Homeowners Insurance in Virginia

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Best Homeowners Insurance in Virginia

The average cost of home insurance in Virginia is $1,153 a year, or $96 a month, but we saw rates as cheap as $587 a year. Despite being 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:

What is the average cost of homeowners insurance in Virginia?

The average annual cost of home insurance in Virginia is $1,153, $573 less than the national average of $1,726. We calculated this rate from almost 1,900 quotes from six of the top homeowners insurance companies operating in Virginia.

  Virginia U.S.

Average annual rate

$1,153

$1,726

Average monthly rate

$96

$144

Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

The deductible amount you choose impacts your rates and your out-of-pocket costs after submitting a claim. The higher your deductible, the lower your home insurance premium.

Virginia home insurance rates by deductible
Deductible Average annual rate

$500

$1,231

$1,000

$1,136

$1,500

$1,045

$2,000

$970

Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Your rate also changes based on how much coverage you choose. We analyzed quotes for six different dwelling coverage amounts, which helps when rebuilding or repairing the structure of your home. We used dwelling coverages ranging from $125,000 to $500,000.

Virginia home insurance rates by dwelling coverage
Dwelling coverage Annual average rate

$125,000

$791

$200,000

$946

$275,000

$1,153

$350,000

$1,372

$425,000

$1,617

$500,000

$1,889

Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Find cheap home insurance in Virginia by comparing quotes

State Farm: most popular

State Farm has 13.8% of Virginia's home insurance market share. The insurer's popularity across the country comes down to a combination of cost and customer satisfaction. State Farm has an average annual rate of $1,240 in Virginia. This is $87 above the statewide annual average of $1,153, and $486 below the national annual average of $1,726.

In terms of customer care, State Farm has a strong record of taking care of policyholders. J.D. Power gave State Farm an above-average 829 / 1,000 rating in its 2020 U.S. Home Insurance Study. State Farm also received a 0.74 in NAIC's Complaint Index in 2020. The lower a company's Complaint Index, the better its performance. This puts State Farm below the average National Complaint Index of 1.0.

Virginia Farm Bureau: cheapest rates

Virginia Farm Bureau has an average homeowners insurance rate of $854 per year. This puts the insurer $299 below the state average of $1,153, and $872 below the national average of $1,726. On top of low rates, Virginia Farm Bureau also has a good reputation. It had a 4.16 out of five rating on Clearsurance.

Allstate and Erie: best bundling discounts

Although Allstate has an average annual rate of $1,811, which is much higher than the state average, you can save up to 25% when you bundle home and auto insurance with Allstate.

Erie's average annual home insurance rate in Virginia is $1,178, $25 above the state average of $1,153. While this is a decent rate, you can save even more by bundling your insurance. Erie offers a bundling discount that may help you save between 16% and 25% if you combine your home insurance policy with an auto or life insurance policy.

J.D. Power also gave Erie a great 839 out of 1,000 rating for overall customer satisfaction in its 2020 home insurance study. Erie also received a 0.48 in NAIC's 2020 Complaint Index report. This puts Erie below the average National Complaint Index of 1.0.

Home insurance companies in Virginia

The best home insurance companies in Virginia mostly consist of national providers, but Virginia Farm Bureau does a good job as a local home insurance company in providing competitive rates. The table below shows how they stack up, ranked by popularity.

Best Virginia home insurance companies
Company Market share** J.D. Power overall customer satisfaction* NAIC Complaint Index (lower is better)**

State Farm

13.8%

829

0.74

Allstate

3.5%

829

1.00

USAA

2.1%

889

0.73

Farmers

1.6%

814

0.57

American Family

1.4%

821

0.55

Travelers

1.2%

803

0.52

Liberty Mutual

1.1%

805

0.11

Erie

1.0%

839

0.48

Nationwide

0.6%

808

0.53

Virginia Farm Bureau

0.03%

-

-

Sources: *Ratings from J.D. Power's 2020 U.S. Home Insurance Study. **Market share and Complaint Index from NAIC's 2020 reports.

Cheapest homeowners insurance companies in Virginia

In comparing the rates of the main home insurance providers operating in Virginia, we found Virginia Farm Bureau to have the lowest average rate of $854 a year, with Nationwide next, at $915. Allstate has the highest average rate of $1,811.

 

Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Compare quotes from Virginia's best and cheapest home insurance companies.

Home insurance rates in Virginia by city

Virginia has a high flood risk. This increases the risk along coastal areas, which in turn hikes up home insurance rates in city areas, despite the low state average rate. While cities like Arlington have an average home insurance rate of $885, many cities in Virginia are above the state average. Virginia Beach has one of the highest home insurance rates of $1,874 in Virginia.

Virginia home insurance rates by city
City Average annual rate

Arlington

$885

Alexandria

$905

Chesapeake

$1,636

Hampton

$1,622

Newport News

$1,570

Norfolk

$1,780

Portsmouth

$1,689

Richmond

$1,149

Roanoke

$990

Virginia Beach

$1,874

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 are above the state average.

Virginia home insurance rates by county
County Average annual rate

Arlington

$884

Chesapeake

$1,636

Chesterfield

$1,160

Fairfax

$912

Henrico

$1,126

Loudoun

$942

Norfolk

$1,784

Prince William

$979

Richmond

$1,122

Virginia Beach

$1,874

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 for floods and hurricanes. These extreme weather factors 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 $65 a month on average in Virginia.

Between 1996 and 2016, the NFIP paid almost 29,382 claims in Virginia, totaling more than $515 million in payouts. According to the NFIP, Virginia is the 12th highest state in terms of claims submitted for floods. If your home is located in a flood hazard area, you may want to add flood insurance to minimize damage.

Hurricanes

In 2018, Virginia was hit by hurricanes Florence and Michael, both causing billions of dollars in property damage. The frequency of hurricanes in Virginia is a major factor in home insurance rates in the state, but most standard home insurance covers hurricane damage.

States across the East Coast require homeowners to have a hurricane deductible that could be higher than a standard homeowners insurance deductible. It is typically between 1% and 10% of the dwelling coverage amount. For example, if you have a $250,000 policy with 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 to calculate the average rate in the state. The following coverages were used:

  • $275,000 dwelling coverage
  • $27,500 other structures
  • $137,500 personal property
  • $55,000 loss of use coverage
  • $100,000 liability
  • $5,000 medical payments
  • $1,000 deductible

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