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Virginia Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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Virginia Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in Virginia is $1092 per year and $91 per month. Virginia homeowners insurance rates are $306 per year less then the national average and about 22% less annually. When compared to the other US states that makes the cost of homeowners insurance in Virginia the 34th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in Virginia is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Virginia in minutes.
| Virginia Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $91 |
| Average Annual Premium | $1092 |
| State Rank (Most Expensive) | 34th |
Cheapest Insurance Companies for Homeowners in Virginia (2022)
For homeowners in Virginia, 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. The following are the best insurance rates from carriers that offer homeowners insurance in Virginia.
| Cheapest Companies | Quotes |
|---|---|
| Allstate | $1,509 |
| Liberty Mutual | $1,362 |
| Nationwide | $1,016 |
| Safeco | $1,111 |
| USAA | $976 |
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How to Get Affordable Home Insurance in Virginia
You've dealt with the competitive seller's market in Virginia, and you're ready to get all your ducks in a row for homeownership. Pat yourself on the back, because buying a home is a significant financial investment. With any investment, however, comes risk. But did you know that there are steps you can take to minimize risk? Your investment will be safeguarded by taking these steps.
The most crucial step to protect your property is homeowners insurance. Not required by law, homeowners insurance gives you the financial liability for your personal belongings and home from natural disasters or theft. Like any type of insurance, there are coverage options available depending on your property's type, location, and other factors.
From Norfolk to Virginia Beach, keep reading this full guide on Virginia home insurance to keep you and your family protected.
Homeowners Insurance Quotes in Virginia 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 Virginia costs $1,863 annually, and the median home value is $237,400.
That's a good chunk of money to be spending annually. These costs are needed, but how is it possible to pay these costs while providing for yourself and your family?
That's where Insurify comes in. Compare quotes in your area and find the most affordable homeowners insurance to fit your needs. You can adjust insurance coverage levels to fit your lifestyle, leaving you with the best Virginia homeowners insurance.
Average Annual Homeowners Insurance Premium in Virginia by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
USAA$976
Nationwide$1,016
Safeco$1,111
Liberty Mutual$1,362
Allstate$1,509
Home Insurance Rates in Virginia by City
Like property costs, home insurance varies in price from city to city. Pricing is determined on 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 can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive Virginia ZIP codes in which to insure a home.
| City | Median Home Price |
|---|---|
| Alexandria | $739 |
| Charlotte | $1,316 |
| Norfolk | $1,349 |
| Richmond | $953 |
| Roanake | $782 |
| Virginia Beach | $1,411 |
What Does Home Insurance Cover in Virginia?
There are several types of home insurance. Specific terms of insurance policies may vary by state, 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:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- 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
- 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.
- 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 to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Virginia city level guides, check out these below.
Natural Disasters and Home Insurance Rates
Natural disasters happen, and being prepared for what could happen is crucial, especially for homeowners in Virginia. Severe storms, hurricanes, floods, wildfires, tornadoes, winter storms, landslides, power outages, earthquakes, and extreme heat and drought can happen in Virginia.
Noreasters are common to Virginia, especially the southeastern portion. If you're not familiar with nor'easters, these are rotating storms that form over the Atlantic. They're much like hurricanes, except that nor'easters form over cold air rather than warmer air. Between June to November, hurricanes bring lots of rain. Nor'easters are most frequent between September and April and carry snow along with rain.
It's essential to know the covered loss and homeowners insurance costs associated with frequent natural disasters in Virginia. It's best to research the area you will be living in before committing to a homeowners insurance quote. Also, your insurance premium could go up depending on past insurance claims in your area. And while homeowners insurance will cover wind damage, falling objects, and lightning, most homeowners insurance policies do not cover damages due to flooding or earthquakes. You would have to get an additional rider or policy.
Virginia Home Insurance vs. Flood Insurance
Flooding as a result of natural disasters is quite frequent in Virginia. Certain factors determine if you live in a flood zone in Virginia. And those factors could affect your overall home insurance premium. For instance, your property may be in a flood plain or a flood insurance zone that applies to your property.
Flood insurance rates are also dependent on the approximate base flood elevation (the elevation of surface water resulting from a flood). Note that home insurance policies cover living expenses, liability protection, and medical expenses in case of flooding. Having flood insurance just in case is better than not being protected at all, even if you live in a low to moderate-risk flood area. It's recommended that you check with the National Flood Insurance Program for separate flood insurance and to find the average cost.
Special Home Insurance Situations in Virginia
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Virginia.
Cheapest Home Insurance for Houses Near the Coastline in Virginia
Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.
| Insurance Company | Average Annual Premium |
|---|---|
| Alfa | $993 |
| Allstate | $1,260 |
| ASI | $561 |
| State Farm | $1,337 |
Cheapest Home Insurance for Houses With Swimming Pools in Virginia
Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.
| Insurance Company | Average Annual Premium |
|---|---|
| Encompass | $1,716 |
| Metropolitan | $1,400 |
| Travelers | $1,219 |
| Virginia Farm Bureau | $1,038 |
Virginia is for Savings Lovers.
How to Find the Cheapest Home Insurance in Virginia
With deep-rooted history and adventures in the Blue Ridge Mountains waiting for you, Virginia is a fantastic place to call home. However, it's a must to have home insurance coverage if its famous nor'easters or hurricanes come and threaten your home. With a bit of research and proper tools, the best home insurance at the right price is for the taking.
Use Insurify to find the best home insurance premiums for your property in Virginia.
Virginia Homeowners Insurance FAQ
Many big insurance carriers like Nationwide and Liberty Mutual offer bundling on home insurance with car insurance and other insurance products. Check with your local agent if they offer discounts on bundled insurance products.
Homeowners coverage does not typically include flooding in Virginia. Be aware of the liability coverage, medical expenses, and living expenses that your policy does cover in case of flooding. Even if you do not live in a flood zone, policyholders can find separate flood insurance through the National Flood Insurance Program.
Yes, USAA does insure homes in Virginia. USAA has an A++ financial rating from A.M. Best. As a plus, bundling discounts and add-on coverage for personal property make home insurance in Virginia customizable to fit your needs. If you or a family member is a U.S. military member, has been honorably discharged from military service, or has veteran status, you could qualify for insurance coverage.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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