Best homeowners insurance in Virginia for 2023

Compare the best homeowners insurance companies in Virginia

To help compare home insurance companies in Virginia, we've compiled data from our top five choices. The table includes average rates gathered from Quadrant Information Services, AM Best financial strength ratings, Bankrate Scores and 2023 J.D. Power Home Insurance Study scores for our five best homeowners insurance companies in Virginia. These companies are ASI Progressive, Chubb, Travelers, Erie, ASI Progressive and Mercury.

The top 5 home insurance companies in Virginia

Additional Virginia home insurance companies to consider

Virginia Farm Bureau

Homeowners of America

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.

Cheapest home insurance companies in Virginia

Virginia home insurance costs can vary depending on multiple factors such as your location and the age of your home. The average home insurance cost in Virginia is $887 for $250K in dwelling coverage, but you may be able to find cheaper options by gathering quotes from several Virginia home insurance companies and seeing which one has the most affordable option for you. Consider taking a look at some of the companies Bankrate discovered that are offering cheap coverage in the state:

How to get cheap Virginia home insurance

Finding affordable home insurance can make protecting your home and finances easier. In the case of disaster, home insurance policies can help pay for the cost of repairs or replacement, provided the incident is one of the named perils covered in the policy. Consider taking the steps below to find the best insurer for your needs.

1. Assess your needs: Before looking for a policy, it can be useful to have an idea of what kinds of coverage types and amounts you are interested in. For example, if you have an art collection or fine jewelry, you may need a policy with a scheduled items endorsement.
2. Gather quotes: After you figure out your coverage needs, request quotes from a few different home insurance companies. For each quote estimate, use the same types of coverage and amounts.
3. Compare quotes: Once you have several quotes, you can compare them to see which company will offer you the best rates for the coverage you selected. It can be helpful at this point to compare discounts between the companies too.
4. Apply for a policy: Finally, it's time to select your preferred company and apply for a policy. You may need to work with an insurance agent to complete the purchase of your policy.
5. Take advantage of discounts: Each home insurance company offers various discounts. Applying discounts to your policy can help ensure you maximize your savings. Common discounts include bundling multiple insurance policies from one insurer and installing safety equipment or a new roof to your home. The best way to know if you qualify is by speaking with an agent.

Best home insurance discounts in Virginia

Home insurance discounts are commonly offered by providers and can help policyholders lower their rates. Below are some of the more common home insurance discounts in Virginia, as recommended by the Virginia State Corporation Commission.

How to save on home insurance policy renewals in Virginia

So you've done your homework, researched your options and found the best homeowners insurance in Virginia for your needs. How do you keep that rate from increasing when it's time to renew? Is it possible to save even more so that you are paying less in the future? Consider the following strategies for saving money:

• Raise your deductible: If you can afford to increase your deductible, you are likely to save on your premium rate. Just be sure you don't raise it so high that you would have difficulty paying it in the event of an approved claim.
• Improve your credit score: Some insurers are likely to give better rates to policyholders with high credit ratings, since these individuals have shown that they are able to pay their bills in full and on time. Improving your credit score may lead to a reduction in your costs.
• Limit claims: Insurance carriers may increase your rates following one or more claims. If you can handle paying for damage to your property without filing a claim, you may want to consider doing this to avoid giving your insurer an excuse to increase your premium. Filing multiple claims in a short period is a trigger which could lead to a non-renewal of your policy.
• Keep your roof in good repair: A damaged or leaky roof can lead to costly claims. To mitigate this, consider replacing your roof if it's on the older side, and keep it in good repair no matter how old it is. Let your insurer know if you've recently replaced it, and you may earn a discounted rate.

How much is home insurance in Virginia?

In Virginia, the average home insurance premium is $887 per year for a policy with $250,000 in dwelling coverage. That's cheaper than the U.S. national average rate of $1,428 per year. While home insurance rates might be more expensive near the coast, homeowners who live inland may especially benefit from lower rates.

Virginia homeowners insurance rates by city

Even within a single state, rates can vary depending on the weather patterns and other risks that are common to a particular region.

*Rates are for $250,000 in dwelling coverage.

What does home insurance cover in Virginia?

Virginia is susceptible to a variety of weather patterns that may cause damage to homes and property, so it can be helpful to know what a standard HO-3 policy covers. Here are just a few of the most common covered perils in the state:

• Fire or lightning
• Vandalism or malicious mischief
• Theft
• Damage caused by vehicles
• Hail or windstorms
• Accidental water overflow or discharge from a heating, plumbing, fire sprinkler, or air conditioning system or household appliance

Additional home insurance coverage types in Virginia

Although average insurance rates in Virginia land on the lower end of the spectrum compared to the rest of the U.S., homeowners have several considerations to make when purchasing coverage. Homes in Virginia may be more likely to experience damage from tropical cyclones and convective storms, and flooding compared to other states.

• 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: Coverage for hurricane damage is only included on policies in coastal states prone to hurricane impacts. In Virginia, the separate deductible is only applied in coastal counties, not the entire state. According to the Insurance Information Institute (Triple-I), a hurricane deductible is typically 1 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 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.

Common Virginia home insurance problems

Virginia is a large state. Depending on where you live in the state, your insurance challenges are going to vary. Unlike some states — Florida and California, for example — the insurance industry in Virginia is fairly stable, which is a benefit for homeowners. You may deal with one or more of the following challenges, though, depending on where you live and the type of insurance you need:

• Inability to purchase coverage: if you are in a high-risk area of the state, you may find that insurers are reluctant to provide you with coverage, or they may quote you a price that is prohibitively high. Some insurers are backing out of selling policies in high-risk areas to avoid having to pay out on multiple claims following natural disasters.
• Increasing repair costs: The COVID pandemic revealed inherent weaknesses in our supply chains, making it difficult to source reasonably-priced materials for building repair. Since stressed supply chains resulted in higher costs to repair or rebuild structures, insurers increased rates to account for their own increased claim costs.
• Exclusions and additional deductibles: Increasingly, policies may include exclusions or separate deductibles that increase costs and may lead homeowners to purchase additional endorsements or policies to give themselves more robust coverage. It is worth noting that the only separate deductible in Virginia is a windstorm deductible for named storms included in coastal county policies.

Frequently asked questions