Best Home Insurance Rates In Virginia

On average, your neighbors pay $79 a month.

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Compare Homeowners Insurance In Virginia

The Commonwealth of Virginia is known as “The Mother of Presidents” because a record eight presidents have been born there. The “Old Dominion” was the first established colony of the original 13 colonies. So the Virginia General Assembly, founded in 1619, is the oldest continuing law-making body in the US. Since then, Virginia has been susceptible to hurricanes, thunderstorms, and other weather events that represent serious homeowners insurance risks.

Average Virginia Homeowners Insurance Rates

How much is home insurance in Virginia? Virginia’s average insurance premiums are lower than the rest of the country’s. The average cost of homeowners insurance in the state of Virginia was $946, a bit lower than the national average of $1,173. There are 20 states with lower average home insurance rates than Virginia, and 30 states that are more expensive.

Virginia Average Annual Homeowners Insurance Rates
  2013 2014 2015
Virginia Annual Average $911 $946 $946
Virginia Price Per Month $76 $79 $79
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 32 32 35
Source: Facts + Statistics: Homeowners and renters insurance

The graph below shows the change in average Virginia home insurance rates from 2011 to 2015. According to the III, Virginia homeowners insurance rates increased from $782 in 2011 to $946 in 2015, a jump of $164 dollars, or 20.97 percent.

Virginia average homeowners insurance rates

Choosing a homeowners insurance company in Virginia should be easier. Actually, it’s already easy. The key to finding the best rates is to get a home insurance quotes comparison in Virginia from multiple companies.

Best Home Insurance Companies in Virginia

Most Popular Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Virginia. Out of the 16,784 Virginia homeowners that used QuoteWizard to request insurance quotes last year, 889 had no home insurance.

  1. Allstate
  2. GEICO
  3. Nationwide
  4. Progressive
  5. USAA
  6. Liberty Mutual
  7. Farmers
  8. Travelers
  9. Erie
  10. AAA
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Best Insurance Companies

The above list shows the most popular home insurers in Virginia according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Virginia Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 USAA Insurance A++ 15.0%
2 Allstate A+ 10.5%
3 Travelers Companies A+ 10.2%
4 Nationwide Mutual A+ 9.4%
5 Liberty Mutual A 5.5%
6 Erie Insurance A+ 5.3%
7 Farmers Insurance Group A+ 2.8%
8 VA Farm Bureau Mutual Insurance B++ 2.5%
9 Chubb Corp. A++ 1.7%
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Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Virginia.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Virginia, the average listing price is $330,857 as of July 2015, a bit higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Virginia’s average burglary rate was 322.5 per 100,000 people. This is about half the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer. In Virginia, there are 39.5 law enforcement personnel per 100,000 total citizens. This is slightly more than the national median of 32 per 100,000.

Home Insurance Hazards

Virginia’s geography is divided into five regions, each with slightly different climates. To the east is the Tidewater region, which borders both the Atlantic Ocean and Chesapeake Bay. Heading west are the foothills of the Piedmont, followed by the Blue Ridge Mountains. Then there's the Ridge and Valley region, and finally the Cumberland Plateau.

Because of this variability in temperature and precipitation, homeowners insurance hazards are different in different parts of the state.

Hot and humid summers: Though large variety exists in Virginia’s climate, hot and humid summers are present throughout the state. High temperatures are above 80 degrees, on average, starting in June. Summer temperatures last longer in the eastern portions of the state. July tends to be the hottest month of the year overall. From Richmond in the central region to Newport News on the coast, high temperatures average 90 degrees. Even in the typically colder mountainous regions, average highs are 83 degrees. By October, summer will have ended. But the central and coastal regions maintain averages above 70 degrees at that time of the year.

Humidity is extremely high during the summer in Virginia, making it quite uncomfortable. August is particularly humid, when the entire state experiences average humidity around 90%. High humidity like this can damage to homes because it encourages mold and mildew development.

Thunderstorms: Summer is thunderstorm season in Virginia, and they are most common in central and western regions. According to the National Oceanic and Atmospheric Administration, Virginia averages 40 days with thunderstorms per year. The majority occurs between June and August.

These thunderstorms bring heavy rains, strong winds, lightning, flash floods, sometimes hail, and can even produce tornadoes. Lightning is more common in southern regions of Virginia. It causes a number of deaths and dozens of injuries every year. Virginia averages 6 tornadoes per year. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Hurricanes: Sitting on the Atlantic Coast, Virginia is no stranger to hurricanes. According to NOAA, Virginia has been hit by 10 hurricanes, including 1 that was considered “major,” meaning category 3 or above. Hurricanes can completely devastate whole towns at a time. They bring extreme winds, heavy rains, flood, and tornadoes. They can force people to evacuate their homes, cause power outages, and destroy property, homes, and infrastructure.

Virginia Beach, Virginia ranks 7th for cities in the US that's been hit by the most hurricanes, with four. The only cities with more are in Texas, Louisiana, and Florida, which experience hurricanes with much higher frequency. In 2003, Hurricane Isabel caused Virginia about $2 billion in damages. In 2004, Hurricane Gaston severely damaged Richmond. Twenty city blocks were submerged under water with flood waters up to 10 feet high. It also spawned 19 tornadoes.

Virginia Bureau of Insurance

Website:
Homepage
Insurance Commissioner:
Scott A. White
Insurance Hotline:
(800) 552 – 7945
Office Hours:
Monday - Friday
8:15 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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