The best Virginia homeowners insurance 2021

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The Commonwealth of Virginia is the twelfth most populated state, with over 8.52 million people, and more than 3.18 million households. The average cost of homeowners insurance in Virginia is $1,013 for a policy with $250,000 dwelling coverage. The rate of homeownership hovers at around 65.9%, which is slightly higher than the United States national average of 63.9%. If you’re one of those homeowners, your Virginia home insurance policy can protect your investment and keep your home safe.

If you’re one of those homeowners, your Virginia 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 expenses 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.

Best home insurance 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 2020 U.S. Property Claims Satisfaction Study as a reference point and relying on our industry expertise to evaluate which providers have the best rates, coverage options, discounts, customer ratings and financial stability.

Home insurance company Average annual premium for $250K liability J.D. Power customer satisfaction score
Allstate $997 882/1000
Auto Owners $946 889/1000
Farmers Insurance $1,439 893/1000
Nationwide $515 886/1000
USAA $1,174 904/1000

Allstate

Allstate offers some of the most affordable home insurance with extra safeguards like its Rate Lock program and Claims-Free Rewards program. Also helpful is the simple online quote system for quick and easy home insurance quotes.

Auto-Owners

Auto-Owners makes the top five in best homeowners insurance in Virginia for a combination of affordable pricing and excellent claims responses. Customers laud Auto-Owners Insurance for the 48,000 licensed agents who provide personal service when it’s time to create a Virginia home insurance policy for renovated dwellings, vacation homes and residences under construction, among others.

Farmers

Farmers Insurance promises personalized coverage and personalized service. Farmers’ home insurance is unique because it’s offered in three tiered packages—Standard, Enhanced and Premier. With each package, you can adjust your policy limits and add or change coverages. Every Virginia home insurance policy from Farmers includes perks like claim forgiveness, cosmetic damage coverage and a declining deductible program.

Nationwide

Nationwide is by far the most affordable provider on our list, charging less than half of the other providers’ average rates. What’s most impressive about its low rates is that Nationwide still offers noteworthy coverage with its Brand New Belongings and Better Roof Replacement programs.

USAA

USAA is known for superior customer service, consistently receiving top rankings year after year. It also has some of the most affordable insurance rates, too, charging an average of $1,174 for its policies. However, to benefit from USAA coverage, you must be active duty military, a veteran, or a family member.

Average cost of homeowners insurance in Virginia

The average homeowners insurance Virginia cost is $1,013, which is relatively affordable compared to the United States average of $1,477 per year. It’s also cheaper than neighboring state Maryland, which costs $1,113 per year. However, some surrounding states are a little more affordable, such as Washington, D.C., which costs $930 per year, and West Virginia, which costs $1,003 per year.

However, it’s important to remember that the cost of Virginia home insurance 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 considerations in Virginia

Given the differences in home insurance costs between the Mid-Atlantic states, there are some factors you want to consider before you purchase a new homeowners insurance policy.

Virginia common causes of loss

Homes in Virginia are more likely to get damaged from severe weather than other states:

  • Flooding: The most common causes of home insurance losses in Virginia are related to hurricane and flood damage. Four counties were declared natural disaster areas in 2018 from rain and flash flooding.
  • Hurricanes: Hurricane Sandy—the most destructive hurricane in the last decade—caused $295 million in private insurance claims in Virginia in 2012.
  • Storm surge: According to CoreLogic, between 23,000 and 410,000 single-family homes in Virginia are at risk of storm surge damage. This would equal up to almost $100 billion in reconstruction costs should these homes need to be rebuilt.

Virginia homeowners need 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.

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 23,000 and 410,000 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. Four counties were declared natural disaster areas in 2018 from rain and flash flooding. 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.

Recommended coverages in Virginia

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

  • Dwelling Coverage: Pays to repair the structure of your home if it’s damaged in a covered incident. It also covers detached structures, like a garage.
  • Personal Property Coverage: This type of coverage protects your valuables and personal possessions if damaged or stolen.
  • Liability Protection: This type of protection covers you in a lawsuit if a guest gets injured on your property, or if you 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 expenses like hotel, food, parking and laundry costs 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. You can also get flood coverage through the National Flood Insurance Program (NFIP).

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 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 some basic personal information and details about your home. 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.

Methodology

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 2020 Quadrant Information Services data.