The Best Virginia Home Insurance Companies of 2020

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The Commonwealth of Virginia is the twelfth most populated state, with over 8.5 million people, and more than 3 million households. The rate of homeownership hovers at around 66.6%, which is slightly higher than the United States national average of 63.9%. The median property value for a home in Virginia is $273,400, a 3.5% growth from the year prior.

If you’re one of those homeowners, your home insurance policy can protect your investment and keep your home safe. 

Homes in Virginia are more susceptible to damage from hurricanes and floods, so having insurance coverage that protects you against common hazards is important. The good news is that homeowners insurance in Virginia is generally affordable, so you can avoid paying out-of-pocket if you ever have to repair or rebuild your home. 

When you start looking for homeowners insurance companies, consider the value of your home, the type of coverage you want, your deductible and any additional coverages you need. For example, most basic homeowners insurance policies do not cover flood damage, but it can be purchased through a separate policy. These factors will ultimately determine the cost of your annual premium. 

Best home insurance in companies in Virginia

With so many different Virginia homeowners insurance companies available, how do you know which one is the best? To make your shopping experience easier, we put together a list of the best home insurance companies using J.D. Power’s 2019 U.S. Home Insurance Study. Specifically, we examined the ratings for overall satisfaction, coverage options, price and customer service for each provider. These companies made the top of our list:

  • Amica: Amica earned the top spot on J.D. Power’s Home Insurance Study with fivestars for overall satisfaction, policy offerings and customer service.
  • Erie: Erie was the second runner up our list. This company received a perfect five-star rating for overall satisfaction and price from J.D. Power.
  • State Farm: State Farm is a reputable insurance company that offers great discounts, affordable premiums and coverage add-ons so you can customize your policy.
  • Auto-Owners: Auto-Owners offers highly rated customer service through local agents, affordable premiums and many discount options.
  • Virginia Farm Bureau: Virginia Farm Bureau offers affordable homeowners coverage through local agents. It is a great option for Virginia residents who want to give back to their community. Virginia Farm Bureau is not ranked by J.D. Power.
J.D. Power Rating  A.M. Best Rating BBB Rating 
Amica 5 out of 5 stars A+ A+
Erie 5 out of 5 stars A+ B+
State Farm 4 out of 5 stars A++ A+
Auto-Owners 4 out of 5 stars A+ A+
Farm Bureau Not rated A- A+

Average homeowners insurance cost in Virginia

According to the Insurance Information Institute (III), the average cost of homeowners insurance in Virginia is about $966, which is relatively affordable compared to the United States average of $1,173 per year.

To help you understand the cost differences between the five providers on our list, we got online quotes for a 35 year old homeowner with a $250,000 home and $200,000 in liability coverage. Our sample home was built in 1990, is one story, 1,500 square feet and is located in Richmond, the state’s fourth most populous city.

  • Amica: $974
  • Erie: $988
  • State Farm: $928
  • Auto-Owners: Speak with an agent to get a quote
  • Virginia Farm Bureau: Speak with an agent to get a quote

According to the data from III, Virginia is the 15th least expensive state for homeowners insurance, ranking 35th out of 50. Here’s a peek at how Virginia’s homeowners insurance rates compare to other states in the Mid-Atlantic region:

Virginia Maryland West Virginia Pennsylvania
$966 $1,022 $917 $927

Virginia and surrounding states are often in the path of major hurricanes, which means that many homes are at risk of damage from extreme winds, rain and flooding. 

Remember that your homeowners insurance premium depends on a number of factors, including the location of your home. If your home is on or near the immediate Virginia coastline, expect to pay more for your insurance than someone who owns a home inland. You’ll also pay less if you are nearby safety facilities like fire hydrants and police stations. 

Home insurance coverage options in Virginia

If you’re in the market for homeowners insurance, there are a few common types of coverage that you should know about:

  • Dwelling Coverage: This type of coverage will pay for repairs to your home if it’s damaged in a covered incident. Dwelling coverage also applies to structures that are detached from the main home, like a garage.
  • Personal Property Coverage: This type of coverage protects your valuables and personal possessions if they are damaged or stolen.
  • Liability Protection: This type of protection covers you in a lawsuit if you accidentally injure someone on your property or cause damage to someone else’s property. This type of coverage can be beneficial if you have a dog because it can protect you if your dog ever bites someone.
  • Guest Medical Protection: This type of coverage will help you cover medical expenses if someone on your property gets injured.
  • Additional Living Expenses: This type of coverage pays for hotel and food expenses if you can’t live in your home due to damage.

In addition to these basic coverage options, Virginia homeowners should also consider purchasing flood insurance. Most homeowners insurance policies cover extreme weather damage and theft but do not cover flood damage. You should be able to purchase flood insurance from your homeowners insurance provider as a separate policy.

Common causes of home insurance losses in Virginia

Homes in Virginia are more likely to get damaged from severe weather than other states. According to CoreLogic, between 27,000 and 409,000 single-family homes in Virginia are at risk of storm surge damage. To put that into perspective, Hurricane Sandy—the most destructive hurricane in the last decade—caused $295 million in private insurance claims in Virginia in 2012.

The most common causes of home insurance losses in Virginia are related to hurricane and flood damage. It’s critical that Virginia homeowners have enough coverage to protect their homes in the event of a hurricane, as well as flood insurance to pay for the damage left behind by floods caused by heavy rain.

Frequently asked questions

Is homeowners insurance required in Virginia?

No, homeowners insurance is not legally required in any state. 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 most affordable Virginia homeowners insurance depends 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 materials it’s built with 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’ll have to submit the address of the home, your social security number, the size of the home, what it’s built with, any other structures on your property and any safety features the home has, like a fire alarm system.

What is the difference between homeowners insurance and hazard insurance?

Hazard insurance is the portion of your homeowners insurance 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.