In Virginia Beach, VA, the average cost of home insurance is $1,700 annually for $250,000 in dwelling coverage. Home insurance costs are higher in the city than the average for the state of Virginia, which is $1,013 for the same coverage. Being so close to the Atlantic Coast, Virginia Beach is very high-risk for hurricanes, one factor that drives up homeowners insurance premiums in an area.
In fact, Virginia is ranked sixth for storm surge risk in the country. Wind and hail claims are also common after a hurricane and are the number one cause of homeowners losses each year, followed by fire and lightning. To find the best home insurance companies in Virginia Beach, VA, we analyzed each company based on market share, financial strength, the average annual cost of home insurance and customer ratings based on third-party studies.
Best home insurance companies in Virginia Beach
Below are the five of the best homeowners insurance companies in Virginia Beach. These rankings are based on the average cost of insurance, coverage and discount options, third-party rankings and financial strength, proving a company’s ability to pay out claims, even during a natural disaster like a hurricane.
|Home Insurance Company||Average Annual Premium for $250K Dwelling||J.D. Power Score|
Allstate is the fourth largest home insurer in Virginia, with 8.6% of the market share. It offers up to 25% savings when bundling homeowners insurance with auto, plus a loyalty discount for being an Allstate customer. Homeowners who do home-sharing may be able to take advantage of special coverage under a home insurance policy with Allstate. The company also offers an enhanced homeowners package, which can help keep home insurance rates cheap even if you file a claim.
Allstate’s financial strength ratings are all stable, with superior or higher ratings to show the ability to pay future claims. The company is rated above average with 882 points in the J.D. Power 2020 U.S. Property Claims Satisfaction Study and is above average in the U.S. Home Insurance Study, totaling 829 out of 1,000 points.
Though its name is Auto-Owners Insurance, this insurance company also offers home, life and business insurance products. Homeowners can build their policy with optional coverages like homeowners plus and equipment breakdown coverage, which pays for electrical or mechanical failures of home appliances.
Auto-Owners also ranked above average in the J.D. Power Property Claims Satisfaction Study and Home Insurance Study, garnering 889 and 843 points, respectively. The insurance company has superior financial strength to pay claims and a lower-than-average complaint index than similar-sized insurers with the National Association of Insurance Commissioners (NAIC).
Erie is only offered in 12 states, including Virginia. Though a smaller insurance carrier, the company is the seventh-largest insurer by market share in Virginia. Homeowners can take advantage of true replacement cost coverage endorsement and higher limits on select coverages like valuables and important documents. Identity recovery and service line protection for underground service and utility lines not covered by the public utility is also available.
Erie fared above average in all three J.D. Power U.S. Insurance Studies and took the number two spot for mid-size insurers with 880 points in the Insurance Shopping Study for purchase experience. Erie also has superior financial strength ratings to pay claims, though it has a slightly higher-than-average complaint index with the NAIC at 1.10, compared to the NAIC’s 1.00.
Nationwide Insurance is the fifth largest home insurer in Virginia by market share. The company offers homeowners replacement costs on the dwelling structure and personal belongings, plus coverage for high-value items and better roof replacement if the roof is damaged in a covered claim.
Nationwide has above average ratings in two of the three J.D. Power studies, though it did come in a few points below average on the Home Insurance Study. The insurance company offers superior financial strength to pay claims and is just above average with a 1.07 complaint index with the NAIC.
Of the five homeowners insurance companies we looked at in Virginia, State Farm has the lowest average annual rates. The insurance company is also the second-largest home insurer in Virginia, with 17.6% of the market share. State Farm is average or above in all three J.D. Power studies and has superior or better financial strength ratings to pay claims. With discount options including savings for bundling, home alert and impact-resistant roofing, State Farm can help Virginia Beach residents secure cheap homeowners insurance rates without sacrificing coverage.
Home insurance coverage options in Virginia Beach
Homeowners in Virginia Beach might want to consider the following coverage options when shopping for home insurance:
- Dwelling coverage: While standard dwelling coverage is included in all home policies, purchasing replacement cost coverage for your dwelling may be more expensive, but it ensures the cost to rebuild your home will be completely covered.
- Personal property: This coverage pays if your belongings are damaged or stolen. Some companies offer actual cash value, while others offer optional coverage for replacement cost. If you have valuable items, you may need to purchase additional coverage.
- Liability protection: Liability coverage protects you if you are sued for someone else’s injuries or property damage.
- Additional living expenses: If your home is damaged and you cannot live there while it is fixed, this coverage pays for living expenses like food, rent, laundry and other costs you may incur while staying elsewhere.
Standard homeowners insurance does not cover floods. With a high likelihood of flooding from hurricanes and other storms, Virginia Beach residents may want to consider purchasing flood insurance. Most homeowners insurance companies in Virginia offer flood insurance, or you can buy directly from the National Flood Insurance Program (NFIP).
Home insurance discounts in Virginia Beach
Most home insurance companies offer discounts as a way to provide cheap insurance rates, which may help you get more affordable rates for home insurance in Virginia Beach. These are some of the more common discounts available:
- Claims-free: The longer you go without making a claim on your home insurance policy, the more you can potentially save each year at renewal.
- Home alert: A centrally-monitored burglar, fire or smoke alarm can keep your home protected and help reduce home insurance costs.
- Multi-policy: The home and auto bundle discount is often the most significant discount you can get on a homeowners insurance policy. It can also make things easier to have both policies with the same insurance company.
- New home: Purchasing a new home is often a great way to get a discount on your homeowners insurance policy.
Frequently asked questions
What is the best home insurance company?
The best home insurance company is different for everyone and based on your unique needs. Consider shopping around to find the right coverage and discounts to get the best rates while still getting the coverage you need.
How much does home insurance in Virginia Beach cost?
The average cost for homeowners insurance in Virginia Beach is $1,700 per year for $250,000 in dwelling coverage, which is higher than the national average of $1,312. Your rate will vary based on the age and condition of the home as well as the coverages and discounts for which you qualify.
How much home insurance do I need in Virginia Beach?
The dwelling coverage amount is based on the amount it would take to rebuild your home if it were a total loss. Insurance companies have valuation tools to determine the minimum amount of coverage needed to rebuild your home in Virginia Beach. That said, it’s a good idea to speak with a licensed insurance agent or broker to determine how much coverage you need to protect your home, assets and belongings.
Bankrate utilizes Quadrant Information Services to analyze 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 may be different.
Rates are determined based on 2021 Quadrant Information Services data.