Arlington, Virginia was home to 236,842 people according to the most recent Census report. The percentage of owner-occupied housing in the city is approximately 43%, which is lower than other cities. This could indicate that many residents prefer renting. The high cost of home insurance could be one reason. Arlington homeowners insurance costs more than average at $2,405 per annum for $250,000 of dwelling coverage. This is nearly twice the national average of $1.312 per annum.
Bankrate’s findings are encouraging if you are thinking of buying or insuring your first home. There are many home insurers in the area. Although the rates of higher-end carriers tend to be higher, Bankrate found that there are a few affordable home insurance companies in Arlington. Their rates are less than one third of the $2.405 annual average.
Arlington’s best home insurance company
Bankrate compared the 2021 home insurance quotes from Arlington’s top providers to determine which one was the most affordable. They also compared the performance of the top and lowest-cost carriers in terms coverage options, discounts, claims-filing speed, customer satisfaction, and claim-filing ease. J.D. Power’s Home Insurance Study was also useful because it is independent and gives a snapshot of how policyholders view a carrier. These are our top five choices for affordable home Insurance in Arlington.
Arlington homeowners have another option, Allstate. This is especially true for those who work remotely. Standard home insurance policies do not cover commercial goods or business-related losses. Allstate offers business property insurance. It will cover work equipment like computers, printers, and machinery. If inventory is kept in your garage or at your home for business purposes, it will be covered in case of damage or loss.
Erie, a Pennsylvania-based company, offers the standard home insurance package that your lender might require. It also offers optional coverages like identity recovery and water backup. Service line protection covers underground lines running from your home to city hookups. These lines are not usually covered by utility companies. Even though it is unlikely, damage can happen. Repairs can be costly when damage occurs. You could save thousands on repairs to your pipes, telephone, cable, or internet lines by adding the coverage.
Mercury Insurance is close to being Arlington’s cheapest home insurance. Only $2 more than Travelers, the rates are. Mercury is not included in the J.D. Power Home Insurance Study. This could be due to the fact that it is a regional, smaller carrier. We reviewed other customer reviews and found that Mercury customer complaints were lower than the industry average. Mercury could be an option if you’re looking for basic home insurance coverage with no extras.
Arlington residents pay $669 annually on average for Progressive insurance premiums. You may be able get a lower quote if your insurance company offers discounts. Bundling auto and home insurance could help you save more than 20%. The best part is that you may not be responsible for paying a deductible. Progressive will only require you to pay one premium if you have both home and auto insurance.
Average annual insurance rates for travelers were $474. The savings you make by switching to a less expensive carrier could make a significant difference in your monthly budget, or even allow you to increase your home insurance policy. Travelers offers specialty coverages like water backup, jewelry replacement cost, green rebuilding, and water backup. Your standard home insurance policy includes a coverage that can be very attractive. Travelers provides coverage for work-related equipment, such as printers and computers. This is ideal for remote workers who are not able to return to their workplace.
Arlington offers a variety of home insurance options
Virginia doesn’t require homeowners to be insured. Your lender will likely provide insurance as long as your mortgage is paid off. Even if your home is free and clear, you should be aware of the “what-ifs”, which can make it difficult to keep your home safe. If your home is damaged by flooding or a fire, are you able to pay for the rebuilding costs? It is often a small investment to provide peace of mind. These coverages may be of use to you:
- Flood insurance – If you live in a flood area, you’ll need to buy coverage. You can purchase policies through the National Flood Insurance Program, (NFIP).
- Business coverage: Consider adding coverage for critical devices such as printers, computers at work, and small business inventory. Your home insurance policy wouldn’t cover them. Many insurers also offer home business coverage.
- You could get more financial protection by upgrading from actual cash value to replacement cost coverage in order to replace damaged or lost goods with newer versions.
Arlington home insurance discounts
Discounts are often offered by insurance companies to help you keep your premiums competitive. The following are some of the best ways to save money on your home insurance
- Fire prevention: Home insurance can be reduced by having fire-resistant siding, roofing, or landscaping.
- Multi-policy: You can save money by purchasing car and home insurance through one company.
- Protective devices: A smoke alarm or home security system could alert you in advance of danger. You could save money on your home insurance.
Questions frequently asked
Which Arlington insurance company is best?
Before making a final decision, you might consider the customer satisfaction scores of several insurance companies. This could help you choose the best home insurance company .
What is the cost of Arlington home insurance?
Arlington’s average home insurance rate is high. For $250K of dwelling coverage, the average homeowner pays $2,405 annually. We found five companies with premiums that were one-third to one half the price.