Virginia Landlord Insurance
Get a complete analysis of Virginia landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Virginia
Whether you rent out a cabin in Bridgewater, a townhome in Richmond, or an apartment complex in Orange County, you must understand the risks that come along with being a landlord. Without the proper coverage, you could end up having to pay for lawsuit expenses or repairs to your property out of your own pocket. That's why having landlord insurance is critical.
Luckily, an independent insurance agent in Virginia can get you equipped with all the landlord insurance you need. They'll ensure you get set up with just the right amount of coverage. But until then, here's a closer look at Virginia landlord insurance requirements and more.
Best Landlord Insurance Companies in Virginia
Landlord insurance is sold by many different insurers in Virginia. However, you came to find the best coverage around, and we're here to help. Here are just a few of our top picks for the best landlord insurance in Virginia.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength, numerous discounts, and 24/7/365 customer service.
- Travelers: This insurance company sells landlord insurance and many other types of personal and business insurance. Travelers has outstanding ratings from AM Best and the Better Business Bureau (BBB), great rates, and many discount options.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro is highly rated by the BBB and is known for its fast claim responses.
A Virginia independent insurance agent can shop and compare landlord insurance quotes from these providers and others that offer coverage in your area.
What Is Landlord Insurance?
Landlord insurance is somewhat similar to homeowners insurance since you pay a premium in exchange for coverage related to your property. Landlord insurance can reimburse you for damage or destruction to the rental units you allow tenants to occupy in case of vandalism, fire, hail, and other perils.
However, landlord insurance only covers the dwelling or structure of the rental units, not the tenants' personal property or yours. Landlord insurance also provides liability coverage in case of a lawsuit involving a tenant or guest.
How Is Landlord Insurance Different from Home Insurance?
Landlord insurance must also include parts of business insurance. Loss of income coverage is a critical part of a landlord insurance policy and is not included in home insurance. This coverage can reimburse landlords during temporary periods when tenants cannot occupy their rental units due to various perils like fire damage or vandalism. This coverage is imperative since landlords may rely on the income they generate from their tenants.
Is Landlord Insurance Required in Virginia?
Landlords aren't required by law to have landlord insurance in Virginia. Many landlords still opt to get coverage, though. Without landlord insurance, you could end up having to pay lawsuit expenses on your own.
You might also have to cover the cost of repairing or replacing your rental units if they get damaged by tenants, storms, etc. Because of this, the cost of landlord insurance is well worth it for many.
What Landlord Insurance in Virginia Can Cover
Since landlord insurance isn't standard, you can customize your policy according to your needs. Some common coverage options you can choose from when building your policy include:
- Loss of income coverage: This can reimburse you for lost rental income and provide a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures (e.g., decks and garages) in case fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants damage or destroy your property.
- Liability insurance: This can cover tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Optional coverage: Landlords may want to add more coverages to their policy, and some additional options to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Virginia independent insurance agent can recommend the exact types of coverage that would benefit you the most.
What Landlord Insurance in Virginia Will Not Cover
You can expect your Virginia landlord insurance policy to come with a certain set of coverage exclusions. Typically, landlord insurance doesn't cover the following:
- Water or sewer backup damage or destruction
- Intentional or malicious acts to third parties
- Loss, theft, damage, or destruction of your personal property
- Rental property wear and tear
- Flood or earthquake damage or destruction
- Routine maintenance costs
Though these coverages don't often come standard in landlord insurance, you can often add endorsements to your policy. These add-ons may provide coverage for one or more of the perils mentioned above.
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Average Cost of Landlord Insurance in Virginia
Landlord insurance tends to be pretty affordable in Virginia, at an average of $1,283 per year. However, keep in mind that the cost of your policy may vary based on:
- Your claims history
- The exact location of your rental units
- The age, size, and condition of your rental units
- The number of rental units you own
- The number of "attractive nuisances" at your rental units, such as pools
You might also qualify for Virginia landlord insurance discounts, which can help reduce your coverage rates even further. Be sure to ask your agent or your carrier about any additional savings you may qualify for.
Popular Questions about Virginia Landlord Insurance
Landlord insurance isn't required by law in Virginia. Many landlords still get coverage, though, to protect themselves against possibly hefty losses due to lawsuits and other incidents.
While landlord insurance covers certain types of tenant damage in Virginia, it doesn't cover all forms of it. Landlord insurance is designed to cover tenant damage to your rental property's structure, but not any of your personal property.
It costs about $1,283 annually to get a landlord insurance policy in Virginia. Policy costs can vary depending on the exact location of the rental units and many other factors, though.
We found that Progressive is the best landlord insurance company in Virginia this year. Progressive's coverage options, rates, discounts, customer service ratings, and more secured the carrier our top recommendation.
Most landlords require their tenants to get renters insurance before they sign their leases. That's because landlord insurance doesn't cover tenants' personal property and landlords aren't otherwise required to provide this coverage.
Landlord insurance in Virginia doesn't typically cover eviction expenses. You might be able to add an endorsement to your policy to get this coverage, however.
Virginia independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Alexandria or wherever you reside.
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