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Best homeowners insurance in Virginia for 2024

Updated Apr 12, 2024

According to our research, ASI Progressive, Chubb, Travelers, Erie and Mercury are among the best home insurance companies for homeowners in Virginia.

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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 2024 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.

Insurance company J.D. Power Average monthly premium Average annual premium
856
/1,000
$113
$1,353
801
/1,000
$135
$1,614
Not rated
$87
$1,044
790
/1,000
$110
$1,319
Progressive
Not rated
$110
$1,323
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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.

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.

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The top 5 home insurance companies in Virginia

Best for customer satisfaction

Erie

4.4

Rating: 4.4 stars out of 5

Avg. premium for $300K dwelling

$113/mo

Avg. premium for $300K dwelling

$1,353/yr

Customer satisfaction

856/1,000

Best for high-value homes

Chubb

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$135/mo

Avg. premium for $300K dwelling

$1,614/yr

Customer satisfaction

801/1,000

Best for affordable rates

Mercury

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$87/mo

Avg. premium for $300K dwelling

$1,044/yr

Customer satisfaction

Not rated

Best for sustainable homes

Travelers

4.1

Rating: 4.1 stars out of 5

Avg. premium for $300K dwelling

$110/mo

Avg. premium for $300K dwelling

$1,319/yr

Customer satisfaction

790/1,000

Best for policy bundling

Avg. premium for $300K dwelling

$110/mo

Avg. premium for $300K dwelling

$1,323/yr

Customer satisfaction

Not rated

Additional Virginia home insurance companies to consider

Virginia Farm Bureau

Virginia Farm Bureau

Who this may be best for

Homeowners who prefer doing business with a local company

Virginia Farm Bureau has been providing insurance for Virginia homeowners, drivers and farmers since 1926. It has a presence throughout the state, with more than 100 local offices. In order to apply for insurance, you will need to join the Farm Bureau, which is a $40 annual commitment, and which gives you access to other benefits, including coupons, warehouse deals and agricultural business development. Coverage options are standard, with endorsements available for home equipment breakdown, valuable items coverage and more.

Homeowners of America

Homeowners of America

Who this may be best for

Homeowners who prefer working with a smaller company

Homeowners of America is a recent addition to the Virginia property insurance market; it has only been licensed to write policies in the state since 2015. Coverage includes dwelling, other structures and loss of use insurance. Although the company's website does not list any endorsements, you should be able to find out about optional coverages by talking to an independent agent. The website has few bells and whistles, but it does allow you to manage your policy and file claims online. The company does not, however, have a mobile app.

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 $1,391 for $300K 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:

Carrier Monthly premium for $300k coverage Annual premium for $300k coverage Savings vs state avg. for $300k coverage
$49
$584
- $807
Homeowners of America
$66
$792
- $599
$87
$1,044
- $347
$91
$1,087
- $304
$97
$1,163
- $228

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.

  • 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.
  • Gather quotes: When you’ve determined what coverage you’re shopping for, request quotes from several different home insurance providers. To make it easier to compare policies, use the same types of coverage and coverage amounts when you request quotes.
  • Compare quotes: Look at all of the quotes you gathered and do an apples-to-apples comparison. Consider which companies offer you the lowest rate. Don’t forget to look at the discounts each company offers since discounts can really impact your overall home insurance cost.
  • Apply for a policy: Once you’ve found the policy and company you prefer, reach out to one of the company’s insurance agents to submit an application and finalize your policy purchase.
  • 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.

If you install protective equipment such as security systems, window guards, or sprinkler systems to your home, you may qualify for a discount.
Companies sometimes offer discounts on newly built homes.
Buying more than one policy from a company, like home and auto, will often result in a multi-policy bundling discount.
Some insurance companies have, or partner with, membership programs such as alumni associations or big box retailers. In these cases, members may be eligible for a discount.

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 $1,391 per year for a policy with $300,000 in dwelling coverage. That's cheaper than the U.S. national average rate of $2,151 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.

  • Hamilton: $1,149 per year — 17 percent below state average
  • Leesburg: $1,150 per year — 17 percent below state average
  • Ashburn: $1,152 per year — 17 percent below state average
  • Purcellville: $1,154 per year — 17 percent below state average
  • Round Hill: $1,160 per year — 17 percent below state average
  • Virginia Beach: $2,754 per year — 98 percent above state average
  • Seaview: $2,552 per year — 83 percent above state average
  • Oyster: $2,534 per year — 82 percent above state average
  • Wardtown: $2,530 per year — 82 percent above state average
  • Capeville: $2,493 per year — 79 percent above state average

*Rates are for $300,000 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.

Related content:

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.

!

Recent news in Virginia homeowners insurance market

A recent Virginia media report noted an unfortunate trend that is being seen in coastal regions across Atlantic and Gulf Coast states: insurers are beginning to pull out of the eastern Virginia market, due to increasing numbers of storms that are causing appreciable damage to homes and properties. The report noted that areas such as Virginia Beach are seeing the highest number of non-renewals, a trend that began in 2022. This follows on a trend first seen in the volatile insurance markets of Florida and California, where a number of major companies have either voluntarily withdrawn from the market or stopped writing new policies.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 
5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute