Best cheap homeowners insurance in Virginia Beach

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 $924 per year 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.

State Farm

Of the homeowners insurance companies on this list, State Farm offers the lowest average annual rates. This insurance company is also the largest home insurer in the nation, with 8.9% of direct premiums written, according to the Insurance Information Institute.

While State Farm scored below the industry average in the J.D. Power 2021 U.S. Property Claims satisfaction survey, it has superior or better financial strength ratings to pay claims. With discount opportunities that include savings for bundling, home alert and impact-resistant roofing, State Farm may help Virginia Beach residents secure cheap homeowners insurance rates without sacrificing coverage.

Learn more: State Farm Insurance review

Nationwide

Nationwide offers the second-lowest average premiums of the providers on this list, with the average rate just slightly higher than State Farm. In addition to standard coverage options, Nationwide 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 is also rated superior when it comes to financial strength to pay claims, but has a 1.07 complaint index for 2021, which is slightly above average, according to the National Association of Insurance Commissioners (NAIC).

Learn more: Nationwide Insurance review

Auto-Owners

Though its name is Auto-Owners Insurance, this insurance company also offers home, life and business insurance products. Homeowners can build and customize their policies with optional coverages, like homeowners plus and equipment breakdown coverage, which pays for electrical or mechanical failures of home appliances.

Auto-Owners also ranked highly on the 2021 J.D.Power claims satisfaction study, with a score of 900 points out of 1,000. The insurance company is also rated as superior when it comes to financial strength to pay claims, and it has a lower-than-average complaint index when compared to similar-sized insurers, according to the NAIC.

Learn more: Auto-Owners Insurance review

Erie

Erie home insurance is only offered in 12 states and Washington, D.C., and Virginia is one of them. While a smaller insurance carrier, the company offers unique perks to customers. Homeowners can take advantage of the true replacement cost coverage endorsement and higher limits on select coverages, like valuables and important documents. Identity recovery and service line protection is also available for underground service and utility lines that are not covered by the public utility.

It’s worth noting, though, that Erie did not perform as well as the other insurers on this list when it comes to the J.D. Power Insurance Shopping Study, with a score of 869 out of 1,000 points for purchase experience. However, Erie earned a superior financial strength rating to pay claims, and has a lower-than-average complaint index with the NAIC.

Learn more: Erie Insurance review

Allstate

Allstate offers standard insurance coverage, specialty coverages, and numerous discount opportunities, like discounts for bundling homeowners insurance with auto and loyalty discounts. Homeowners who offer home-sharing services to renters may be able to take advantage of special coverage with Allstate. The company also offers an enhanced homeowners package that may help keep home insurance rates low, even if you file a claim.

Allstate’s financial strength ratings are stable, with superior or higher ratings to show the ability to pay future claims. However, the company was rated slightly below industry average on the 2021 J.D. Power Property Claims Satisfaction survey, scoring 882 out of 1,000 points.

Learn more: Allstate Insurance review

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 construction: If you purchase a new construction home or a home that was built within the last couple of years, you may qualify for a discount with your home insurance company.
• Gated community: If your property or neighborhood has a gated entrance, some insurance companies will offer discounts for homes in gated communities.

Frequently asked questions

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    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.

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    How much does home insurance in Virginia Beach cost?

    The average cost of homeowners insurance in Virginia Beach is $1,700 per year for $250,000 in dwelling coverage. This is higher than the national average cost of home insurance, which is $1,383 per year. However, your home insurance costs will likely differ from the average, as there are numerous personal factors that may impact how much you pay for homeowners insurance, including the location, age of the home, condition, coverage amounts and types, and the discounts you qualify for. As such, your rates may be higher or lower depending on these factors.

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    How much home insurance do I need in Virginia Beach?

    Homeowners insurance is not a legal requirement in Virginia, but if you purchased your home with a mortgage loan, your lender will almost certainly require you to obtain a policy to protect your home. Generally speaking, the dwelling amount you purchase should cover the amount it would take to rebuild your home in today’s market, assuming it were a total loss. Insurance companies use tools to calculate the minimum amount you would need to rebuild in Virginia Beach, so consulting with a licensed insurance agent may be helpful for determining coverage needs.

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 2021 Quadrant Information Services data.