Find the Best Renters Insurance in Richmond, VA

What does renters insurance cover in Richmond?

In Richmond, nearly 60% of residents are renters, according to 2017 census estimates. With many colleges in the city, like Virginia Commonwealth University and the University of Richmond, there’s an influx of students looking for housing, too. Given the widespread popularity of renting here, it’s important for Richmond residents to understand the benefits of renters insurance.

Most renters insurance policies offer three main types of coverage:

• Personal property coverage: This type of coverage reimburses you for the cost of damaged or stolen items, like bikes, laptops and furniture. With personal property coverage, each company sets its own list of “covered perils” that defines whether the cause of your loss is covered. Common covered perils include theft, vandalism, fire, smoke and water damage from leaky pipes. When you opt into personal property coverage, you need to choose between receiving the actual cash amount of your property (the depreciated amount your items were worth) and the more expensive replacement cost (the amount it would cost to replace them with new versions).
• Liability coverage: You might be legally liable for injuries or property damage other people suffer in your rental, meaning you have to pay for their medical bills or losses. Liability coverage helps you afford these costs, which are often substantial.
• Additional living expenses: Sometimes, a covered peril, like a fire, makes it impossible to continue living in your home or apartment. This type of coverage helps pay for the added costs of relocating while you’re temporarily displaced, including food, gas, utilities and your new rent.

With a higher-than-average crime rate here, according to NeighborhoodScout, Richmond residents are more likely to be victims of property crimes. However, the cost of replacing stolen or damaged items is usually covered by renters insurance.

Richmond also gets a lot of rain, making water damage a pretty common event here. Renters insurance helps cover the cost of damaged property if water gets into your home or storage unit. However, it doesn’t cover damage from flooding.

What does renters insurance not cover in Richmond?

There are things most renters insurance policies just don’t cover, like pet damage, damage from natural disasters and damage you cause on purpose.

As previously mentioned, floods also aren’t covered by renters insurance. However, flood insurance can sometimes be added for a supplemental cost. In a city like Richmond that sees a lot of rain, this might be worth it.

Other common policy add-ons include:

• Higher limits for personal property, liability or living expense coverage
• Pet insurance
• Rider policies for valuable items

How much is renters insurance in Richmond?

In Richmond, the cost of renters insurance for a 35-year-old single woman runs between $12 and $55 per month. The bottom end of this range is for a basic renters policy with personal property coverage of around $15,000.

If you have more than $15,000 worth of stuff, you probably want more coverage than that, though. Some apartment owners in Richmond require residents to have more than $15,000 in personal property coverage anyway, so make sure to understand your landlord’s requirements and the total value of your items before comparing quotes.

Other things that impact your price include:

• The age of your apartment
• Your neighborhood
• Your demographic information

It’s a good idea to play around with coverage amounts and deductibles to find the right fit for your budget and needs. This includes asking about discounts for bundling policies, auto pay and having a security system.

Richmond renters insurance FAQ

When does renters insurance take effect in Richmond?

Most policies go into effect as soon as they’re signed, although some companies implement a one-day waiting period.

Is renters insurance required in Richmond?

Renters insurance is not required by law in Virginia. However, landlords have the option to require it, so the answer depends on where you live and who you’re renting from.

Does renters insurance cover storage units in Richmond?

If your items were damaged by a covered peril, like theft or a fire, your renters insurance policy should cover belongings in a storage unit.

Do college students need renters insurance in Richmond?

If you’re a college student, you likely have some expensive belongings, like textbooks and laptops. Though students are not required to have renters insurance, it can help cover the cost if someone steals these items.