Home Insurance in Virginia

Virginia homeowners insurance: what you need to know

The average homeowners insurance policy in Virginia costs $792 per year ($66 per month). This is much lower than the national average. Home insurance is an optional — but important — product that works to keep your belongings safe in the event your home suffers damage from common incidents. The easiest way to find the cheapest home insurance policy in Virginia is to shop around and compare rates from as many insurance companies as possible.

There are major differences in homeowners insurance rates from state to state. Policy rates in US states may differ depending on the number and value of homeowners claims filed across the state, and depend on the value of the belongings and home insured on the policy.

Get an idea of how much home insurance costs in Virginia by referencing the below data. 

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

 

The cheapest home insurance companies in Virginia

Rates for home insurance in Virginia will vary based on the insurance company you use. Virginia Farm Bureau provides the cheapest home insurance in Virginia — only $777 per year. This compares favorably to Virginia's average rate of $792, providing a $15 discount on average statewide homeowners insurance costs.

Begin the hunt for your best deal on a homeowners insurance policy by reviewing the cheapest Virginia insurance companies, listed below. Then, see our list of which home insurance carriers ranked best for customer satisfaction. 

 

AFFORDABLE HOME INSURERS IN VIRGINIA

Insurance Company	Average Yearly Rate in Virginia
Virginia Farm Bureau	$777
Travco	$851
Safeco	$993
Nationwide	$1,025
Erie	$1,041

 

Virginia home insurance prices by coverage levels

Your chosen amount of homeowners coverage has an impact on the insurance premiums you pay. In Virginia, maintaining $100K dwelling coverage costs an average of $501 per year, while carrying dwelling coverage up to $400K costs $1,377/year.

 

POPULAR COVERAGE LIMITS IN VIRGINIA

Coverage Level	Average Annual Cost
$100,000 Dwelling	$501
$200,000 Dwelling	$792
$250,000 Dwelling	$915
$400,000 Dwelling	$1,377

 

Homeowners insurance deductibles in Virginia

Homeowners have numerous choices to make when purchasing a policy, including the amount of their deductible. A homeowners deductible is the amount you are responsible for paying toward a covered loss. The deductible level you choose can major impact on your homeowners insurance rates.

In general, choosing a lower deductible means that your insurance premiums will be higher. This means that those seeking lower home insurance costs will want to think about getting a higher homeowners deductible. Remember: your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.

Below are some popular deductible options offered on most home policies along with corresponding average insurance costs.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN VIRGINIA

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$1,006
$1,000	$915
$1,500	$861
$2,000	$802
$5,000	$677

 

Virginia homeowners insurance costs by city

Home insurance rates in Virginia vary by city. Prices depend on locally specific variables such as the number of claims filed in the immediate area, meaning your specific ZIP code impacts how much you pay.

The cheapest home insurance in Virginia is found in Dulles. An average home insurance policy in Dulles costs just $639 annually — $153 less than the state average. Reference the below table to see the cheapest cities in Virginia for home insurance.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN VIRGINIA

City	Average 12-Month Home Insurance Rate
Dulles	$639
Merrifield	$645
Arlington	$655
Lansdowne	$658
Fairfax	$660

 

Looking for information on home insurance in a particular city? Check out our breakdown of large Virginia cities:

• Chesapeake
• Norfolk
• Richmond
• Virginia Beach

 

Home and auto insurance bundling in Virginia

If you want to save on homeowners insurance, consider purchasing both your car and home insurance policies from one company. A home and auto insurance bundle in Virginia can lead to substantial savings on auto insurance. Bundling policies in Virginia leads to yearly savings of $57.

 

HOME AND AUTO BUNDLING DISCOUNTS IN VIRGINIA

Avg. Annual Rate (No Bundle)	Avg. Annual Rate (w/ Bundle)	Annual Savings ($)	Annual Savings (%)
$889	$832	$57	7%

 

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Virginia homeowners insurance FAQs

 

Does Esurance offer homeowners insurance in Virginia?

Yes - Esurance does provide homeowners insurance in Virginia.

Does GEICO offer homeowners insurance in Virginia?

Yes - GEICO provides homeowners insurance in Washington D.C.

 

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Natural disaster coverage in Virginia

 

Does homeowners insurance cover hurricanes in Virginia?

Because hurricanes can cause such calamitous damage and completely ravage buildings altogether, insurers are reluctant to take on the full risk of hurricanes as a whole. If you live in Virginia, you could face an increased risk of experiencing hurricane damage. 26,960 single-family homes are at extreme risk of hurricane damage in Virginia.¹

If you live near the coast, it's crucial to check and understand your homeowners insurance policy because usually, a basic home policy won't be sufficient to cover hurricane damage — you would need separate flood and windstorm insurance policies, both of which would be applicable to pay for repairs or replacements. Depending on your location, your insurer may require a separate hurricane deductible if you live in a region that's at high risk for hurricanes.

Learn about high-risk homeowners insurance here.  

 

HURRICANE DEDUCTIBLE RATES IN VIRGINIA

Company	Average Annual Rate w/ Hurricane Deductible
Virginia Farm Bureau	$621
Erie	$802
State Farm	$819
Nationwide	$844
Allstate	$847

 

Does homeowners insurance cover flooding in Virginia?

Flood damage — no matter the circumstances under which it occurs —is not covered by standard home insurance. To ensure your home is covered, buy insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurance company.

Flood insurance coverage from private companies may vary, but if you buy through the NFIP you receive:

• $250,000 coverage for your home's structure
• $100,000 coverage for your personal property

If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.  Flood insurance is key in Virginia, which suffered $4,361,841 in 2016 flood insurance claims, according to data from FEMA.²

 

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Sources:

¹Insurance Information Institute

²Federal Emergency Management Agency (FEMA)

 

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