Best cheap homeowners insurance in Chesapeake

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Over 71% of residents in Chesapeake, Virginia own a home, which means that they likely have a homeowners insurance policy. The average annual premium for home insurance in Chesapeake, Virginia is $1,421 for a $250,000 dwelling. This is slightly higher than the national average of $1,312 and significantly higher than the $1,013 annual average for Virginia.

Chesapeake is a low lying coastal city and is at risk for flooding. Hurricane damage is also a concern for this coastal area. Understanding the common risks in your area, combined with the knowledge of the best home insurance companies, could help you to make an education decision about your insurance coverage.

Best cheap home insurance companies Chesapeake

Bankrate used Quadrant Information Services to obtain current premium information from insurance providers in Chesapeake. We also reviewed the 2020 J.D. Power U.S. Home Insurance Study, which reviewed overall customer satisfaction. We combined these factors with available coverages and discounts to determine the five best cheap home insurance companies in Chesapeake.

Home insurance company Average annual premium for $250K dwelling coverage J.D. Power score
Progressive $947 797 / 1,000
State Farm $1,020 829 / 1,000
Nationwide $1,094 808 / 1,000
Erie $1,300 839 / 1,000
Auto-Owners $1,365 843 / 1,000

Progressive

Although Progressive received a below-industry-average customer satisfaction score from J.D. Power, the company does offer the lowest premium on our list. If budget is your primary concern, Progressive may be a good fit.

One of Progressive’s strengths is its online presence. The company offers a robust website that permits home insurance shoppers to easily compare quotes and tailor policies to fit particular needs. Additionally, you can file insurance claims online. If you prefer to talk to a person, you can call Progressive 24/7.

State Farm

State Farm is the largest home insurance company in the U.S. according to the National Association of Insurance Commissioners (NAIC). State Farm controls over 17% of the U.S. home insurance market. With an average premium in Chesapeake that is $400 cheaper than the area’s average premium, State Farm may be an appealing choice.

State Farm’s home insurance policies offer a few options for customization, including coverage for hobby equipment like musical instruments or cameras. State Farm does not offer many discounts, but its low average premium may make up for that.

Nationwide

Founded in 1926, Nationwide is almost 100 years old. The company became “Nationwide” in 1955 and as the name suggests, the insurer offers coverage across the country.

Nationwide offers several optional coverages to policyholders, including Better Roof Replacement, which will pay to repair or replace your roof with safer and stronger materials if it is damaged due to a covered loss. You may also have the option to purchase coverages like identity theft coverage, water backup coverage and Brand New Belongings coverage.

Erie

Erie traces its origins back to 1925 and originally only offered policies in Pennsylvania. It has since expanded, but still maintains its focus on quality and customer service, providing home insurance in only twelve states, including Virginia.

Erie may be a good option if you prefer face-to-face interactions, as the company sells its insurance products through a network of 13,000 agents. Since the agents are local to your area, they may be more familiar with the specific coverages that you need.

Auto-Owners

Auto-Owners is another regional carrier, offering coverage in just 26 states through a network of agents. Auto-Owners has the highest score for overall customer satisfaction from J.D. Power of any of the companies on our list.

Although Auto-Owners’ average home insurance premium is not the cheapest on our list, there are numerous discounts that might help keep your home insurance price low. You may earn a discount for opting for paperless documents, bundling your home and auto, paying in full or having a water shut-off system.

Home insurance coverage options in Chesapeake

Home insurance is not legally required in Virginia, but if you have a mortgage your lender will likely require you to purchase a policy. Even if you do not have a loan, you may still want to consider buying home insurance. Virginia, especially in its coastal cities like Chesapeake, is at risk from hurricanes, storm surges and flash flooding. If you live in Chesapeake, you may want to consider the following coverage options:

  • Flood insurance: As previously mentioned, Chesapeake faces flooding problems as a result of the city’s close proximity to the Atlantic Ocean and its low lying geography. Flood insurance is not generally included in standard home insurance policies. You will likely need to purchase a separate flood insurance policy to obtain coverage for flood damage.
  • Hurricane coverage: Hurricanes can cause damage in several ways, ranging from flooding to high winds. Your flood insurance policy, combined with the wind coverage on your homeowners insurance policy, could provide coverage for hurricane damage. However, some homeowners policies have exclusions for named storms, so be sure to talk to your agent to learn how your company covers you for hurricanes. You may need to purchase an endorsement.
  • Crime coverage: Losses due to theft are typically covered by homeowners insurance. In securing a policy that protects your personal belongings, you may want to complete a home inventory.

Since every homeowner has different needs, working with a licensed agent might help you decide what coverages are right for you.

Home insurance discounts in Chesapeake

If the price of your insurance is your main concern, you may want to take advantage of insurance discounts. Most insurance companies offer discounts. Some common ways to save include:

  • Bundling policies: Bundling, or purchasing two or more policies from one insurance company, is one of the most common discounts offered.
  • Choosing paperless discounts: Opting for paperless documents and billing statements may help you to save on your premium.
  • Maintaining good credit: Building and maintaining a good credit score might help you save on home insurance premiums. Insurance companies tend to view good credit as an indication that you will pay premiums on time and be less likely to file claims.
  • Installing a home security system: If you have a home alarm system, it could deter burglars from entering your home or alert you if there is a dangerous situation. Many insurance companies offer a discount for having a security system.

Additionally, many home improvements that help to mitigate weather-related damage, such as new roofs or updated HVAC systems, might be rewarded with home insurance discounts.

Frequently asked questions

What is the best home insurance company?

There is no one best insurance company for everyone, because everyone has different wants and needs when it comes to insurance. By obtaining quotes from several home insurance companies, you could compare coverages, customer service scores, digital tools, discounts and premiums to find a policy that you feel comfortable with.

How much does home insurance in Chesapeake cost?

The average annual cost of homeowners insurance in Chesapeake is $1,421 for a dwelling costing $250,000. However, the price for homeowners insurance can vary significantly depending upon the cost of your home, the coverages you choose and the limits you select. Your premium will likely be different from the regional average.

How much home insurance do I need?

You will likely want to purchase enough homeowners insurance to cover the rebuilding cost of your home if it is destroyed, as well as to replace your personal property. Choosing a liability limit is also important, as liability coverage protects your assets in the event that you are sued. Talking to an insurance professional may help you decide how much coverage to purchase.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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 will differ.

Written by
Rick Hoel
Insurance Contributor
Rick Hoel is an international business attorney and legal and insurance writer for Bankrate.com, Reviews.com and Accessibility.com. Over the last several years, he has covered topics dealing with personal and commercial insurance and technology and the law. Rick is General Counsel and Director of Risk Management and sits on the Board of Power Stow Americas Inc., a subsidiary of Power Stow A/S in Denmark, the world leader in the supply of tracked conveyor systems to the airline industry.
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