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Last Updated February 28, 2022
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Chesapeake, VA Homeowners Insurance
Chesapeake is located on the Atlantic Intracoastal Waterway, only minutes away from Virginia Beach. It features abundant wildlife and outdoor activities galore. Residents enjoy kayaking on Chesapeake ’s Northwest River Natural Area Preserve and afterward, luxuriously dining in the best waterfront restaurants around. You can enjoy spectacular food choices and rockin’ live entertainment!
Chesapeake residents sure do know how to live life to the fullest, but they also know life does not come without its challenges. The area is prone to frequent tornadoes, flooding from heaving rains, and other types of severe weather damage that can cause damage to homes and property.
The best way to protect your Chesapeake home from damage is by using Insurify to compare home insurance quotes.
Cheapest Home Insurance Companies in Chesapeake
For homeowners in Chesapeake, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Chesapeake. The following are the best insurance rates from carriers that offer homeowners insurance in Chesapeake.
|virginia farm bureau||$1,039|
How to Find Cheap Home Insurance in Chesapeake
The cost of living in Chesapeake is higher than the national average; 106.4 on the cost of living indices compared to the national average of 100. With such a high cost of living, Chesapeake residents are on the lookout for cheap home insurance rates.
After spending all their savings to make a down payment on a dream home, first-time homeowners know they must take measures to protect their investment.
The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters and theft. Different coverage levels are available for different property types, locations, and other factors.
Insurify’s home insurance comparison tools can help you find a great deal on Chesapeake home insurance in only a few minutes!
Keep reading for a full guide on Chesapeake home insurance.
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Cheapest Home Insurance in Chesapeake by Company
**Homeowners insurance rates aren’t always designed with savings in mind. That’s where *Insurify* comes in.**
As of 2021, the average home insurance premium in the Chesapeake area costs $1,863 annually, and the median home value is $295,362.
Are you looking for cheap home insurance in Chesapeake? Use Insurify to find companies offering the best insurance discounts, like bundling home and auto insurance. If you’re ready to get started, just tell us a little about yourself and you’ll be saving money in no time!
|Average Home Cost in Chesapeake||Average Annual Insurance Premium in Chesapeake|
Average Annual Home Insurance Premium in Chesapeake by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Chesapeake for Home Insurance
Chesapeake comes somewhere in the middle when comparing home insurance costs alongside other Virginia cities, such as Hampton, Norfolk, Suffolk, Portsmouth, and Virginia Beach.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Chesapeake can be relatively high or low compared to the national average; it all depends on which area you live in. Here are the most and least expensive ZIP codes in Chesapeake for home insurance.
Home Insurance Coverage Types in Chesapeake
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Virginia Homeowners Insurance and Windstorm Coverage
Virginia has had its fair share of natural disasters and is not immune to damage from hurricanes and tropical storms. One of the costliest natural disasters in Virginia ’s history was Hurricane Isabel in 2003. In total, 99 Virginia counties were affected, with more than 9,000 homes destroyed or damaged. Estimated damages were almost $2 billion.
Chesapeake homeowners can protect their homes and properties from windstorm damage through homeowners insurance. It is covered by most home insurance policies. In some cases, there is a separate windstorm deductible you would need to satisfy before your insurance company begins paying your windstorm claim. If in doubt of your coverage, discuss options for windstorm coverage with your insurance agent.
Purchasing Chesapeake Flood Insurance
In addition to windstorm damage, hurricanes and other weather events can also produce flooding. Virginia has experienced extensive flood damage from natural disasters and weather events, including Hurricane Camille flooding in 1969 and Potomac River flooding from heavy rains. You may never experience flood damage, but what if you do?
It pays to be protected against flood damage, but you can’t get flood damage coverage from homeowners insurance. Flood insurance must be purchased through the National Flood Insurance Program (NFIP). You can visit the NFIP website to find an approved flood insurance agent in your local area.
Conclusion: How to Find the Cheapest Home Insurance in Chesapeake
Chesapeake makes a perfect location for your family home with easy access to beaches and loads of recreational activities and events to attend.
Keep living your best life in Chesapeake by using Insurify to take care of your home insurance needs!
Use Insurify to compare home insurance premiums for your property in Chesapeake .
Frequently Asked Questions
When you purchase homeowners insurance, you assume it’s going to cover all your losses. However, some items are excluded from coverage. Here are some common policy exclusions. • Earthquakes, sinkholes, mudflows • Flood damage • Preventable losses • Intentional damage • Mold damage • Ordinance or law (your home does not meet current building code regulations) • Expensive personal belongings • Breeds of aggressive dogs • Identity theft • Home offices These items are commonly excluded from homeowners coverage; however, check with your local insurance agent if you need any of these coverage options. You may be able to purchase additional coverage through a policy endorsement, also commonly known as a policy rider.
It is not necessary to purchase additional coverage for vandalism. Your insurance company provides coverage for vandalism on a standard home insurance policy, including damage to your home, property, and personal belongings. Common forms of vandalism include graffiti on walls or garage doors, landscape damage (including cutting down or damaging trees or shrubs), breaking windows, sign removal or destruction, and arson. If your home is vacant for an extended period of time, your homeowners policy may not cover any damage caused by vandalism. In some cases, it is possible to add additional coverage to protect you while your home is vacant. Check with your insurance agency for further details.
More people than ever before find themselves working from home. It makes sense to have an option to cover your home business with homeowners insurance. There are a few different ways you can go about purchasing home business coverage. • Homeowners policy endorsement: This option may be ideal if you have less than $5,000 in business property kept at your home and do not have clients visiting your home. • In-home business policy: This policy provides more comprehensive coverage for your business equipment and more liability coverage than a homeowners policy endorsement. • Business insurance policy: If you frequently have clients visiting your home, you are opening yourself up to liability if a client suffers an injury. Also, if your home business is your family’s main source of income, you may need the additional coverage provided by a business insurance policy. Insurify makes it easy to compare home coverage options (including home business coverage) from top insurance companies, including State Farm, GEICO, Allstate, and Nationwide, in only minutes!
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