Virginia Beach, VA has an average home insurance cost of $1,700 per year for $250,000 worth of coverage. The city’s home insurance costs are more than the average cost for Virginia for the same coverage, which is $1.013 Because Virginia Beach is close to the Atlantic Coast it is extremely high-risk for hurricanes . This factor drives up homeowner insurance premiums.
Virginia actually ranks sixth in storm surge risk. After a hurricane, hail and wind are common. They are followed closely by fire and lightning as the leading causes of homeowners’ losses. We compared each company to determine the best Virginia Beach home insurance companies. This was done based upon market share, financial strength, average home insurance cost, customer ratings, and third-party studies.
Virginia Beach’s best home insurance companies
Here are five of the top Virginia Beach homeowners insurance companies. These rankings are based upon the average cost of insurance, coverage options and discounts, third-party rankings, financial strength, and other factors. This proves a company’s ability pay out claims even in the face of natural disasters like hurricanes.
Allstate
With 8.6% of the market, Allstate is Virginia ‘s fourth largest home insurance company. Bundling homeowners and auto insurance can save you up to 25%. Allstate customers get a loyalty discount. Allstate may offer home-sharing homeowners special coverage. A enhanced homeowners package is also available by Allstate, which can help to keep your home insurance rates low even after you file a claim.
Allstate’s financial strength ratings have been stable with higher or superior ratings that show future ability to pay claims. With 882 points, the J.D. rates Allstate as above-average. Power 2020 U.S. Property Claims Satisfaction Study is higher than average. It also ranks above average in U.S. Home Insurance Study with 829 points out of 1,000.
Auto-Owners
Although the company’s name is Auto-Owners Insurance it also offers business, life, and home insurance products. Homeowners have the option to add additional coverages such as homeowners plus or equipment breakdown coverage. This covers electrical and mechanical problems that can occur in your home.
The J.D. also ranked Auto-Owners higher than average. The J.D. also ranked Auto-Owners higher than average in the Power Property Claims Satisfaction Study (with 889 points) and Home Insurance Study (843 points respectively). The insurance company is more financially strong than other similar-sized insurers and has a lower complaint index than comparable-sized ones with the National Association of Insurance Commissioners.
Erie
Erie is not available in all 12 states, which includes Virginia. Although the company is a smaller insurer, it holds the seventh largest market share in Virginia. Homeowners have the option to get true replacement cost coverage endorsement, as well as higher limits for certain coverages such valuables or important documents. Service line protection and identity recovery for underground and unutilized utility lines are also available.
Erie scored above the average in all three J.D. Erie scored above average in all three J.D. Insurance Studies. Erie has also a superior rating for financial strength and the ability to pay claims. However, it has a slightly higher than average complaint index with NAIC at 1.10 compared to the NAIC’s 1.00.
All over the country
Nationwide Insurance is Virginia’s fifth-largest home insurance company by market share. The company provides homeowners replacement cost on their dwelling structure and personal possessions. It also offers coverage for high-value items, and better roof replacement in the event of a covered claim.
Two of the three J.D. ratings rated Nationwide above average. Although Nationwide scored above average in two of the three J.D. Power studies, it was a little below average in the Home Insurance Study. The insurance company has superior financial strength and can pay claims. It also has a 1.07 complaint Index with NAIC.
State Farm
State Farm is the most affordable of the five Virginia homeowners insurance companies that we reviewed. With 17.6% market share, the insurance company is the second-largest Virginia home insurer. State Farm scores at least average in all three J.D. State Farm has excellent or better ratings for financial strength to pay claims. State Farm offers discounts that include savings for bundling and home alert, as well as impact-resistant roofing. This allows Virginia Beach residents to secure affordable homeowners insurance without having to sacrifice coverage.
Virginia Beach offers a variety of home insurance options
When shopping for home insurance, Virginia Beach homeowners might be interested in the following coverage options:
- Coverage for dwellings: Although standard coverage for dwellings is available in all home policies; purchasing replacement cost coverage will ensure that your home is fully covered.
- Personal property: This policy pays for your belongings if they are stolen or damaged. Some companies provide coverage that covers the actual cash value of your belongings, while others offer replacement cost coverage. You may need additional coverage if you own valuable items.
- Liability protection: This coverage covers you in the event that you are sued by someone for injuries or property damage.
- Additional living expenses: This coverage covers living expenses such as food, rent and laundry if your home is damaged or destroyed.
Flood insurance is not covered by standard homeowners insurance. Residents of Virginia Beach may consider buying flood insurance due to the high possibility of flooding from hurricanes or other storms. Flood insurance is offered by most homeowners insurance providers in Virginia. You can also purchase direct from the National Flood Insurance Program.
Virginia Beach home insurance discounts
Many home insurance companies offer discounts to help customers get affordable insurance. These are the most common discounts:
- You can save as much as $2,000 each year by not making any claims on your home insurance policy.
- Home alarm: A centrally monitored burglar, fire, or smoke alarm can protect your home and reduce your home insurance costs.
- Multi-policy discount: A home and auto bundle discount can often be the best way to save money on homeowners insurance. It is possible to have both policies from the same insurance company.
- Purchase a new house: This is a great way for homeowners to save money on their insurance policies.
Questions frequently asked
Which is the best company for home insurance?
Each person’s needs will determine the best home insurer. You can shop around for the best coverage and discounts so you get the best rate possible while still getting the coverage that you need.
What is the cost of home insurance in Virginia Beach?
The average cost of homeowners insurance in Virginia Beach for $250,000 is $1,700 per annum. This is higher than the $1,312 national average. Rates will vary depending on your home’s age, condition, and the discounts and coverages you are eligible for.
What amount of home insurance do you need in Virginia Beach
The amount of dwelling coverage is determined based on how much it would cost to rebuild your house if it was total loss. The minimum coverage required to rebuild your Virginia Beach home can be determined by insurance companies using valuation tools. It’s a good idea, however, to talk with an insurance broker or agent to determine the right amount of coverage to cover your home, assets, and personal belongings.