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How much is renters insurance in Virginia?
I’ve just taken a new job in Richmond, Virginia and found a great, funky apartment in the Museum District. Here’s my question—how much will renters insurance cost me in Virginia?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your move and on finding an apartment you like. When it comes to your renters insurance, you’ll pay a bit more than the $120 per year Virginia average. This is because Richmond is a city, and crime rates are higher there than in more rural or suburban parts of the state.
When purchasing a policy, you should consider the following:
- Your deductible: Yes, when you select a larger deductible, you’ll drive down the cost of the policy. However, would you be comfortable covering the first $1,500 or $2,000 of a claim? If their budgets allow it—and the price difference isn’t that much—many people opt for a smaller deductible.
- Consider paying a bit more for Replacement Cash Value (RCV) coverage: Actual Cash Value (ACV) coverage is less expensive, but it takes into consideration the depreciated value of a damaged item that needs to be replaced. RCV coverage, which costs a bit more, will give you the money to purchase a brand new item.
- Investigate bundling and other discounts: If you have a car, you can usually receive a discount if youbundle your car and renters insurancetogether.
Best wishes on your move to a new, exciting life in Richmond, Virginia!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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