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 companies. The table includes average rates gathered from Quadrant Information Services, AM Best financial strength ratings, Bankrate Scores and 2022 J.D. Power Home Insurance Study scores for our five best homeowners insurance companies in Virginia. These companies are Chubb, Travelers, Erie, ASI Progressive and Mercury.

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.

How much is homeowners 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.

How to find the best cheap home insurance in Virginia

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's 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 determining your coverage needs, request questoes from several home insurance companies that offer coverage in the area. Use the same coverage types and amounts in each quote estimate.
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 speak with an agent to officially put the policy in effect.

Common 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.

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: 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