Best homeowners insurance in Virginia in 2021
Virginia homeowners insurance costs an average of $1,013 per year for $250,000 in dwelling coverage, according to Bankrate’s 2021 study of quoted annual premiums. And while finding an affordable policy in Old Dominion might be a priority for many residents, price is not the only factor to consider when shopping around. To find the best Virginia homeowners insurance, you may also want to think about customer service ratings, coverage options, discounts, policy features and financial strength.
Bankrate’s insurance editorial team regularly keeps a pulse on the Virginia home insurance market to determine the ones offering the best policies to the state’s residents. By 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 home insurance companies.
Best home insurance companies in Virginia
To find the best homeowners insurance in Virginia, we gathered each company’s average 2021 quoted rates from Quadrant Information Services 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|
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. However, Allstate does have a higher-than-average complaint index score from the National Association of Insurance Commissioners (NAIC), which means more than twice the normal number of complaints are filed.
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 second 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. Auto-Owners might not be a good fit if you like to handle your coverage digitally, as the company received a well-below-average ranking from J.D. Power for digital service.
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. With one of the more expensive average premiums on our list for the state, Chubb might not be the best company for homeowners seeking low-cost policies.
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 J.D. Power Property Claims Study, Virginia residents may feel especially confident in Farmers’ ability to cover their homes when it is most needed. The company’s average premium is the highest on our list, though, and well over Virginia’s average, so it might not be best for homeowners on a budget.
Learn more: Farmers Insurance review
Nationwide’s rates fall just under the Virginia average for home insurance, but the company offers well-rounded coverage. 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. But like Auto-Owners, Nationwide’s digital service is not rated highly by J.D. Power.
Learn more: Nationwide Insurance review
How much is homeowners insurance in Virginia?
The average homeowners insurance Virginia cost is $1,013 for $250,000 in dwelling coverage, which is relatively affordable compared to the U.S. national average of $1,312 per year. It is also cheaper than neighboring states like Maryland, where home insurance costs $1,124 per year. However, some surrounding areas are a little more affordable, such as Washington, D.C., where an average policy costs $902 per year.
There may be several reasons why Virginia homeowners insurance companies charge less on average than in other states. While Virginia can experience severe weather, much of the state is farther inland than other states, like Maryland. This might mean that much of Virginia has less of a chance for catastrophic damage from coastal storms, like hurricanes.
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. In late September 2021, heavy rains flooded parts of Central Virginia.
- 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. In late August 2021, the remnants of Hurricane Ida hit Virginia, dousing the state in several inches of rain and spawning a few tornadoes.
- Storm surge: Storm surge is considerably common in Virginia, especially around the Virginia Beach Area. Nearly 400,000 Virginia Beach homes were at risk of storm surge in 2021, potentially resulting in nearly $95 billion in reconstruction costs.
Home insurance coverage options in Virginia
Outside of the standard home insurance coverage types, 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, Virginia residents commonly purchase flood insurance as a separate policy. Flood insurance is offered through the National Flood Insurance Program (NFIP) and through some private insurance carriers. If you have a home in a high-risk flood zone or have a mortgage, you may be required to purchase a policy.
- 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 or for damage caused by named storms. 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 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.
- Water backup coverage: Homeowners insurance automatically covers many types of water damage, but damage caused by backed up sewer and drain lines is not one of them. You will need a separate endorsement — usually called water backup or sewer and drain line backup coverage — for this type of damage.
Frequently asked questions
Is homeowners insurance required in Virginia?
Homeowners insurance is not legally required in Virginia. However, if you have a mortgage or other type of loan on your home, your lender will probably require you to have a minimum amount of homeowners insurance on your property. You may also be required to carry flood insurance if you live in a flood zone and have a mortgage. Even if you own your home outright, having homeowners insurance can provide financial protection against home repair or rebuilding costs.
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.