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Search by Quote ID → Search by Date of BirthCheap Renters Insurance in Virginia
Mercury offers some of the most affordable renters insurance rates in Virginia without compromising quality coverage and service. Whether you’re renting a studio apartment in Chesapeake or a two-bedroom townhouse in Virginia Beach, you can rest easy knowing we cover your belongings, personal liability, and medical payments to others in case of an accident. Learn more about our renters insurance and get a policy that’s perfect for you.
What is Renters Insurance?
Renters insurance is an essential protective measure to safeguard you and your personal belongings from unforeseen circumstances. It serves as a financial safety net in case of unfortunate events such as theft, fire, or common disasters in Virginia, like droughts, cyclones, and severe storms. Whether you’re a tenant in a studio apartment in Chesapeake or a spacious two-bedroom condo in Virginia Beach, securing affordable renters insurance is a wise choice.
Mercury offers some of the best inexpensive renters insurance rates in Virginia, striking a perfect balance between affordability and quality coverage. With us, you can enjoy peace of mind knowing you’re protected without compromising your budget. Plus, you can tailor your policy to meet your specific needs and circumstances. Get your free quote today and discover how simple and affordable it is to shield your valuables and yourself with renters insurance.
Your Renters Coverage
Items and Expenses Covered by Renters Insurance
Rental insurance generally covers three areas: personal property, liability, and additional living expenses.
- Personal property: This covers the cost to repair or replace your personal belongings in the event of a covered peril like theft, fire, or vandalism. Make sure to know the limits of your policy and whether it offers actual cash value (ACV) or replacement cost coverage. ACV coverage pays for the item’s value at the time of damage, considering depreciation, while replacement cost coverage pays the cost of replacing the item with a new one.
- Liability protection: This coverage protects you in case someone is injured on your rental property, or if you accidentally cause damage or injury to someone else or their property. It can cover legal costs and damages up to the policy limit.
- Additional living expenses: If your rental home or apartment is damaged and you need to live elsewhere while it’s being repaired, this coverage can pay for expenses like hotel bills, temporary rentals, restaurant meals, and other costs you wouldn’t incur if you were living at your home.
Incidents Covered by Renters Insurance
Renters policies generally provide coverage for the following incidents:
- Fire and smoke damage: Renters insurance typically covers damage to personal belongings caused by fire, including smoke damage.
- Theft and vandalism: Renters insurance usually covers loss or damage from burglary, theft, or vandalism.
- Wind damage: Virginia’s coastal regions are particularly susceptible to cyclones and severe storms that can bring heavy winds. Under renters insurance, damage from severe winds is usually covered.
- Water damage: Water damage from internal sources, such as leaking pipes or appliance malfunctions, is usually covered.
- Winter damage: Damage from winter storms, including burst pipes and roof damage due to the weight of snow and ice, is usually covered.
- Liability claims: If you’re held liable for injury to others or damage to their property, your policy should provide coverage for legal expenses and damages.
What Renters Insurance Doesn’t Cover
Renters insurance in Virginia, like most states, provides coverage for personal property, liability, and additional living expenses. However, there are certain things that renters insurance typically doesn’t cover, including:
- Earthquakes: Damage from earthquakes is not covered by most rental insurance policies. While Virginia is not known for frequent earthquakes, the state has experienced them, so consider getting a separate earthquake insurance policy.
- Floods: Standard renters insurance doesn’t cover flood damage, a significant concern in Virginia, especially in coastal areas and regions prone to storms. We strongly recommend getting a separate flood insurance policy.
- Pest damage: Damage caused by pests such as rodents or insects is not typically covered by insurance.
- Roommate’s property: If you share your rental with a roommate, your renters insurance will not cover their belongings unless they’re included in your policy.
- Business-related losses: Personal property used for business purposes is often excluded under a standard renters insurance policy.
- Natural wear and tear: Rental insurance doesn’t cover the cost of repairing or replacing items due to natural wear and tear over time.
Despite these limitations, Mercury can still provide valuable assistance. Our team of insurance professionals can help you understand your coverage options and choose the policies that best meet your needs. We can also assist with claims, ensuring a smooth and efficient process if you ever need to use your insurance.
Why Is My Landlord Asking for Me to Get Renters Insurance?
Virginia doesn’t have a law requiring rental coverage. However, your landlord can require you to get renter insurance as part of the lease agreement. Here are a few reasons why:
- Mitigates financial risks for landlords: By requiring renters insurance, landlords transfer the risk of covering damages from personal property losses or liability claims away from themselves, ensuring that these issues don’t impact their insurance or result in financial losses.
- Reduces dependence on landlords for personal losses: While landlords cover damage to the building’s structure, rental insurance covers your personal belongings and additional living expenses after a disaster. This means you won't need to seek compensation from your landlord for these types of losses.
- Facilitates damage recovery for landlords: In cases where you’re responsible for damage to your unit, such as fire or water damage, the landlord’s insurance covers repairs, but often after paying a deductible. Having rental coverage allows your landlord to reclaim this deductible amount from your insurance provider, facilitating the process for both parties.
Get Cheap Virginia Renters Insurance from Mercury
Mercury Insurance offers some of the cheapest renters insurance rates in Virginia. Whether you’re living in a bustling city or a quiet suburb, Mercury can tailor your policy to meet your specific needs, ensuring that you’re prepared for whatever comes your way.
Save More with Discounts
Renters insurance from Mercury is already affordable, but you can save even more when you take advantage of exclusive discounts, including:
- Home + Auto: Bundle your renters and auto insurance policies and enjoy big savings.
- Paid in Full: Pay your annual renters insurance premium upfront and save up to 10%.
Your Questions About Affordable Renters Insurance in Virginia – Answered
How much is rental insurance in Virginia?
According to Value Penguin, the average cost of renters insurance in Virginia is $15 per month or $185 per year.
How to find affordable renters insurance in Virginia?
Visit the Virginia Insurance Agents page and find options in your area. Then, compare quotes and decide which one provides a good balance of affordability and quality coverage.
How do I find a Mercury agent in Virginia?
Go to the Virginia Insurance Agents page and find an agent in your area.
Who is the cheapest renters insurance in Virginia?
Identifying the cheapest renters insurance in Virginia can depend on various factors, including your location, the value of your personal belongings, deductible choices, and the specific coverage options you select. However, Mercury offers competitive rates and can tailor your policy to meet your needs and budget. We not only provide affordable renters insurance options but also offer multiple ways to save on your policy, including our home and auto bundle and paid in full discount.
Is renters coverage required in Virginia?
No, renters insurance is not required in Virginia, but your landlord can require you to get a policy as part of the lease agreement.
What products does Mercury offer in Virginia?
Here are some of the products Mercury offers to Virginia residents.