discounts, such as bundling car/renters insurance, using automatic payments, and much more.
5. Erie Renters Insurance
Erie Insurance is a great option for renters insurance coverage because it's local. It has a network of more than 13,000 independent agents to provide excellent customer experiences.
However, it doesn't provide online quotes. Plus, the renters insurance rates aren't as low as with other companies.
What Is DoorLoop?
Understanding renters insurance in Virginia and why tenants should get it is the first step. However, you might need help, and DoorLoop offers an all-in-one property management software to assist!
It's available for landlords of any size, whether they work with commercial or residential properties. Plus, you can use it if you enjoy a mixed-use portfolio. It will help you:
- Manage your portfolio.
- Collect rent with ease.
- Manage maintenance requests online to avoid calls and texts from tenants.
- Receive a custom and free website. Tenants may apply online, and you can market your vacancies with Trulia and Zillow.
- Manage your accounting tasks.
- Offer tenants a tenant portal.
Please schedule a demo today to learn more about DoorLoop and its excellent software.
Why Work with DoorLoop
Most tenants don't want to research and find a renters insurance policy, but you can help them through DoorLoop.
If you require tenants to have renters insurance in Virginia, they can submit their company information through the DoorLoop tenant portal. Likewise, they can apply in the portal or on the tenant application to make it easier. It's all powered with SURE or Lemonade, depending on the state.
Check out the ways DoorLoop helps with renters insurance today!
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