Finding the Best Homeowners Insurance in Virginia
Whether you live along with the city's cost or in the mountains, Virginia has a diverse landscape and is a beautiful place to buy a home. "The Old Dominion" state has a rich American history, as the home to more presidents than any other state. Now, Virginia is becoming an attractive state to settle down and buy a home for residents looking for lucrative job opportunities and high-quality education. Whatever the reason may be, Virginia homeownership rates are at a high 66.6 percent, which is above the national average of 63 percent. As a result, home prices in Virginia have increased in the past decade. Virginia's median home list price is now about $291,000, compared to about $229,000 in 2012. As a homeowner in Virginia, it is important to protect your home, especially since your investment is steadily increasing in value. Finding the best homeowners insurance in Virginia is much easier once you receive Virginia homeowners insurance quotes from different insurance companies. There is relatively cheap homeowners insurance in Virginia. When shopping for the best homeowners insurance in Virginia, it is important to consider the price, along with the type of coverage and customer service you need or wants from your insurance company, before deciding which homeowner insurance to buy.
| Virginia Homeowners Insurance Cost Broken Down | Rates |
|---|---|
| Yearly Cost of Homeowners Insurance in Virginia | $1,070.00 |
| Costs Per Month for Homeowners Insurance in Virginia | $89.17 |
How Much is Homeowners Insurance in Virginia
Homeowners insurance rates in Virginia have increased considerably over the past decade. Between 2007 and 2016, Virginia homeowners insurance rates have increased by about 41 percent. Virginia homeowners insurance rates are determined based on a variety of factors related to the home, such as the size, location, building material, and age of the house. The rate may also factor in your credit score, financial history, age, and income. For a home valued at $300,000 in dwelling coverage and personal liability and with a $1,000 deductible, the national average annual premium is $2,305. How much is homeowners insurance in Virginia? The average cost of homeowners insurance in Virginia with these same coverage options is $1,956, which is about $163 per month. Homeowners insurance rates in Virginia are about 15 percent cheaper than the national average. Homeowners insurance rates in Virginia vary significantly by city. For example, in Viewtown, the average annual rate is $1,572, whereas, in Virginia Beach, the average rate is more than double that at $3,328. Location is one of the most significant factors in the cost of homeowners insurance. Insurance companies consider the weather impacts in some regions of Virginia, the differing population densities, proximities to fire departments, and claim histories of each neighbourhood to determine their specific rates.
| City in Virginia | Monthly Costs | Yearly Costs |
|---|---|---|
| Alexandria, VA | $83.08 | $997.00 |
| Annandale, VA | $85.33 | $1,024.00 |
| Arlington, VA | $82.92 | $995.00 |
| Ashburn, VA | $88.08 | $1,057.00 |
| Bailey's Crossroads, VA | $84.67 | $1,016.00 |
| Blacksburg, VA | $95.08 | $1,141.00 |
| Burke, VA | $87.17 | $1,046.00 |
| Cave Spring, VA | $94.00 | $1,128.00 |
| Centreville, VA | $86.67 | $1,040.00 |
| Chantilly, VA | $87.75 | $1,053.00 |
| Charlottesville, VA | $90.50 | $1,086.00 |
| Chesapeake, VA | $151.33 | $1,816.00 |
| Chester, VA | $103.75 | $1,245.00 |
| Christiansburg, VA | $95.75 | $1,149.00 |
| Dale City, VA | $93.00 | $1,116.00 |
| Danville, VA | $111.83 | $1,342.00 |
| Fair Oaks, VA | $86.92 | $1,043.00 |
| Fairfax, VA | $85.92 | $1,031.00 |
| Franconia, VA | $86.83 | $1,042.00 |
| Fredericksburg, VA | $91.50 | $1,098.00 |
| Hampton, VA | $150.33 | $1,804.00 |
| Harrisonburg, VA | $89.58 | $1,075.00 |
| Herndon, VA | $86.33 | $1,036.00 |
| Hopewell, VA | $115.92 | $1,391.00 |
| Lake Ridge, VA | $92.00 | $1,104.00 |
| Leesburg, VA | $86.33 | $1,036.00 |
| Lincolnia, VA | $86.25 | $1,035.00 |
| Linton Hall, VA | $92.00 | $1,104.00 |
| Lorton, VA | $87.67 | $1,052.00 |
| Lynchburg, VA | $98.50 | $1,182.00 |
| Manassas, VA | $94.58 | $1,135.00 |
| Marumsco, VA | $92.08 | $1,105.00 |
| McLean, VA | $84.00 | $1,008.00 |
| McNair, VA | $86.08 | $1,033.00 |
| Mechanicsville, VA | $95.42 | $1,145.00 |
| Montclair, VA | $93.08 | $1,117.00 |
| Newport News, VA | $139.33 | $1,672.00 |
| Norfolk, VA | $159.17 | $1,910.00 |
| Oakton, VA | $85.58 | $1,027.00 |
| Petersburg, VA | $115.75 | $1,389.00 |
| Portsmouth, VA | $153.33 | $1,840.00 |
| Reston, VA | $86.08 | $1,033.00 |
| Richmond, VA | $105.00 | $1,260.00 |
| Roanoke, VA | $96.92 | $1,163.00 |
| Rose Hill, VA | $94.25 | $1,131.00 |
| Salem, VA | $93.58 | $1,123.00 |
| Short Pump, VA | $96.42 | $1,157.00 |
| South Riding, VA | $87.00 | $1,044.00 |
| Springfield, VA | $86.08 | $1,033.00 |
| Staunton, VA | $96.25 | $1,155.00 |
| Sterling, VA | $88.17 | $1,058.00 |
| Suffolk, VA | $135.17 | $1,622.00 |
| Tuckahoe, VA | $106.50 | $1,278.00 |
| Tysons Corner, VA | $84.17 | $1,010.00 |
| Virginia Beach, VA | $172.75 | $2,073.00 |
| Waynesboro, VA | $95.92 | $1,151.00 |
| West Falls Church, VA | $87.00 | $1,044.00 |
| West Springfield, VA | $86.25 | $1,035.00 |
| Winchester, VA | $96.75 | $1,161.00 |
| Woodlawn, VA | $97.50 | $1,170.00 |
Virginia Homeowners Insurance Laws
Unlike auto insurance, homeowners insurance is not mandated by state law. Virginia homeowners insurance laws do not require that you buy home insurance when you purchase a home. Virginia homeowners insurance requirements typically come from mortgage lenders. When taking out a loan for your mortgage, lenders will require minimum homeowners insurance coverage to make sure their investment in your home purchase is adequately protected. For this reason, mortgage lenders have legal rights to direct their clients to buy homeowners insurance before allowing them to take out a loan on their house. If you do not pay your homeowner's insurance payments, your insurance company can inform your mortgage lender, and the lender has the legal right to foreclose on your home. Regardless of whether home insurance is legally required, it is a prudent decision to have homeowners insurance since it will provide financial protection in weather damage, natural disasters, theft, or accidents. When you pay off your mortgage, no one can force you to buy homeowners insurance, but it is highly recommended, especially since you have made such a large investment in your home.
What Does Homeowners Insurance Cover in Virginia
Homeowners insurance coverage in Virginia can be different based on the insurance company and plan. Insurance companies may offer plans that differ in what they do and do not cover. With that said, there is a minimum standard of what homeowners insurance in Virginia will typically cover. What does homeowners insurance cover in Virginia? Virginia homeowners insurance plans come with standard coverages for personal property, dwelling, personal liability, guest medical protection, and additional living expenses if you get displaced from your home by a natural disaster or significant damage. It is important to note that many homes in Virginia are highly susceptible to damage from severe weather, such as hurricanes and flooding. Thousands of Virginia homes are at risk of storm surge damage each year. For this reason, it is critical that Virginia homeowners insurance cover losses from hurricane and flood damage, but this coverage may be difficult to find since it is not standard. Homeowners insurance in Virginia typically does not cover hurricanes. Hurricanes cause a tremendous amount of damage, so insurance companies are reluctant to take on hurricanes' full risk. Nearly 27,000 homes in Virginia are at risk for serious hurricane damage. If you live near the beach, you must look for homeowners insurance that provides an option to cover hurricane damage. You may need to add a separate hurricane deductible since it is not part of the offered minimum standard coverage. Additionally, flooding is not typically covered by homeowners' insurance, so you will most likely need to buy flood insurance separately. To ensure your home is fully protected, it is recommended that you buy flood insurance through the National Flood Insurance Program or a private insurance company.
| Costs of Home Insurance in Virginia by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Alexandria city, VA | $83.08 | $997.00 |
| Charlottesville city, VA | $90.50 | $1,086.00 |
| Chesapeake city, VA | $151.33 | $1,816.00 |
| Danville city, VA | $111.83 | $1,342.00 |
| Fairfax city, VA | $85.92 | $1,031.00 |
| Fairfax County, VA | $86.33 | $1,036.00 |
| Fredericksburg city, VA | $91.50 | $1,098.00 |
| Hampton city, VA | $150.33 | $1,804.00 |
| Harrisonburg city, VA | $89.58 | $1,075.00 |
| Hopewell city, VA | $115.92 | $1,391.00 |
| Loudoun County, VA | $86.33 | $1,036.00 |
| Lynchburg city, VA | $98.50 | $1,182.00 |
| Manassas city, VA | $94.58 | $1,135.00 |
| Montgomery County, VA | $95.42 | $1,145.00 |
| Newport News city, VA | $139.33 | $1,672.00 |
| Norfolk city, VA | $159.17 | $1,910.00 |
| Petersburg city, VA | $115.75 | $1,389.00 |
| Portsmouth city, VA | $153.33 | $1,840.00 |
| Richmond city, VA | $105.00 | $1,260.00 |
| Roanoke city, VA | $96.92 | $1,163.00 |
| Salem city, VA | $93.58 | $1,123.00 |
| Staunton city, VA | $96.25 | $1,155.00 |
| Suffolk city, VA | $135.17 | $1,622.00 |
| Virginia Beach city, VA | $172.75 | $2,073.00 |
| Waynesboro city, VA | $95.92 | $1,151.00 |
| Winchester city, VA | $96.75 | $1,161.00 |
Top Rated Homeowners Insurance Companies in Virginia Based on Ratings
With so many insurance options available, it may be difficult to determine the best homeowner insurance companies in Virginia when you are researching yourself. Fortunately, some ratings can make this determination easier for you while you shop around for homeowners insurance. The ratings consider overall customer satisfaction, coverage options, pricing, and customer service for each insurance company. USAA homeowners insurance in Virginia is highly recommended. With 27 military bases, Virginia is the home to many military members and their families who benefit from USAA's homeowner's insurance. USAA was founded by military officers and provided high-quality insurance and award-winning customer service to active duty members and veterans since 1922. For this reason, it is no surprise that USAA is the most popular homeowners insurance provider in Virginia. Here is the Virginia homeowners insurance companies list for the top-rated homeowner's insurance companies in Virginia based on ratings. • USAA • State Farm • Allstate • Travelers • Nationwide • Liberty Mutual • Erie • American Family Insurance • Farmers • Virginia Farm Bureau • Chubb
| Virginia Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| USAA Ratings for Homeowners Insurance in Virginia | 0.15 | 0.15 |
| State Farm Ratings for Homeowners Insurance in Virginia | 0.2 | 0.2 |
| Allstate Ratings for Homeowners Insurance in Virginia | 0.31 | 0.31 |
| Travelers Ratings for Homeowners Insurance in Virginia | 0.09 | 0.09 |
| Nationwide Ratings for Homeowners Insurance in Virginia | 0.31 | 0.31 |
| Liberty Mutual Ratings for Homeowners Insurance in Virginia | 0.53 | 0.53 |
| Erie Ratings for Homeowners Insurance in Virginia | 0.17 | 0.17 |
| American Family Insurance Ratings for Homeowners Insurance in Virginia | 0.68 | 0.68 |
| Farmers Ratings for Homeowners Insurance in Virginia | 0.39 | 0.39 |
| Virginia Farm Bureau Ratings for Homeowners Insurance in Virginia | 0 | 0 |
| Chubb Ratings for Homeowners Insurance in Virginia | 0.14 | 0.14 |
How to Lower Homeowners Insurance in Virginia
Homeowners insurance in Virginia can cost thousands of dollars each year. Virginia homeowners insurance rates were increasing in 2020. Virginia is among the top 10 states in the country with the highest rate changes for homeowners insurance. From 2019 to 2020, Virginia homeowners insurance rates have increased, on average, by 3.8 percent. When shopping for homeowners insurance in Virginia, the premiums you are quoted can vary by hundreds of dollars, depending on the insurance company and the type of policy you buy. There are ways to lower your homeowner's insurance ways, primarily through discounts. Virginia homeowners insurance discounts are typically available for many people. For example, retirees may qualify for a discount at some insurance companies, and companies and professional associations may offer discounts to their employees and members. You can also consider bundling your insurance policies with one company. Bundling homeowners and auto insurance in Virginia has led to annual savings of $57 on average. Finding homeowners insurance discounts requires research, and it could be worth reaching out to insurance agents to help determine what discounts may be available for you and your specific situation.
Compare Homeowners Insurance in Virginia Before Buying
Before buying, make sure to compare homeowner insurance in Virginia from as many companies as possible. Find affordable homeowners insurance in Virginia and ensure that you are getting the best price and coverage for your needs. Shopping for homeowners insurance in Virginia is easier than ever before, with accessible online tools, rankings, and resources to help guide you through this process. You can reach out to insurance companies directly to learn more about their policies and discounts. The time and effort you put in upfront to shop for the best homeowners insurance in Virginia are well worth it to protect your home.