The average cost of a homeowners insurance policy in Arlington, Virginia, is $795 per year for $250,000 in dwelling coverage, lower than the average annual state-wide premium of $924 per year for the same coverage amount. While homeowners insurance in Arlington may be more affordable than in other parts of the state, the median housing price is nearly $732,000, according to the latest U.S. Census Bureau data. Housing is more expensive, which means homeowners may be searching for the best cheap homeowners insurance in Arlington to help save on homeownership costs.
To help guide homeowners, Bankrate reviewed regional and national insurance providers to find the best ones offering the most affordable rates in the area. Although your exact rates may be different, these companies may be a good starting point in your search for cheap home insurance.
Best cheap home insurance companies Arlington
Mercury and Travelers insurance offers some of the best cheap home insurance rates in the Arlington area, according to 2022 premium data from Quadrant Information Services. The average cost of homeowners insurance in Arlington is $795 a year for $250,000 in dwelling coverage, and the providers listed below may be even more affordable for residents. To find the best cheap home insurance Arlington offers through different companies, Bankrate reviewed each provider’s 2022 quoted home insurance rates and compared how the top, cheapest carriers performed in terms of coverage options, discounts offered, claims-filing ease and customer satisfaction. J.D. Power’s Home Insurance Property Claim Satisfaction Study was also helpful since it is independently organized and provides a snapshot of what policyholders think of a carrier. Once the information was compiled, Bankrate calculated a score based on a five-point scale to provide further indication of how each provider compares. Here are our four picks for the cheapest and best home insurance in Arlington:
|Home insurance company||Bankrate Score||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Virginia Farm Bureau||Not rated||$669||Not rated|
Mercury Insurance is one of the cheapest and best insurance companies in Arlington, based on our assessment. However, Mercury is not included in rankings in the J.D. Power Home Insurance Study. It could be because of its size as a smaller, regional carrier, which may be a plus or minus, depending on your preference for carrier size. We looked at other sources for customer reviews and found that Mercury customer complaints are below industry average. If you are in search of basic home insurance coverage without the frills and special add-ons, Mercury may be a good option.
Learn more: Mercury Insurance review
Travelers’ insurance rates were very low on average, at $490 per year, making it one of the cheapest options for homeowners insurance in Arlington. If you are switching from a more expensive carrier, the savings could make a big difference in your budget or allow you to upgrade your home insurance policy. Although it scores below the industry average with J.D. Power, Travelers has specialty coverage options such as water backup, jewelry, replacement cost and green rebuilding coverage. Travelers may also cover work-related equipment such as computers and printers, which would be ideal for remote workers who have not returned to the workplace.
Learn more: Travelers Insurance review
Pennsylvania-based Erie provides the standard home insurance package your lender may require, as well as optional coverages such as identity recovery, water backup and service line protection. Service line protection covers the underground lines that run from your house to the city hookups outside. Adding the coverage could save you thousands of dollars in repairs to your plumbing, electrical, phone, cable or internet lines. Although Erie only operates in 12 states and is a smaller regional provider, it does operate with a large local agent network, further emphasizing the customer service aspect of the carrier.
Learn more: Erie Insurance review
Virginia Farm Bureau
Virginia Farm Bureau offers the standard homeowners policy options for residents of Arlington for members of the Farm Bureau organization. An additional equipment breakdown coverage option is available, which may offer further financial protection if one of your home’s major systems breaks down. The policy options and discounts are limited, but the rates may be some of the most affordable based on our analysis.
Learn more: Virginia Farm Bureau Insurance review
Home insurance coverage options in Arlington
Virginia does not require homeowners to have insurance. However, your lender likely will for as long as you are paying off the mortgage. Even if you own your home free and clear, there are many “what-ifs” to worry about if you do not have coverage. Home insurance is often a small investment towards a large peace of mind, and the following coverage options may come in handy:
- Flood insurance: If your home is in a flood zone, you will likely have to purchase coverage in addition to home insurance, as flooding is excluded from home insurance policies. However, policies can be purchased through the National Flood Insurance Program (NFIP) and some private insurers.
- Business coverage: You may want to consider adding additional coverage for important devices, such as your work computers, printers and any small business machines or inventory you keep in the house. Otherwise, your home insurance policy might not cover them. Several insurers offer home business protection as an option for coverage.
- Replacement cost: Upgrading from actual cash value coverage to replacement cost coverage to replace your lost or damaged goods with new versions could leave you with more substantial financial protection.
Home insurance discounts in Arlington
Insurance companies typically have discounts that help lower your premiums to keep them competitive. Some of the most significant ways to save on home insurance are:
- Fire preventative: Having fire-resistant siding, roofing or landscaping could help you save on home insurance.
- Multi-policy: Buying car and home insurance from one carrier can typically save you money on your premiums.
- Protective devices: An active and monitored home security system or smoke alarm could warn you against danger in advance. It could also help you save on home insurance.
Bundling policies and installing safety equipment are some of the easiest — and most impactful — options for saving on a policy. Chances are, these are actions you would take anyways, and these discounts may help you save even further.
Frequently asked questions