A homeowners policy in Norfolk, Virginia, costs $1,550 annually for $250,000 of dwelling coverage. This is significantly more than the average Virginia home insurance premium, which is $1.013 per annum. Norkfolk residents might want to look at several aspects of an insurance company when shopping for home insurance.
Quadrant Information Services and Bankrate have partnered to provide current premium information on the insurance providers in Norfolk. The average premiums, financial strength and coverage offered by each company were then evaluated. These information can help you make an informed decision about homeowners insurance.
The best home insurance company Norfolk
When shopping for home insurance, it is a good idea to look at the company’s customer service ratings. These ratings can provide insight into how a company treats customers.
Bankrate’s editorial staff reviewed several aspects of each company before deciding that these are the most affordable home insurance companies in Norfolk.
Progressive
According to our research, Progressive has the lowest homeowners insurance premium in Norfolk. Progressive also offers a variety of discounts which might lower your premium. The company does not have the highest J.D. The company has the lowest Power customer satisfaction score, but it received an A+ (Superior), financial strength rating by AM Best. This indicates that the company’s financial health is good. It is easy for homeowners to obtain quotes online from Progressive, but they can also be contacted by a local agent.
State Farm
State Farm has an above-industry-average rating from J.D. State Farm has the highest average premium on our list, as well as Power. State Farm products are sold through local agents. This may allow your agent to better understand the needs of homeowners in Norfolk. The policies are very basic and only a few optional covers are available. State Farm offers a variety of insurance products as well as banking services. State Farm may be the right company for you if you have multiple financial needs.
All over the country
Nationwide could be a great choice for consumers who are looking for strong online and mobile resource. You can view all of your Nationwide policies at once, make changes, pay bills, and file claims on the company’s website. Nationwide has several optional coverages for Norfolk residents. These include coverage for jewelry, valuables, identity theft, water backup, and earthquake coverage.
Erie
Erie is a regional insurer that offers coverage in 12 states including Virginia. The company was awarded the second-highest J.D. The company has the second-highest J.D. Erie claims its basic homeowners policy offers better coverage than standard policies from its competitors. Erie’s coverage can be purchased through local agents just like State Farm. This may make it a more appealing option if you prefer to interact face-to-face.
Auto-Owners
Auto-Owners, another regional carrier, offers coverage in 26 States. This company was awarded the highest J.D. The company received the highest J.D. Auto-Owners may be able to provide specialty coverages. There are many optional endorsements that the company offers, such as equipment breakdown coverage, home replacement coverage, and coverage for personal property or identity theft.
Norfolk offers a variety of home insurance options
Virginia does not require homeowners insurance. However, if you have a mortgage loan or any other type of home loan, your lender may require you to have home insurance. You may consider purchasing a home insurance policy even though you are not required. Standard coverage can be provided by most policies to cover your home’s structure, your belongings, and your liability exposure. You can often add optional endorsements to your policy for more coverage.
- Dwelling coverage is one of the most basic types of homeowners insurance. It covers the structure of your home.
- Liability coverage: Your liability coverage can cover medical expenses and other costs if someone is hurt on your property. If you are found responsible for the damage to another person’s property, liability may provide coverage. Most homeowners insurance policies include liability.
- Personal property coverage: This coverage covers your personal property, such as your furniture, clothes, and electronics. This coverage is also the most basic of home insurance policies.
- Water backup coverage: This coverage covers the cost of water damage if your sump pump malfunctions or water backs-up in a drain. This endorsement must be added to your policy. It may not be available in all areas.
- Flood insurance: Standard home insurance policies do not cover flood damage. The National Flood Insurance Program (NFIP), which reports that Virginia has an average claim payment of $19,000, shows that flooding is a serious problem in many parts of the state. Flood insurance can be purchased separately.
Insurance is a custom-made purchase that is tailored to meet your needs. A licensed agent can help you determine the right coverages for your needs.
Norfolk Home Insurance Discounts
While cost is an important consideration in home insurance, many consumers are keen to find a affordable policy. To help reduce the cost of insurance, most companies offer discounts to policyholders. These discounts are common in Norfolk:
- Discount for home and auto: This discount can be applied to policies that include both auto and home insurance.
- Loyalty discount: If you have been insured for a certain amount of years with the same company, you might be eligible for a loyalty discount.
- Discount for homeowners who have not made a claim in the past few years: You may be eligible for this discount.
- Discount for home safety: You may be eligible to receive a discount if you have a security alarm, smoke alarm, or any other type of safety device in your home.
Each company offers different discounts. Online discounts may be available, but it is worth speaking with an insurance representative to determine if you are getting the best discounts.
Questions frequently asked
Which is the best company for home insurance?
Due to the individual rating factors, this best home insurer may be different for each person. These factors include your claims history, details about your home, what coverage you require, and the discounts you are eligible for. Comparing companies can help you choose the right company for you.
What amount of home insurance do you need in Norfolk
There are many factors that go into determining the coverage you need for your home insurance policy. Consider the cost of rebuilding your home, along with how much personal property or liability coverage you will need. Your lender might require that you carry at least the minimum coverage if you have a mortgage. A licensed agent may be able to help you determine how much home insurance you should purchase.
