Best Renter's Insurance Companies in Roanoke

FAQs

• Do renters’ insurance policies in Roanoke cover damage to belongings caused by water backup damage?

  If your belongings get damaged by water coming from a drain or toilet, you may not be able to claim reimbursement from your insurer. Water backup from the sump pump or sewer line is not included in the standard renters’ insurance policy. Insurers usually offer water backup coverage as an optional rider or endorsement. This add-on coverage is advisable for tenants of apartment and condo buildings in Roanoke, where sewer pipes from all units connect at one point.

• Is everyone living with you in the rented property covered by your renters’ insurance policy in Roanoke?

  Renters’ insurance coverage extends to other members of your household, but only those related to you, such as your children and legal spouse. Your roommates are not covered. If your child leaves the household to live on their college campus outside of Roanoke, most policies would still cover them as long as their primary residence remains with you.

• Will your renters’ insurance policy give you enough funds to buy new replacements for items stolen from your rented apartment in Roanoke?

  It depends on whether you selected an actual cash value or replacement cost policy. Actual cash value coverage will pay you the cost of replacing a stolen item but with its depreciation considered. If your 5-year-old laptop got stolen, you will be paid what a 5-year-old laptop is currently worth in Roanoke. Replacement cost coverage pays for the cost of a brand-new replacement. This coverage is more expensive than the actual cash value but may serve you better.

• Can landlords in Roanoke require tenants to have renters’ insurance?

  Yes. Under Code of Virginia Section 55-225.2 (B), landlords are allowed to make renters’ insurance a requirement of your tenancy. Your Roanoke landlord can require your policy to cover multiple perils and personal liability. If the landlord purchases renters' insurance on behalf of the tenant, the premiums can be added to your rent.

• How much do tenants in Roanoke spend on renters’ insurance?

  The average cost of renters’ insurance policies in Roanoke is $177 per year or $14.75 monthly. Statewide, the average monthly premium is $15. This is lower than the national average of $18. These are according to an analysis conducted by Value Penguin, a personal finance research company. Tenants in Roanoke can bundle their renters' insurance with another policy, such as auto insurance, to lower their premiums. Some insurers also offer discounts for policyholders with a clean claims history.