Best home insurance companies in Virginia
To find the best homeowners insurance in Virginia, we gathered each company’s average 2021 quoted insurance rates from Quadrant Information Services and included each one’s corresponding J.D. Power U.S. Property Claims Study score in our assessment. To provide more detailed overviews, we looked into each company’s unique policy offerings to showcase the most appealing to Virginia residents. With our industry expertise, you can feel confident that our list highlights several major homeowners insurance companies with some of the best rates, coverage, customer service and financial strength.
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power claims satisfaction score|
In addition to its standard homeowners insurance policies, Allstate offers attractive options like HostAdvantage, for those who homeshare, and mobile home insurance. For Virginia homeowners not quite sure where to start with coverage, Allstate offers useful tools, like one that can help you check the most common costly claims in your area using your ZIP code. However, Allstate has a higher-than-average complaint index score from the National Association of Insurance Commissioners (NAIC), which means more than twice the normal number of complaints are filed than other carriers. In addition to home, the Illinois-based company offers auto, motorcycle, off-road, renters and term life insurance products. Allstate carries a financial strength rating of A+ (Superior) from AM Best.
Learn more: Allstate Insurance review
With the cheapest home insurance premium on average on our list, Auto-Owners is one of the best homeowners insurance companies in Virginia for those looking to save while also receiving high customer service and support. Ranking second overall in the J.D. Power Property Claims Study across claims experience, settlement and repair, Auto-Owners is a top contender in the market. Additionally, there are coverage options like scheduled personal property, guaranteed home replacement cost and equipment breakdown. Auto-Owners might not be a good fit if you like to handle your coverage digitally, as the company received a well-below-average ranking from J.D. Power for digital service but may be ideal for consumers interested in handling their insurance needs in-person as it has independent agents across the commonwealth. The Michigan-based company offers condo, renters, mobile home, auto and business insurance. Auto-Owners carries an A++ (Superior) financial strength rating from AM Best.
Learn more: Auto-Owners Insurance review
As one of the largest property and casualty insurers in the U.S. by market share, Chubb offers home insurance to Virginia homeowners with several extras. These include 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. With one of the more expensive average premiums on our list for the state, Chubb might not be the best company for homeowners seeking low-cost policies. The New York-based publicly-traded company also offers personal umbrella, professional liability and cyber insurance. Chubb carries an A++ (Superior) financial strength rating from AM Best.
Learn more: Chubb Insurance review
Farmers is one of the best homeowners insurance companies in Virginia among providers Bankrate reviewed and offers homeowners insurance at three package levels. Whether you choose its Standard, Enhanced or Premier package, features like a $50 declining deductible, claim forgiveness and claims-free discount are automatically added to your policy. As one of the highest-ranking insurers in the J.D. Power Property Claims Study, Virginia residents may feel especially confident in Farmers’ ability to cover their homes when it is most needed. The company’s average premium is the highest on our list, though, and well over Virginia’s average, so it might not be best for homeowners on a budget. Farmers also offers auto, motorcycle, renters, umbrella and life insurance products. The California-based company is rated A (Excellent) by AM Best for its financial strength.
Learn more: Farmers Insurance review
Nationwide’s insurance premiums fall just under the Virginia average for home insurance, but the company offers well-rounded coverage. Outside of standard protections, there are options for earthquake insurance, extended limits for high-value personal property coverage and better roof replacement. With strong customer satisfaction scores, Nationwide policyholders may benefit from useful home insurance protections and a reliable claims handling experience. But like Auto-Owners, Nationwide’s digital service is not rated highly by J.D. Power. In addition to homeowners, Nationwide also offers auto, boat, motorcycle, RV and pet insurance. The Ohio-based company carries an A+ (Superior) financial strength rating from AM Best.
Learn more: Nationwide Insurance review
How much is homeowners insurance in Virginia?
The average cost of homeowners insurance in Virginia is $1,013 for $250,000 in dwelling coverage, which is relatively affordable compared to the U.S. national average of $1,312 per year. It is also cheaper than neighboring states like Maryland, where average home insurance costs $1,124 per year. However, some surrounding areas are a little more affordable, such as Washington, D.C., where an average policy costs $902 per year.
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
Is homeowners insurance required in Virginia?
While homeowners insurance is not required in Virginia, you may be required to purchase it if you have a mortgage or another type of loan on your home. The lender may have specific requirements that must be met in your homeowners policy. Even if you own your home outright, insuring your home could still be a critical part of your financial plan. Repairs or even a full rebuild could be very costly, but homeowners insurance may be able to prevent you from paying the full cost of a covered loss out-of-pocket.
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.
How do I get homeowners insurance in Virginia?
To get a homeowners insurance quote in Virginia, you will have to submit some basic personal information and details about your property. It helps to be prepared to share your name, age, marital status, address of the insured property, age of the home, square footage of the home and when you want the policy to start. To see if you qualify for discounts, you might also be asked to disclose any safety features in your home, as well as your history of property insurance claims. All of these will factor into the quoted annual premium for your homeowners insurance policy.
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 a fire and smoke, lightning, windstorm, hail and explosion. The rest of your policy protects you from other types of damage, theft and medical bills if someone were to get injured on your property, and also provides loss of use coverage for temporary living expenses if you are unable to occupy your home due to a covered loss.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- 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.