There are more than 3.5 million housing units in the state of Virginia as of 2019, 66% of which are owner-occupied. Even more impressive may be the fact that a third of Virginia’s housing market is made up of individuals under age 35. Whether having owned a home for several years or newer to the homeowner title, figuring out how to bestinsure your property can be confusing. Fortunately, the average cost of homeowners insurance in The Commonwealth of Virginia is not too expensive compared to most other U.S. states, at $1,013 per year for a policy with $250,000 in dwelling coverage.
Selecting the right policy for your Virginia home may be challenging, especially when the state’s common weather hazards, such as storms and tornadoes, are taken into account. Bankrate’s insurance editorial team regularly keeps a pulse on the Virginia home insurance market to determine the ones offering the best policies to state residents. Utilizing up-to-date quoted premiums gathered through Quadrant Information Services and reviewing where each provider shines, we have narrowed down the list to five standout Virginia homeowners insurance companies.
Best home insurance companies in Virginia
To find the best homeowners insurance in Virginia, we gathered each company’s average quoted rates (as of 2021) and included each one’s corresponding J.D. Power U.S. Property Claims Study score in our assessment. To provide more detailed overviews, we looked into each company’s unique policy offerings to showcase the most appealing to Virginia residents. With our industry expertise, you can feel confident that our list highlights several great providers with some of the best rates, coverage, customer service and financial strength.
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|Allstate||$1,107||882 / 1,000|
|Auto-Owners||$861||889 / 1,000|
|Chubb||$1,287||871 / 1,000|
|Farmers||$1,853||893 / 1,000|
|Nationwide||$1,011||886 / 1,000|
In addition to its standard homeowners insurance policies, Allstate offers attractive options like HostAdvantage, for those who homeshare, and mobile home insurance. For Virginia homeowners not quite sure where to start with coverage, Allstate offers useful tools, like its tool to check the most common costly claims in your area using your ZIP code. But another standout feature is its easy online claims filing tool, which allows policyholders to file and follow the progress of their claim journey.
Learn more: Allstate Insurance review
With the cheapest home insurance policy on average on our list, Auto-Owners is one of the best homeowners insurance companies in Virginia for those looking to save while also receiving high customer service and support. Ranking fourth overall in the J.D. Power Property Claims Study across claims experience, settlement and repair, Auto-Owners is a top contender in the market. Additionally, there are coverage options like scheduled personal property, guaranteed home replacement cost and equipment breakdown.
Learn more: Auto-Owners Insurance review
As the largest publicly traded property and casualty insurance company, Chubb offers home insurance to Virginia homeowners with several extras.These include tree removal after a storm, data restoration after a computer virus and lock replacement for stolen or lost keys. Homeowners also have options for extended replacement cost, which includes coverage for upgrades to match current building codes.
Learn more: Chubb Insurance review
Farmers is one of the best homeowners insurance companies in Virginia among providers Bankrate reviewed, and offers homeowners insurance at three package levels. Whether you choose the Standard, Enhanced or Premier package, features like a $50 declining deductible, claim forgiveness and claims free discount are automatically added to your policy. As one of the highest ranking insurers in the Property Claims Study, Virginia residents may feel especially confident in Farmers’ ability to cover their homes when it is most needed. And for additional coverage, there are options for reubuilding with green materials and for helping restore policyholders’ identities after identity theft.
Learn more: Farmers Insurance review
Nationwide’s rates fall just under the Virginia average for home insurance, but offers well-rounded coverage for your home. Outside of standard protections, there are options for earthquake insurance, extended limits for high-value items and better roof replacement. With strong customer satisfaction scores, Nationwide policyholders may benefit from useful home insurance protections and a reliable claims handling experience.
Learn more: Nationwide Insurance review
How much is homeowners insurance in Virginia?
The average homeowners insurance Virginia cost is $1,013, which is relatively affordable compared to the United States average of $1,312 per year. It is also cheaper than neighboring state Maryland, which costs $1,124 per year. However, some surrounding states are a little more affordable, such as Washington, D.C., which costs $902 per year.
However, there may be several reasons why Virginia homeowners insurance companies charge less on average than in other states. For instance, compared to Maryland — which has higher premiums on average — Virginia has a lower median property value. Whereas the median property value in Maryland is $324,800, Virginia’s is significantly less at $281,700, which may work to drive down home insurance costs some.
Home insurance in Virginia
Although average insurance rates in Virginia land on the lower end of the spectrum, homeowners have several considerations to make when purchasing coverage. One large consideration is Virginia’s placement near several bodies of water, including the Atlantic Ocean, Chesapeake Bay and several rivers, making certain claims more likely.
Common causes of loss in Virginia
Homes in Virginia are more likely to get damaged from severe storms, hurricanes and flooding than other states. This is due largely to Virginia’s proximity to several bodies of water.
- Flooding: According to the Virginia Department of Conservation and Recreation, just an inch of flooding could lead to over $25,000 of home damage. Virginia currently has 2.3 million acres of declared Special Flood Zone Areas, which may be worth checking if the areas include your home.
- Hurricanes: Hurricane season in Virginia lasts between June 1 and November 30. As predicted for 2021, Virginia is set to have an above-average season with around 13-20 named tropical storms.
- Storm surge: Storm surge is considerably common in Virginia, especially around the Virginia Beach Area. More than 4,000 Virginia Beach homes were at risk of storm surge in 2020, potentially resulting in $1.38 billion in reconstruction costs.
Home insurance coverage options in Virginia
Outside of the standard home insurance coverages, Virginia homeowners may particularly benefit from endorsements or separate policies that account for the state’s storm-prone damages.
- Flood insurance: Although unincluded on a standard homeowners insurance policy, flood insurance is commonly purchased as a separate policy by Virginia residents. Flood insurance is offered through the National Flood Insurance Program (NFIP), which currently has 16,455 policies in force in the state.
- Windstorm insurance: Hurricane damage is generally included on standard policies, but companies in coastal states like Virginia may make exclusions for damages resulting from high winds. In this case, purchasing an endorsement for windstorm coverage may help to more fully cover storm damage to your home.
- Extended replacement cost value: Because Virginia has frequent tropical storms, purchasing an endorsement for extended replacement cost could help to make sure you are not underinsured if a storm results in higher reconstruction costs than your home is worth. Most insurers allow you to choose a percentage you would like your coverage extended to past your dwelling coverage limit.
Frequently asked questions
Is homeowners insurance required in Virginia?
No, homeowners insurance is not legally required in Virginia. However, keep in mind that if you have a mortgage on your home, your lender will probably require you to have a minimum amount of homeowners insurance on your property.
What is the cheapest homeowners insurance in Virginia?
The cheapest homeowners insurance company in Virginia is different for everyone. Virginia home insurance rates are highly personalized, and they depend on a number of factors related to the home and the homeowner. Your premium is determined based on the size of your home, the exact location, the construction materials used and when it was built. Your lender will also factor in your credit score, financial history, age and income.
How do I get homeowners insurance in Virginia?
To get homeowners insurance in Virginia, you will have to submit some basic personal information and details about your home. It helps to be prepared to share your name, age, marital status, the address of the insured property, the age of the home, the size of the home and when you want the policy to start. To see if you qualify for discounts, you might also be asked to disclose any safety features in your home, as well as your history of claims.
What is the difference between homeowners insurance and hazard insurance?
Hazard insurance is the portion of your homeowners insurance Virginia policy that specifically covers your home and personal belongings if they are damaged in a covered natural disaster. The rest of your policy protects you from other types of damage, theft and medical bills if someone were to get injured on your property.
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.