Best homeowners insurance in Virginia for 2022

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.

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    Methodology

    Bankrate utilizes Quadrant Information Services to analyze 2022 current rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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: $150,000, $250,000, $350,000, $450,000, $750,000
    • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
    • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
    • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
    • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
    • 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.

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    Bankrate Score

    Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

    To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

    While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Best home insurance companies in Virginia

Based on Bankrate’s review, 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:

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

Erie

Best for: Customer satisfaction

Based on our review, Erie is one of the best Virginia home insurance companies for customer satisfaction. In J.D. Power’s 2021 Home Insurance Study, Erie earned a score of 835 out of 1,000, third on the list of 22 providers. Erie also offers affordable premiums, based on our assessment, and robust coverage options for added protection. However, the company offers fewer discounts than some other companies reviewed, and you must contact an agent to get a quote.

Learn more: Erie Insurance review

Chubb

Best for: Comprehensive coverage

Chubb may be for Virginia homeowners interested in comprehensive policies. Chubb policies may offer 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. But with the most expensive average premiums on our list for the state, Chubb might not be the best company for Virginia homeowners seeking low-cost policies. The company also earned a below-average customer satisfaction score from J.D. Power.

Learn more: Chubb Insurance review

Mercury

Best for: Affordable rates

According to the premium data we reviewed, Mercury has the lowest average premiums in Virginia among the companies on our list. So, it may be a good option for homeowners who want the cheapest policy. In addition, Mercury offers a handful of discounts for further savings, with discounts for bundling policies, installing protective devices, living in a gated community and more. While Mercury is a reputable home insurance provider, it only has an AM Best rating of A, the lowest out of the companies we reviewed.

Learn more: Mercury Insurance review

ASI Progressive

Best for: Policy bundling

If you are looking to bundle your home and auto insurance policies, consider ASI Progressive. Virginia homeowners who bundle two or more policies with ASI Progressive can save an average of 5 percent on their combined premium. Plus, ASI Progressive offers a single deductible benefit. If the same covered loss impacts your home and car, you are only responsible for paying one deductible for the entire loss. ASI Progressive offers affordable rates in Virginia, but its J.D. Power score is below average.

Learn more: ASI Progressive Insurance review

Travelers

Best for: Sustainable homes

Travelers may be a great home insurance provider to consider if you own a sustainable home built with green materials. It’s the only company on our list that claims to offer a green home discount, with savings of up to 5 percent if your home is LEED-certified. You can also purchase green home coverage from Travelers, which provides extra protection to cover the higher costs of repairing or rebuilding your home with sustainable materials after a covered claim. Like ASI Progressive, Travelers has cheap premiums and earned a below-average score from J.D. Power.

Learn more: Travelers Insurance 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:

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  Virginia homeowners insurance rates by city

  Virginia city	Average annual premium for $250K dwelling coverage
  Arlington	$795
  Chesapeake	$1,442
  Richmond	$927
  Roanoke	$836
  Suffolk	$1,297

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 percent to 5 percent 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 the 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

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    What is the best homeowners insurance in Virginia?

    The best homeowners insurance in Virginia is different for each property owner. The best carrier for you depends on your unique coverage needs, preferences and requirements. Additionally, every home insurance company has advantages and drawbacks. To find the best home insurance company in Virginia, it’s important to shop around, get multiple quotes and compare providers using your criteria.

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    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. For this reason, your actual insurance costs may be higher or lower than the average rate in Virginia. Common home insurance rating factors include the size of your home, location, construction materials used, year built and proximity to a fire station and fire hydrants. Your lender will also assess personal rating factors, such as your credit-based insurance score, age, marital status and claims history, depending on your state’s laws. Because of this, it can be helpful to request multiple homeowners insurance quotes from different companies to see what works best for your needs and budget.

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    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 by a covered peril such as fire and smoke, lightning, windstorm, hail and explosion. The rest of your policy covers other instances like theft and medical expenses if someone were injured on your property and provides loss of use coverage if you cannot occupy your home due to a covered loss.