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Last Updated February 28, 2022
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Virginia Beach, VA Homeowners Insurance
Located at the Chesapeake Bay’s mouth, Virginia Beach is Virginia’s most populous city, with roughly 500,000 residents. Virginia Beach is a resort city with miles upon miles of beaches, hotels, and restaurants down its oceanfront. Residents love living in such a coastal community. What’s not to love? Neighbors are friendly and respectful, homes are affordable, and the quality of life is at the top of the charts
But if you’re planning to move or have recently moved to Virginia Beach, Virginia, it’s imperative to know that the housing market has a short supply. These days, bidding wars on homes are nothing new. On top of that, you have to be prepared for unexpected natural disasters throughout the year. Hurricanes and snowstorms are likely to take their toll on your home, and you need to know how to be prepared and protect your home. The first step to keeping your home protected? Homeowners insurance.
Insurify makes it easy to find the best and most affordable homeowners insurance in Virginia Beach in a matter of minutes. Try it now!
Cheapest Home Insurance Companies in Virginia Beach
For homeowners in Virginia Beach, 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 Virginia Beach. The following are the best insurance rates from carriers that offer homeowners insurance in Virginia Beach.
|virginia farm bureau||$1,039|
How to Find Cheap Home Insurance in Virginia Beach
Did you recently purchase a home in Virginia Beach? You will love living in a coastal home by the sea. It’s like a vacation every time you come home from work! But living in a coastal city means a higher chance of storms and property damage risk. With such a high risk of natural disasters, it’s best to protect your property with home insurance.
Homeowners insurance provides financial liability for your property and personal belongings. Coverage comes in handy after events like natural disasters and vandalism. Of course, there are coverage options available depending on the property type, location, and other factors. For example, you may need different coverage options than someone living in Norfolk, Portsmouth or Richmond will. And there are additional ways to save on your home insurance in Virginia Beach, too. For instance, if you choose a higher deductible, your monthly premium will be lower. Just remember not to set your deductible too high. Otherwise, you might not be able to pay for repairs if you have to file a claim.
Keep reading for a full guide on Virginia Beach home insurance.
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Cheapest Home Insurance in Virginia Beach 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 Virginia Beach area costs $1,863 annually, and the median home value is $300,661.
Virginia Beach, Virginia, home insurance premiums and housing costs are relatively low compared to the rest of the country. Home prices have been climbing at a slow but steady pace as they match the seller’s market. Virginia Beach, Virginia, is relatively affordable to live in, even as it is a popular coastal travel destination. Residents love how safe and family-friendly the city is for them. And with plenty of jobs in the military, manufacturing, information services, and more, the economy in Virginia Beach is stable, too. With all the savings in Virginia Beach, you could have room for savings on homeowners coverage. And you get savings on additional insurance for standard exclusions like flooding.
If you live in a flood zone, you’ll need separate flood insurance. Saving where you can means you won’t have to pay more than your neighbor, even with extra coverage. It’s important to know, though, that every insurance agency is priced differently. Insurance rates with Allstate could be higher or lower than State Farm or Erie Insurance. How can you find how much their rates differ? Compare home insurance quotes in Virginia Beach by company.
Below, you’ll find the average cost of homeowners insurance in Virginia Beach, VA.
|Average Home Cost in Virginia Beach||Average Annual Insurance Premium in Virginia Beach|
Average Annual Home Insurance Premium in Virginia Beach by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Virginia Beach for Home Insurance
Living by the ocean and near a bay like in Virginia Beach means a higher risk of hurricanes and flooding.
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 our annual premiums.
Rates in Virginia Beach can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Virginia Beach
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 policy.
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.
Natural Disasters and Virginia Beach Flood Insurance
Virginia Beach, Virginia, is an Atlantic coastal city. That means that it’s vulnerable to severe storms, hail, winter storms, hurricanes, and windstorms. The best homeowners insurance will protect your home from the damage of all of these natural disasters. But the most likely outcome of any natural disaster in Virginia Beach is flooding. Homeowners insurance companies don’t include flood insurance with their standard coverage. Because of that, you will have to purchase additional coverage for flooding. You can get flood insurance through the National Flood Insurance Program. This type of insurance is provided by the Federal Emergency Management Agency (FEMA). Talk to your insurance agent to find out if flood insurance is right for you. Your local agent can provide you with the best options available through their insurance services.
Bundling Options and Home Insurance Quotes In Virginia Beach
Insurance providers want customers to purchase all the insurance policies they offer. And that’s where bundling comes in. You can bundle your home insurance policy with insurance products like life insurance and car insurance for a discount or deal. Talk to your local agent about special discounts and home insurance rates when you add an auto insurance policy or other policies.
It would help if you always compare insurance policies before hitting the buy button. How else are you going to know you’re getting the best home insurance rates? When you use Insurify ‘s home insurance comparison tool, you can have free insurance quotes delivered to your email. It only takes a few minutes. Try it now and save!
How to Find the Cheapest Home Insurance In Virginia Beach
Virginia Beach, Virginia, is a fantastic place to live and play. But when you own a home in this coastal city, you need to protect it from certain risks that lead to property damage, like storms and flooding. The best way to find the cheapest home insurance from the best insurance companies? By comparing and getting a free quote.
Use Insurify to compare home insurance premiums for your property in Virginia Beach.
Frequently Asked Questions
Yes, USAA provides home insurance in Virginia. But be aware that it’s only available to military members, veterans, and their families.
Yes! It’s effortless to bundle by combining your home insurance and car insurance in Virginia Beach. You can even combine these policies with life insurance. Ask your local agent for more information and discounts.
No, home insurance companies do not include flood insurance on a standard policy. It’s essential to purchase separate flood insurance if you live in a flood zone. Talk to your local agent to find out if flood insurance is right for you.
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