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Best homeowners insurance in Virginia for 2023

Written by
Carol Pope
Edited by
Amy Sims
Reviewed by
Mark Friedlander
Updated Jan 03, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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How Bankrate chose the best home insurance companies in Virginia

To find the best Virginia homeowners insurance companies, Bankrate’s insurance editorial team researched and reviewed some of the largest companies by market share in the state. After evaluating each company in-depth and collecting average rate data from Quadrant Information Services, companies were given a Bankrate Score out of five points.
 
To calculate Bankrate Scores, the editorial team graded each carrier on important features, like coverage options, affordability, availability, online tools and third-party ratings and scores. When comparing Virginia homeowners insurance providers, reviewing Bankrate Scores may help you choose a company that is strong across the board. Companies with the highest scores (closest to 5.0) are generally well rounded, and perform well in multiple areas.

Best home insurance companies in Virginia

Based on Bankrate's review of average annual premiums, third-party scores from the J.D. Power 2022 U.S. Home Study and other important metrics, the best Virginia homeowners insurance companies are Erie, Chubb and Mercury. These companies stand out for their excellent financial strength, good coverage options and generous discounts. In addition, Erie and Mercury have average rates below the statewide average premium of $924 per year for a policy with $250,000 in dwelling coverage.

In the table below, you can see which providers stand out as some of the best Virginia home insurance companies, as well as their Bankrate Scores, third-party ratings and average annual premiums:

Erie
3.1
Bankrate Score
Info
J.D. Power
827
/1,000
AM Best
A+
Average monthly premium
$66
Average annual premium
$790
 Get a quote
Chubb
3.5
Bankrate Score
Info
J.D. Power
809
/1,000
AM Best
A++
Average monthly premium
$94
Average annual premium
$1,128
 Get a quote
Mercury
2.6
Bankrate Score
Info
J.D. Power
Not rated
AM Best
A
Average monthly premium
$50
Average annual premium
$600
 Get a quote
ASI Progressive
2.8
Bankrate Score
Info
J.D. Power
801
/1,000
AM Best
A+
Average monthly premium
$64
Average annual premium
$767
 Get a quote
Travelers
3.3
Bankrate Score
Info
J.D. Power
794
/1,000
AM Best
A++
Average monthly premium
$53
Average annual premium
$637
 Get a quote
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Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

*Average rates are for annual policies with $250,000 in dwelling coverage

Best home insurance company for customer satisfaction

J.D. Power:
827 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 790
Erie Insurance review

Explore Bankrate's review

Best home insurance company for high-value homes

J.D. Power:
809 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,128
Chubb Insurance review

Explore Bankrate's review

Best home insurance company for affordable rates

J.D. Power:
Not rated
AM Best:
A
Avg. annual premium for 250k dwelling
$ 600
Mercury Insurance review

Explore Bankrate's review

Best home insurance company for policy bundling

J.D. Power:
801 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 767
ASI Progressive Insurance review

Explore Bankrate's review

Best home insurance company for sustainable homes

J.D. Power:
794 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 637
Travelers Insurance review

Explore Bankrate's review

How much is homeowners insurance in Virginia?

In Virginia, the average home insurance premium is $924 per year for a policy with $250,000 in dwelling coverage. That’s cheaper than the U.S. national average rate of $1,383 per year. In addition, Virginia has cheaper average home insurance premiums than some neighboring states, like North Carolina ($1,317 per year) and West Virginia ($1,089 per year).
 
One reason homeowners insurance rates in Virginia are low may be because most of the state is not frequently exposed to severe weather. While home insurance rates might be more expensive near the coast, homeowners who live inland will probably benefit from lower rates.
 
However, home insurance premiums are personalized. Factors like your marital status, credit-based insurance score, claim history and ZIP code are just a few of the criteria that affect rates. In the table below, you can see the average cost of home insurance in some of Virginia’s largest cities:
 
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Mortgage

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.
Location-Icon
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Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
See more providers in
Choose from insurers in
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

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

Written by
Carol Pope
Insurance Writer

Carol Pope is an insurance writer for Bankrate and prior to joining the team, she spent 12 years as an auto insurance agent. During this time, she sold, serviced and underwrote auto insurance for people across the country. She also has experience selling supplement coverage such as umbrella insurance.

Edited by
Amy Sims
Managing Editor
Reviewed by
Mark Friedlander
Director of corporate communications, Insurance Information Institute