Best cheap homeowners insurance in Arlington

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The most recent Census report counted 236,842 residents in Arlington, Virginia. Owner-occupied housing in the city is about 43%, lower than many other cities. This may mean that most residents prefer to rent. One of the reasons could be the high cost of home insurance. Homeowners insurance in Arlington costs above-average at $2,405 per year for $250,000 in dwelling coverage — nearly double the nationwide average of $1,312 per year.

If you are looking to buy or insure your first home, do not be discouraged by Bankrate’s findings. There are many home insurance providers in town. The more expensive carriers drive the average rate up considerably, but Bankrate also found a handful of cheap home insurance companies in Arlington with rates for less than a third of the $2,405 annual average.

Best cheap home insurance companies Arlington

To find the best cheap home insurance Arlington offers through different companies, Bankrate reviewed each provider’s 2021 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 Study was also helpful since it is independently organized and provides a snapshot of what policyholders think of a carrier. Here are our five picks for the best affordable home insurance in Arlington:

Home insurance company Average annual premium for $250k dwelling coverage J.D. Power score
Allstate $751 829 / 1,000
Erie $510 839 / 1,000
Mercury $476 N/A
Progressive $669 797 / 1,000
Travelers $474 803 / 1,000

Allstate

Allstate is another good option for homeowners in Arlington, especially home businesses and individuals who choose to work from home. A standard home insurance policy does not cover business-related or commercial goods, even if it is a covered loss. Business property insurance from Allstate will. It covers work equipment such as computers, printers and machinery. And if you keep inventory for your business in the garage or inside your home, it is covered if you experience covered damages or loss.

Erie

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. They are typically not covered by the utility companies. Although damage is rare, it could happen. And when it does, the repairs can be expensive. Adding the coverage could save you thousands of dollars in repairs to your plumbing, electrical, phone, cable or internet lines.

Mercury

Mercury Insurance nearly ties for the cheapest home insurance in Arlington. Rates are just $2 higher than Travelers. 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. 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.

Progressive

Progressive’s insurance premiums for Arlington residents average $669 per year. However, you may be able to get a better quote if you can take advantage of the discounts they offer. Bundling home and auto insurance could save over 20% on average. Best of all, you could be off the hook for one of those pricey deductibles. Progressive will only ask you to pay one of the two premiums if you have a simultaneous home and car insurance claim.

Travelers

Travelers’ insurance rates were very low on average at $474 per year. 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. Travelers has specialty coverages such as water backup, jewelry, replacement cost and green rebuilding coverage. One coverage that could be a big selling feature is included with your standard home insurance policy. Travelers covers work-related equipment such as computers and printers, which would be ideal for remote workers who have not returned to the workplace.

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. For example, can you afford to rebuild your home in cash if it burns down in a fire, or extensive flooding damages all your belongings and the interior? Home insurance is often a small investment towards a large peace of mind. And the following coverages could 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 not included in your basic policy. However, policies can be purchased through the National Flood Insurance Program (NFIP).
  • Business coverage: You may want to consider adding additional coverage limits 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 would 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 value 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: A home security system or smoke alarm could warn you against danger in advance. It could also help you save on home insurance.

Frequently asked questions

What is the best home insurance company in Arlington?

If you are looking for low premiums and a high level of service, it may be worth considering customer satisfaction scores from several insurers before making a decision. Doing so could help you decide on the best home insurance company for you.

How much does home insurance in Arlington cost?

Average home insurance rates in Arlington are high. Average homeowners pay $2,405 per year for $250K in dwelling coverage. However, we found five companies that have premiums one-third to one-half less of the price.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Rates are determined based on 2020 Quadrant Information Services data.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance, real estate and international business journalist. Besides Bankrate.com, her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and SimpleDollar.com. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. She travels to Africa and the Middle East regularly to consult with women’s NGOs about small business development.
Edited by
Insurance Editor