Travelers has the cheapest home insurance rate in Virginia, at $983 per year, according to our research. Despite its location in the East Coast hurricane zone, Virginia home insurance rates tend to stay below the national average.
Given the choices Virginia homeowners have, you'll want to compare quotes to see which insurer offers the best home insurance coverage for you. Here's what you should know about home insurance in Virginia.
We will cover:
Cheapest homeowners insurance companies in Virginia
Travelers has the lowest average home insurance rate - $983 a year - among the main providers in Virginia.
| Company | Average annual premium |
|---|---|
| Travelers | $983 |
| Virginia Farm Bureau | $1,047 |
| Progressive | $1,156 |
| Chubb | $1,169 |
| State Farm | $1,231 |
| Erie | $1,313 |
| Allstate | $1,976 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
What is the average cost of homeowners insurance in Virginia?
The average annual cost of home insurance in Virginia is $1,268, $486 per year less than the national average of $1,754. We calculated this rate based on nearly 13,000 quotes gathered from seven of the top homeowners insurance companies operating in Virginia.
| Rate | Virginia | U.S. |
|---|---|---|
| Average annual rate | $1,268 | $1,754 |
| Average monthly rate | $106 | $146 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Your rate also changes depending on how much coverage you choose. We analyzed quotes for five different amounts of dwelling coverage, which helps rebuild or repair the structure of your home. We used dwelling coverages ranging from $200,000 to $500,000.
| Dwelling coverage | Average annual premium |
|---|---|
| $200,000 | $959 |
| $275,000 | $1,268 |
| $350,000 | $1,374 |
| $425,000 | $1,616 |
| $500,000 | $1,878 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Best home insurance companies in Virginia
The best home insurance companies in Virginia mostly consist of national providers, but local carrier Virginia Farm Bureau also offers competitive rates. State Farm, Travelers, Allstate and Erie stand out as the four best homeowners insurance companies in Virginia in our study. Here's why.
State Farm: most popular
State Farm is the biggest home insurance company in the country. The insurer's popularity comes down to a combination of cost and customer satisfaction. State Farm has an average annual rate of $1,231 in Virginia. That's $37 per year less than the statewide average of $1,268.
In terms of customer service, State Farm has a strong record of taking care of policyholders. J.D. Power gave State Farm an above-average 835 rating (out of 1,000) in its 2021 U.S. Home Insurance Study.
Travelers: cheapest rates
Travelers has an average homeowners insurance rate of $983 per year. That's $285 per year less than the state average of $1,268, and $771 less than the national average of $1,754. On top of low rates, Travelers offers many optional coverages, such as water backup and sump pump discharge or overflow coverage. However, Travelers has a below-average customer service score in J.D. Power's home insurance study.
Allstate and Erie: best bundling discounts
Although Allstate has an average annual rate of $1,976, which is higher than the state average, you can save up to 25% if you bundle home and auto insurance with the company.
Erie's average annual home insurance rate in Virginia is $1,313, $45 per year more than the state average of $1,268. While this is a fair rate, you can save even more by bundling policies. Erie offers a bundling discount that may help you save between 16% and 25% if you combine a home insurance policy with an auto or life insurance policy.
J.D. Power also gave Erie a rating of 835 out of 1,000 for overall customer satisfaction in its 2021 U.S. Home Insurance Study. Erie received a 0.30 in NAIC's 2021 Complaint Index report, too. This puts Erie below the National Complaint Index of 1.0.
Best-reviewed homeowners insurance companies in Virginia
In searching for the best insurance company in Virginia, it's important to consider customer service. The table below shows how the best home insurance companies stack up, ranked by customer service ratings.
| Company | 2021 J.D. Power overall satisfaction (higher is better) | 2021 NAIC Complaint Index (lower is better) |
|---|---|---|
| Amica | 854 | 0.32 |
| Erie | 835 | 0.30 |
| State Farm | 835 | 1.01 |
| American Family | 831 | 0.37 |
| Auto-Owners | 831 | 0.38 |
| AIG | 830 | 0.13 |
| Country Financial | 830 | 0.28 |
| Allstate | 829 | 1.12 |
| ASI Progressive | 821 | 0.51 |
| Farmers | 813 | 0.56 |
| Nationwide | 812 | 0.49 |
| Liberty Mutual | 806 | 0.55 |
| Chubb | 801 | 0.21 |
| Travelers | 800 | 0.61 |
| Note: Complaint Index data from NAIC. J.D. Power ratings from 2021 U.S. Home Insurance Study. | ||
Get cheap home insurance in Virginia by comparing quotes
Home insurance rates in Virginia by city
Virginia's coastal areas have higher average annual premiums due to risk of flooding. While cities like Arlington have an average home insurance rate of $994, many cities in Virginia have rates above the state average. Virginia Beach has one of the highest home insurance rates in Virginia - $2,167.
| City | Average annual premium |
|---|---|
| Virginia Beach | $2,167 |
| Norfolk | $1,976 |
| Chesapeake | $1,796 |
| Arlington | $994 |
| Richmond | $1,272 |
| Newport News | $1,749 |
| Alexandria | $1,015 |
| Hampton | $1,825 |
| Roanoke | $1,059 |
| Portsmouth | $1,842 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Home insurance rates in Virginia by county
Arlington County and Fairfax County have home insurance rates below the state average, while other counties in Virginia see premiums above the state average.
| County | Average annual premium |
|---|---|
| Fairfax | $1,030 |
| Prince William | $1,080 |
| Virginia Beach | $2,167 |
| Loudon | $1,047 |
| Chesterfield | $1,270 |
| Henrico | $1,232 |
| Norfolk | $1,981 |
| Chesapeake | $1,796 |
| Arlington | $993 |
| Richmond | $1,288 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Virginia homeowners insurance perils
As a coastal state, Virginia is regularly at risk of floods and hurricanes. These extreme weather events often increase home insurance rates.
Floods
Standard home insurance does not cover flood damage, but you can get flood coverage through the National Flood Insurance Program (NFIP). NFIP flood insurance costs $67 a month, on average, in Virginia.
According to the NFIP, Virginia has the 11th highest numbers of closed flood claims with payment. Homeowners who live in an SFHA and have a government-backed mortgage are required to have flood insurance. If there is a high risk of flooding in your area, then we recommend adding flood insurance.
Hurricanes
In 2018, Virginia was hit by hurricanes Florence and Michael, the former causing $200 million of damage in Virginia according to AP News. The frequency of hurricanes in Virginia significantly affects home insurance rates in the state, but most standard home insurance covers wind damage. According to the Insurance Information Institute, there are 23,232 single-family homes in Virginia at risk of a storm surge due to a Category 1 storm.
States across the East Coast require homeowners insurance policies to have a hurricane deductible that may be higher than a standard deductible. It is typically between 1% and 5% of the dwelling coverage amount. For example, if you have a policy with $250,000 in dwelling coverage and a 5% hurricane deductible, you would pay the first $12,500 in damages before your home insurer would cover the rest.
Methodology
We collected quotes from every ZIP code in Virginia for a standard HO-3 homeowners insurance policy. We used the following coverages:
- $275,000 dwelling coverage (unless otherwise noted)
- $27,500 other structures
- $137,500 personal property
- $55,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible (unless otherwise noted)
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