Renters Insurance Virginia
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The average estimated cost of a rental insurance policy in Virginia was $145 a year in 2013. Renters insurance is cheaper than most people realize; average homeowners insurance is $740 a year in Virginia
Comparing Renters and Owners Insurance in 2013 in Virginia
The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 29511 burglaries are reported in Virginia in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.
Renters Insurance Coverage Types:
Actual cash value policy:
The depreciated value of the loss is covered by the actual cash value policy. For instance, the Personal Computers you bought for $2310 may be only worth $1160 six months later and that is the value you will get for it.
Replacement Coverage Policy in Virginia:
- By means of the same example, the insurance need not necessarily pay for the Personal Computers, but it will get you enough to buy another laptop of the same kind. In Virginia, the replacement cost insurance costs around $36.25 more than the actual cash value policy.
- Considering Virginia median rent of $1450 per month, the average renters insurance of $10 per month is 0.69% of median monthly rent.
Estimated Renters Insurance for Different House Types in Virginia
| House Type |
Median Rent |
Estimated Renters Insurance |
|---|
| Single Fam |
$1,400 |
$140 |
| Condo |
$1,650 |
$165 |
| Duplex |
$1,370 |
$137 |
| Studio |
$1,330 |
$133 |
| One Bed |
$1,350 |
$135 |
| Three Bed |
$1,450 |
$145 |
| Four Bed |
$1,800 |
$180 |
| Many Bed |
$2,150 |
$215 |
Deductibles in Virginia:
By opting for a $500 deductible over a $250 deductible, an average of $15.95 can be saved on the insurance premium.