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Best cheap homeowners insurance in Norfolk

Norfolk Virginia Cityscapes, Ghent Historic District
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Norfolk Virginia Cityscapes, Ghent Historic District
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The average cost of home insurance in Norfolk, Virginia, is more affordable than in many other cities. However, some homeowners pay higher premiums than others. To help you find the best cheap home insurance in Norfolk, Bankrate leveraged data from Quadrant Information Services and used our unique methodology to evaluate the top companies based on factors like affordability, third-party ratings, coverage options and more.

Best cheap home insurance companies in Norfolk

A few of the cheapest home insurance companies in Norfolk are ASI Progressive, State Farm and Nationwide, based on our assessment of homeowners insurers in Norfolk. These providers have average premiums below the citywide average rate, which is $1,633 per year for a policy with $250,000 dwelling coverage.

As part of our review of the best cheap home insurance providers in Norfolk, we gave each company a Bankrate Score out of five points. Bankrate Scores are calculated using a variety of important factors, such as affordability, claim handling, accessibility, online/mobile resources and financial strength.

When evaluating home insurance companies, keep in mind that price is one factor. The cheapest carrier might not have the types of coverage you need or have poor customer service. Make sure to consider factors besides the price of policies to determine if the carrier is a good fit for your needs.

Home insurance company Bankrate Score Average annual premium J.D. Power score
State Farm 4.7 $1,104 880/1,000
Erie 4.6 $1,445 869/1,000
Auto-Owners 4.3 $1,374 900/1,000
Nationwide 4.1 $1,204 892/1,000
ASI Progressive 3.7 $1,277 879/1,000

State Farm

State Farm has the lowest average premium, and it has the highest Bankrate Score on our list. Because the company sells its products through a network of local agents, your agent is more likely to understand the specific needs of homeowners in Norfolk. However, State Farm’s home insurance policies are relatively basic, with only a few optional coverages available. If you are looking for extra policy savings, there are several discounts available, including a discount for having an impact-resident roof.

Learn more: State Farm Insurance review

Erie

Erie is a regional insurance company offering coverage in 12 states, including Virginia. The company offers guaranteed replacement cost coverage in many of its markets. Although Erie has low average rates, it offers fewer add-on coverages and discounts than most other companies on our list. In addition, Erie has the lowest J.D. Power rating out of the five providers in our review.

Learn more: Erie Insurance review

Auto-Owners

Auto-Owners is another regional carrier; it offers coverage in 26 states. The company received the highest J.D. Power score on our list of carriers and the second-highest score overall in the Study, indicating that its policyholders are usually satisfied with its service. Auto-Owners offers several optional endorsements, including equipment breakdown coverage, guaranteed home replacement coverage, special personal property coverage and identity theft coverage. However, you must contact an agent to get a quote.

Learn more: Auto-Owners Insurance review

Nationwide

Nationwide may be a good home insurance company if you are looking for robust online and mobile resources. The company’s website allows you to see your Nationwide policies, make changes, pay bills and file claims. Nationwide offers several optional coverage types that may be beneficial for Norfolk homeowners, including coverage for jewelry and valuables, identity theft coverage, water backup coverage and earthquake coverage. There are also plenty of discounts, with savings for living in a gated community, having a newer roof, installing smart home technology and more.

Learn more: Nationwide Insurance review

ASI Progressive

Based on our research, ASI Progressive offers a low average annual premium for homeowners insurance in Norfolk. On top of its low average premium, Progressive offers a range of discounts, including a discount for getting a quote in advance or insuring a newly built home. However, compared to other providers we reviewed, ASI Progressive has fewer add-on coverage options available for policy customization.

Learn more: Progressive Insurance review

Home insurance coverage options in Norfolk

A standard home insurance policy includes coverage for your dwelling, personal belongings, liability, medical payments and additional living expenses. While standard policies are comprehensive, these policies do not cover everything. Most home insurance companies sell endorsements that can fill gaps in your coverage and provide additional protection. Below are popular endorsements or policies that may be beneficial for Norfolk homeowners needing increased coverage:

  • Flood insurance: Standard home insurance policies do not include coverage for flood-related damage. Because Norfolk is located near the coastline, it’s a good idea to consider purchasing a separate flood insurance policy. Many home insurance companies offer flood coverage through the National Flood Insurance Program (NFIP).
  • Earthquake insurance: Although earthquakes are not common in Virginia, they happen. Standard home insurance policies exclude coverage for earthquake damage, so you might consider buying separate earthquake coverage.
  • Valuable items coverage: If you keep valuables in your home, like jewelry, money, collections or fine art, adding a valuable items endorsement (also called scheduled personal property coverage) is worth considering. This policy or endorsement increases your coverage for expensive items.

Home insurance discounts in Norfolk

Although cost is not the only consideration for home insurance, finding a cheap policy is often high on many shoppers’ lists. Most companies offer discounts to their policyholders to help them control the cost of their insurance. Some common discounts in Norfolk include:

  • Home and auto discount: This discount is often applied if you insure your home and auto policies with the same company.
  • Loyalty discount: After being insured with the same company for a certain number of years, you may qualify for a loyalty discount.
  • Claims-free discount: If you have not filed a home insurance claim in several years, you could be eligible for this discount.
  • Home safety discount: If you have working and monitored smoke alarms, security alarms or other safety devices in your home, you may earn a discount.

Every company offers a different suite of discounts. You may be able to review discounts online, but you could also talk to a representative from your insurance company to see if you are taking advantage of as many discounts as possible.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 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.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others
Edited by
Insurance Editor