In Virginia, there are more than 3,000,000 housing units. 66% of these are owner-occupied. It is even more remarkable that 33% of Virginia’s housing market is comprised of individuals younger than 35. It doesn’t matter if you have owned your home for a while or are just starting to own it, it can be difficult to figure out how best to insure your property. The average cost of homeowners’ insurance in the Commonwealth of Virginia is $1,013 annually for a policy with $250,000 of dwelling coverage.
It can be difficult to choose the right policy for Virginia, especially when you consider the state’s weather hazards like tornadoes and storms. Bankrate’s editorial team monitors the Virginia home insurance market regularly to find the most beneficial policies for state residents. We have narrowed the list down to five top-rated Virginia homeowners insurance providers by using up-to-date quotes gathered from Quadrant Information Services.
Virginia’s best home insurance companies
We gathered the average quotes rates for each company (as of 2021), and added each company’s J.D. to find the best Virginia homeowners insurance. Our assessment was based on Power U.S. Property Claims Study scores. We reviewed each company’s policy offerings in order to provide a more comprehensive overview. You can be confident that our list includes great providers who offer excellent rates, coverage, and financial strength.
Allstate
Allstate offers appealing options such as HostAdvantage for homesharers and mobile home insurance, in addition to standard homeowners insurance policies. Allstate provides useful tools for Virginia homeowners who aren’t sure where to begin when it comes to coverage. For example, its tool to find the most costly claims in your region by entering your zip code. Another standout feature is the easy online claim filing tool that allows policyholders file claims and track their progress.
Auto-Owners
Auto-Owners has the lowest home insurance policy, on average, on our Virginia list. This makes them one of the top Virginia homeowners insurance companies for anyone looking to save money and still receive excellent customer service. The J.D. Auto-Owners ranked fourth in the J.D. Power Property Claims Study, which examined claims settlement, experience, and repair. There are also coverage options such as equipment breakdown, guaranteed home replacement cost, and scheduled personal property.
Chubb
Chubb is the largest publicly traded property- and casualty insurance provider in Virginia. It offers homeowners home insurance with many extras, including tree removal after a storm and data restoration following a computer virus. Also, lock replacement for lost or stolen keys. Extended replacement cost coverage is available for homeowners, which covers upgrades that conform to current building codes.
Farmers
Bankrate rated Farmers as one of the top Virginia homeowners insurance providers. It offers three levels of homeowners insurance. Your policy automatically includes features such as a $50 declining deductible and claim forgiveness. Virginia residents can feel confident that Farmers will be able to provide coverage for their homes as Farmers is one of the top-ranking insurers in the Property Claims Study. Additional coverage is available for policyholders who have suffered identity theft, as well as re-building their homes with green materials.
All over the country
Nationwide offers comprehensive coverage for your home, with rates that are just below the Virginia average for home-insurance. There are additional protections beyond standard coverages like earthquake insurance and extended limits for high value items. You can also get roof replacement. Nationwide policyholders can benefit from valuable home insurance protections as well as a solid claims handling experience.
What is the cost of Virginia homeowners insurance?
Average homeowners insurance Virginia costs $1,013, which compares to $1,312 per annum in the United States. It’s also less expensive than the $1,124 per annum cost of Maryland, which is a neighboring state. Some surrounding states, however, are more affordable, like Washington, D.C., at $902 per annum.
There may be a number of reasons that Virginia homeowners insurance companies are charging less than other states. For example, Virginia’s median property value is lower than Maryland. While the median property value for Maryland is $324 800, Virginia’s is $281 700. This may help to lower home insurance costs.
Virginia home insurance
Although Virginia’s average insurance rates are at the lower end, there are many things homeowners need to consider when buying coverage. Virginia’s location near many bodies of water such as the Atlantic Ocean, Chesapeake Bay, and several rivers makes certain claims more likely.
Common Loss Causes in Virginia
Virginia homes are more susceptible to flooding, severe storms, and hurricanes than other states. Virginia is close to many bodies of water, which explains this.
- Flooding – According to the Virginia Department of Conservation and Recreation just one inch of flooding can cause more than $25,000 in home damage. Virginia has over 2.3 million acres of Special Flood Zone Areas. It may be worth checking to see if your home is included in these areas.
- Hurricanes The hurricane season in Virginia runs from June 1 to November 30. According to 2021 predictions, Virginia will have a season that is above average with about 13-20 named storms.
- Storm surge: Storm surge is a very common phenomenon in Virginia, particularly around the Virginia Beach Area. In 2020, more than 4,000 Virginia Beach properties were at risk from storm surge. This could lead to $1.38 Billion in reconstruction costs.
Virginia offers a variety of home insurance options
Virginia homeowners might be able to benefit from additional policies or endorsements that cover storm-related damages, in addition to the standard home insurance coverages.
- Flood insurance – Although not included on standard homeowners insurance policies, flood insurance is often purchased separately by Virginia residents. Flood insurance can be purchased through the National Flood Insurance Program, which currently has 16,455 policy.
- Windstorm insurance Hurricane damage is usually covered by standard policies. However, companies in coastal states such as Virginia may exclude damages caused by high winds. An endorsement for windstorm coverage can help you to cover more storm damage to your home.
- Extended replacement cost value: An endorsement for extended replacement costs could be a good idea because of the frequent flooding in Virginia. This will help you to ensure that you aren’t underinsured if your home is damaged by a hurricane. Many insurers let you choose the percentage of your coverage that you want to extend beyond your existing dwelling coverage limit.
Questions frequently asked
Virginia homeowners insurance: Is it required?
Virginia does not require homeowners insurance. Keep in mind, however, that your lender may require you to have minimum homeowners insurance if your mortgage is on your house.
What is the best homeowners insurance in Virginia?
Every person will have a different lowest homeowners insurance company. Virginia home insurance rates can be very personal and depend on many factors. The factors that determine your premium include the size and location of your home, construction materials used, and the date it was built. Your credit score, financial history and income will all be considered by your lender.
How can I get Virginia homeowners insurance?
You will need to provide basic information about yourself and your home in order to obtain Virginia homeowners insurance. You should be ready to disclose your name, marital status and address, as well as the age and size of your home. You might be asked about safety features and your claims history to determine if you are eligible for discounts.
What’s the difference between homeowners and hazard insurance?
Hazard insurance covers your personal property and home if it is damaged by a natural disaster. If someone is injured on your property, the rest of your policy will protect you from theft and other damages.
