Cheapest Virginia Homeowners Insurance Quotes (2024)

Armed Forces Insurance Exchange offers the cheapest home insurance policies in Virginia, at $845 per year for $300,000 in dwelling coverage.

Amy Beardsley
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Updated October 29, 2024

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Virginia homeowners pay an average of $1,600 per year for home insurance coverage, which is far below the national average cost of $2,377. These low rates are impressive considering the risks of owning a home in the Old Dominion, including flooding, hurricanes, and tornadoes.

Learn more about your options to protect your safe haven, and look at the best homeowners insurance companies in Virginia.

Quick Facts
  • Armed Forces Insurance Exchange, National Grange Mutual, and Homeowners of America have the cheapest home insurance in Virginia.

  • Flooding is common in Virginia, but 97% of Virginians don’t have flood insurance protection.

  • While standard home insurance typically covers damage from natural disasters like hurricanes and tornadoes, you’ll need extra protection to tackle the threat of flooding.

Best home insurance companies in Virginia

Virginia homeowners have no shortage of options for quality home insurance. While many companies offer policies, the best home insurance company for you depends on your situation and specific needs. That’s why it’s important to compare quotes from several insurers before choosing the best policy for you.

Here, you’ll find a brief look at some of the top home insurers in Virginia.

Insurance Company
Average Annual Premium
Best For
Armed Forces Insurance Exchange$845Cheapest rates
Alfa$1,176Manufactured homes
Cincinnati Insurance$1,002Tornado coverage
Mercury$1,276Older homes

Cheapest rates: Armed Forces Insurance Exchange

Armed Forces Insurance (AFI) Exchange offers Virginia’s lowest rates for homeowners insurance. It’s only available to military members and their families, but that includes a lot of people — Virginia has the second-largest active duty population and the most veterans in the workforce per capita, according to the Secretary of Veterans and Defense Affairs.[1]

Pros
  • Optional flood insurance coverage available

  • Numerous discounts available

Cons
  • Not available to the general public

  • No local offices in Virginia

Best insurer for manufactured homes: Alfa

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$64/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$114/mo

Alfa is the best company for manufactured home insurance in Virginia. It’s a popular coverage option for the 350,000+ Virginians who live in the more than 600 manufactured home communities throughout the state. With an Alfa policy, you can increase personal property coverage for expensive items like jewelry or guns. Alfa also offers standard home and car insurance with bundling discounts.

Pros
  • Customizable coverage options

  • Discounts for bundling policies

Cons
  • No local agents in Virginia

  • Doesn’t offer flood insurance

Best insurer for tornado coverage: Cincinnati Insurance

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated

Cincinnati Insurance stands out for its tornado protection. Policies include loss of use coverage for extra expenses if severe weather damage makes it so you temporarily can’t live in your home. It’s also great for peace of mind considering how common tornadoes are — they can hit any part of the state and in any month.[2] Cincinnati Insurance also has coverage for condos, renters, and high-value homes.

Pros
  • Discounts for bundling home and auto insurance

  • Two agencies in Virginia

Cons
  • Discounts primarily benefit high-value homeowners

  • Doesn’t offer flood insurance

Best insurer for older homes: Mercury

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.0/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
827
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$94/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$147/mo

Mercury can be a great choice if you own an older home. The average house in Virginia is about 40 years old, but homes in Southwest Virginia are often older than that. Mercury offers Home Systems Protection as a type of equipment breakdown coverage. It covers central air, kitchen and laundry appliances, and more, with no limit on how old systems can be.

Pros
  • More than 80 agencies throughout Virginia

  • Discounts help keep policy costs low

Cons
  • Doesn’t offer flood insurance

  • Online quotes not available

Cheapest home insurance in Virginia

Armed Forces Insurance Exchange offers the cheapest homeowners insurance in Virginia. Remember, it limits eligibility to military members and their families, so you might not be eligible for coverage. Here’s a look at other options to consider and their average premiums.

Insurance Company
Average Annual Premium
Armed Forces Insurance Exchange$845
National Grange Mutual$902
Homeowners Of America$917
Cincinnati Insurance$1,002
Narragansett Bay Insurance$1,015
Alfa$1,176
Mercury$1,276
State Farm$1,301
Erie$1,478
Allstate$1,590

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Cost of homeowners insurance in Virginia

In Virginia, the average home insurance premium is $1,600 for a policy with a $1,000 deductible and $300,000 in dwelling coverage. Premiums went up 11% in 2023, according to S&P Global Market Intelligence.[3] Understanding the things that affect your premium is crucial to controlling your costs. One of the most important elements is the materials used to build your home, as they dictate costs if your home needs to be repaired or replaced.

The type of home insurance and coverages you choose, as well as deductibles, policy limits, and endorsements (policy add-ons), also affect your rate. Additionally, your credit score, claims history, and choice of insurer are all factors that determine how much you pay for home insurance.

Cost of homeowners insurance by dwelling coverage amount

Dwelling coverage is the beating heart of your home insurance policy. It determines how much your insurer will pay to rebuild your home after a covered loss. As you might expect, the higher your dwelling coverage, the higher your premium will be. But don’t skimp on coverage to save a few bucks — buy enough to protect your home and your wallet in a disaster.

This table shows the average price of home insurance if you choose different coverage limits with a $1,000 deductible.

Coverage Limit
Average Annual Premium
$100,000$808
$200,000$1,221
$300,000$1,600
$400,000$2,107
$500,000$2,584

Cost of homeowners insurance by deductible

Your deductible is how much you must pay before the insurance company steps in to cover costs when you file a claim. If you opt for a low deductible, you’ll have higher rates but a lower out-of-pocket cost for losses. A high deductible saves you money on your premiums but means you’ll pay more up front when filing a claim.

The key here is to find a balance between a deductible you can afford and a premium that fits your budget. To help you decide between the different levels, consider the data below. It shows the average cost per year for $300,000 policies according to the deductible amount.

Deductible Amount
Average Annual Premium
$500$1,665
$1,000$1,600

How to get cheap homeowners insurance in Virginia

The average cost of homeowners insurance in Virginia is lower than the national average, but you still have plenty of options to save on your premiums. Here are some savvy money moves to help you find the most affordable homeowners insurance coverage:

  • Ask about under-the-radar discounts. Bundling is a common discount, but lesser-known savings are possible. Ask about discounts for installing safety and security systems (smoke detectors and burglar alarms) and affiliation discounts for members of organizations like AARP or AAA.

  • Raise your deductible. A higher deductible increases your cost if you file a claim, but it lowers your premiums. It’s the best way to save on your overall insurance rates if you have a solid emergency fund and can afford a higher deductible.

  • Skip small claims. Frequent claims, even for minor incidents, can drive up home insurance premiums. Consider paying for small repairs yourself to keep your claims history clean and your rates low.

  • Improve your credit score. Virginia insurers can review your credit history to assess the risk of offering you a policy. Higher credit scores generally mean lower premiums. Pay your bills on time, keep credit balances low, and check your credit report for errors.

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How much homeowners insurance do you need in Virginia?

If you take out a mortgage on your Virginia home, your lender will require you to buy homeowners insurance. This protects their investment in case of damage or destruction to the property. But the amount of coverage you get will depend on your needs.

First, it’s crucial to understand what homeowners insurance covers. Then, consider more than the minimum coverage your mortgage lender requires. Think about the price of rebuilding your home, the replacement costs of your personal belongings (clothing, furniture, electronics), and liability coverage to protect against potential lawsuits. In addition, you may want extra coverage for disasters like flooding or for high-value items.

What are some of the biggest risks when owning a home in Virginia?

The Old Dominion State is a beautiful place to call home, but you must be aware of severe storms and other potential perils that can threaten your property. Here are three of the biggest risks when owning a home in Virginia:

  • illustration card https://a.storyblok.com/f/162273/150x150/0194b78427/weather-96x96-orange_043-flood.svg

    Flooding

    Standard homeowners insurance doesn’t cover flood damage. It requires a separate policy, yet most Virginians don’t have flood insurance.[4] Coverage is available through the National Flood Insurance Program (NFIP) and private insurers. Check your property’s flood zone using the Virginia Flood Risk Information System.

  • illustration card https://a.storyblok.com/f/162273/150x150/0a25826e6f/weather-96x96-yellow_010-windy.svg

    Hurricanes

    A standard policy covers wind and hurricane damage. But it draws the line at flood damage. Review your policy to make sure your policy limits and coverages match the protection you need.

  • illustration card https://a.storyblok.com/f/162273/150x150/d2251ba1fd/weather-96x96-blue_018-tornado.svg

    Tornadoes

    Most standard homeowners policies cover tornado damage without the need for add-on coverage. Still, check your policy’s limits and update your coverage if you have valuable items or high-end finishes in your home.

Virginia homeowners insurance FAQs

If you still have questions about how you can find the best home insurance policy for you in Virginia, the following answers can help.

  • How much is home insurance in Virginia?

    The average price for $300,000 in dwelling coverage in Virginia is $1,600 per year with a $1,000 deductible. This puts Virginia below the national average of $2,377. Keep in mind the best way to find the optimal policy for you is to compare quotes from several insurers.

  • Which company has the cheapest homeowners insurance in Virginia?

    Armed Forces Insurance Exchange offers the cheapest coverage in Virginia, at a rate of $70 per month for $300,000 in dwelling coverage. National Grange Mutual and Homeowners of America also offer low average rates in the state, at $75 and $76 per month, respectively.

  • Does Virginia require homeowners insurance?

    Homeowners insurance isn’t required by law, but if you have a mortgage on your home, your lender will require it. Having homeowners insurance is a good way to protect your home and your belongings from unexpected events that could otherwise deplete your finances.

  • Does Progressive offer homeowners insurance in Virginia?

    Yes, Progressive offers home insurance in Virginia. The company has offices in Chesterfield, Waynesboro, Bedford, Forest, and more.

Sources

  1. Secretary of Veterans and Defense Affairs. "What we do."
  2. Falls Church. "Tornados."
  3. S&P Global. "US homeowners insurance rates jump by double digits in 2023."
  4. Virginia Department of Conservation and Recreation. "Virginia Flood Awareness."
Amy Beardsley
Amy BeardsleyInsurance Writer

Amy is a personal finance and technology writer. With a background in the legal field and a bachelor's degree from Ferris State University, she has a talent for transforming complex topics into content that’s easy to understand. Connect with Amy on LinkedIn.

Amy has been a contributor at Insurify since September 2023.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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Andrew Huang
Data reviewed byAndrew HuangVP, Marketing & Analytics
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVP, Marketing & Analytics
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

Featured in

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