Best homeowners insurance in Virginia in 2022

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Best home insurance companies in Virginia

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How much is homeowners insurance in Virginia?

Home insurance in Virginia

Although average insurance rates in Virginia land on the lower end of the spectrum compared to the rest of the country, homeowners have several considerations to make when purchasing coverage. One significant factor is Virginia’s proximity to numerous bodies of water, including the Atlantic Ocean, Chesapeake Bay and several rivers across the commonwealth, making certain types of property claims more likely.

Common causes of loss in Virginia

Homes in Virginia are more likely to get damaged from severe weather events, including tropical cyclones and convective storms, and flooding, than many other states. The state is also prone to significant winter weather hazards, including ice storms.

• 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: Virginia is prone to damage from tropical cyclones like all Eastern Seaboard states. 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 along the Atlantic coast. 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 not included in a standard homeowners insurance policy, Virginia residents commonly purchase flood insurance as a separate policy. Flood insurance is offered through the federally-backed National Flood Insurance Program (NFIP) and several dozen 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. However, flooding can occur anywhere in the commonwealth so this may be an additional coverage worth considering for fuller financial protection.
• Windstorm insurance: Hurricane damage is generally included on standard home policies, but insurers in coastal states like Virginia provide the coverage with a windstorm deductible separate from your dwelling deductible for tropical storms named by the National Hurricane Center. According to the Insurance Information Institute (Triple-I), a hurricane deductible is typically 1% to 5% of your home’s insured value and is deducted from your property claim when suffering a named storm loss.
• Extended replacement cost value: Because Virginia has frequent storms, purchasing an endorsement for extended replacement cost could help ensure you are not underinsured if storm damage results in higher reconstruction costs than your home’s insured value. Most insurers allow you to choose a percentage you would like your coverage extended to above 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 financial protection from this type of damage.

Frequently asked questions