Homeowners Insurance in Virginia

On average, your neighbors pay $79 a month.

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Best homeowners insurance companies in Virginia

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.

We looked at seven of the leading home insurance providers in Virginia and compared their rates, coverage and overall customer satisfaction. Based on those factors, here are our choices for the top home insurance providers in Virginia:

State Farm: most popular

State Farm has 17.6% of Virginia's home insurance market share. The insurer’s popularity across the country comes down to a combination of cost and customer satisfaction. Price-wise, State Farm has an average annual rate of $974 in Virginia. This is $77 below the statewide annual average of $1,051 and $241 below the national annual average of $1,215.

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 four-out-of-five rating in its 2019 home insurance customer satisfaction study. State Farm also received a 0.20 in NAIC's Complaint Index. The lower a company's Complaint Index, the better its performance. This puts State Farm well below the National Complaint Index average of 1.0.

Nationwide: cheapest rates

Nationwide has an average homeowners insurance rate in Virginia of $655 per year. This puts the insurer at $396 below the state average of $1,051 and $560 below the national average of $1,215.

Nationwide may be a good choice if budget is a prime concern, but its customer care trends are mixed. Nationwide scored 0.24 on NAIC's Complaint Index, which is below both the state average of 0.27 and the National Complaint Index average of 1.0. However, Nationwide also scored a below-average two out of five in J.D. Power's 2019 home insurance customer satisfaction study. The graph below shows Nationwide's rates in Virginia's larger cities:

nationwide home insurance rates in virginia

Erie: best bundling discount

Erie's average annual home insurance rate in Virginia is $938, $113 below the state average of $1,051. 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. This is a significantly higher bundling discount than what many other insurers offer.

J.D. Power also gave Erie a great five-out-of-five rating for customer claim satisfaction in its 2019 home insurance study, one of only three five-out-of-five ratings awarded. Erie also received a 0.20 in NAIC's Complaint Index, putting it well below the state average of 0.27.

Virginia Farm Bureau: best local home insurer

If you're looking for a good home insurance provider that focuses on Virginians, we strongly recommend Virginia Farm Bureau. Its average annual home insurance rate is $723, the second-lowest premium among the Virginia home insurance providers we analyzed.

On top of low rates, Virginia Farm Bureau also has a strong reputation. The insurer was named one of the top 50 property and casualty insurance providers in the country in 2019 by the Ward Group, a top ranker of best practices in the insurance industry. Also, A.M. Best gave Virginia Farm Bureau an A- rating for financial strength, indicating a strong capability to back up claims against its policies.

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.

Company Market share Overall customer satisfaction* NAIC Complaint Index (lower is better)
State Farm 17.6% 4/5 0.20
Allstate 8.7% 3/5 0.29
Travelers 8.7% 2/5 0.08
Nationwide 7.4% 2/5 0.24
Liberty Mutual 5.8% 2/5 0.53
Erie 5.6% 5/5 0.20
Virginia Farm Bureau 2.1% - -
*According to J.D. Power's 2019 home insurance satisfaction study.

Average cost of homeowners insurance in Virginia

The average annual cost of home insurance in Virginia is $1,051, $164 above the national average annual homeowners insurance premium of $1,215. We calculated this rate from almost 1,900 quotes from seven of the top homeowners insurance companies operating in Virginia.

  Virginia U.S.
Average annual rate $1,051 $1,215
Average monthly rate $87 $101
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

In comparing the rates of the main home insurance providers operating in Virginia, we found Nationwide to have the lowest average rate of $655 annually, with Virginia Farm Bureau next, at $723. Liberty Mutual has the highest average rate of $2,118.

average home insurance rates virginia

Home insurance rates in Virginia by city

Virginia Beach County has the highest home insurance average of $2,500. 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 $767, many cities in Virginia are above the state average, going up to Virginia Beach at $2,131 a year.

Home insurance rates across Virginia cities
City Average yearly rate
Arlington $767
Alexandria $777
Roanoke $809
Richmond $1,025
Newport News $1,581
Hampton $1,818
Chesapeake $1,847
Portsmouth $1,895
Norfolk $1,987
Virgina Beach $2,131
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Virginia homeowner insurance perils

As a coastal state, Virginia is at consistent risk for floods and hurricanes. These extreme weather factors often increase home insurance rates.

Floods

According to the Insurance Information Institute, Virginia is the sixth highest-risk state for storm surges, the high rising of sea levels that can lead to flooding. Standard home insurance does not cover flood damage, but you can get private or NFIP flood insurance. The latter stands for FEMA's National Flood Insurance Program (NFIP).

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 normally 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

QuoteWizard compiled and analyzed 1,871 quotes from seven of the top home insurance companies in Virginia. As a base profile, we used a home valued at $298,523 and built in 1981 as the median.

Our sample home insurance policy included this coverage:

  • Dwelling coverage: $298,523
  • Personal property coverage (50% of dwelling): $149,262
  • Other structures coverage (10% of dwelling): $29,852
  • Loss of use coverage (20% of dwelling): $59,705
  • Liability coverage: $100,000

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