How much is homeowners insurance in Virginia?
Homeowners in Virginia pay an average monthly premium of $168. Your premium costs will depend on your personal situation and your location, as some areas in Virginia are more prone to natural disasters than others.
Additionally, the type of home insurance policy you select will also affect your rates. A basic policy may provide coverage for damage caused by fires and storms, but it won’t cover flooding or earthquakes.
“In some cases, particularly on the coast, there may be a separate wind/hail policy,” says Kara Herring, president of Don Bullard Insurance. These separate policies are called endorsements, which provide extra coverage for perils not covered by your basic insurance plan. “To protect your home, a separate flood policy should be purchased,” Herring adds.
Some other factors that can influence home insurance prices include the age and condition of your home, the amount of coverage you choose, and any discounts that may be available. For example, you can often save money by bundling your home and auto insurance policies.
How your policy choices affect home insurance rates in Virginia
Here’s a closer look at some of the key components of your policy that affect your monthly premium.
Your policy form
Several different home insurance policy forms are available. The most common are HO-2, HO-3, and HO-5, and each offers different coverage for perils.
A peril is an event that causes damage to your property or belongings. Some common perils include fire, theft, vandalism, wind, hail, and flooding. It’s important to understand which perils your homeowners insurance policy covers and which ones it doesn’t.
HO-1 policy: This is the most basic form of home insurance and covers only a few perils, such as fire and lightning. This type of policy is the cheapest option but also offers the least coverage and, for this reason, isn’t widely available.
HO-2 policy: This is a basic policy that covers 16 named perils, such as fire, lightning, theft, and vandalism.
HO-3 policy: This policy type covers everything except for what’s specifically excluded in the policy.
HO-5 policy: This is the most comprehensive type of home insurance available and provides open perils coverage.
Your coverage level
When it comes to home insurance, the higher your coverage level, the higher your premiums will be. That’s because the more coverage you have, the more protection you’re getting from your insurance company.
Lowering your coverage level can help you lower your premium, but always make sure your coverage level still meets your needs.
Your deductible is the amount of money you have to pay out of pocket before your home insurance policy kicks in. The higher the deductible, the lower your premiums will be since you’re taking on more of the risk yourself.
When choosing your deductible, make sure it’s an amount you can afford if you need to file a claim.
Read More: How Much to Make Your Homeowners Insurance Deductible
How location affects home insurance rates in Virginia
Where you live can have a dramatic effect on your home insurance rates. This is because the location and climate in Virginia mean that certain parts of the state are susceptible to tropical storms and hurricanes.
Additionally, if you live in a location with a high crime rate, that can contribute to higher rates too, as your home is more at risk. Alternatively, living next to a fire station could lower your home insurance rates.
Here’s an example of the average monthly rates in five Virginia cities.
|City||Average Monthly Quote|
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.