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 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.

Most Popular Virginia Home 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 Homeowners Insurance Companies in Virginia

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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Virginia Home Insurance Rate Factors

How much does homeowners insurance cost in Virginia? Insurance companies take a lot into account when pricing a home insurance policy. The factors consider both personal and regional factors.

Your Personal Rate Factors

Your House

How much you pay for home insurance policy starts with your house. Every house is different, so insurance companies focus on a few key criteria.

Your home’s age

A house’s age is probably one of the biggest influences on your rate. For the most part, the older your home is, the higher your premium is. As a house ages, the odds of needing to file a claim go up. That’s especially true if the house hasn’t been carefully maintained.

Most houses in VA (68 percent) were built after 1970. But 32 percent of Virginia homes were built before 1970, and those homes will likely face higher insurance rates.

Roof quality

Your roof plays a critical role in your home insurance rates. An old or neglected roof can turn a storm into a high-priced claim. Insurers charge higher rates to cover homes with bad roofs.

Most homes in Virginia have asphalt shingle roofs. They perform well in various weather conditions, are inexpensive, and have a decent lifespan. An average asphalt shingle roof lasts anywhere from 15 to 25 years, depending on the climate where you live.

Virginia sees an average of 43.37 inches of rainfall per year. This is a foot over the national average of 31.2 inches. Metal roofing is a great option to deal with excessive rainfall. It provides great protection against moisture and humidity. The downside? It’s expensive. Regardless of your roof’s material, it’s vital that you maintain it and replace it when the time comes. 

Your home’s replacement cost

Replacement cost refers to the dollar amount needed to rebuild a home. Your dwelling/structure coverage should match your replacement cost. And dwelling/structure coverage is the primary building block of a home insurance policy.

It’s important to know that your home’s market value and replacement cost are two very separate things. Replacement cost depends on things like home structure, size, features, and general style. It doesn’t take land value into account, seeing as that’s not being repaired or replaced. That’s why a home worth $300,000 in Blacksburg could actually have a lower replacement cost than a home worth $150,000 in Richmond.

Claims History

Filing a homeowners claim leads to an increase in your rates. Claims remain on your record for five to seven years on average. Any other claims during that time will raise your premium even higher. You might even have trouble finding a company willing to cover you if you have several recent claims under your belt.

Make sure it's worth it before filing a claim. If the amount of the payout is going to be less than or just around your deductible, it may be worth it just to pay out of pocket to avoid a rate increase.

Pets

According to Business Insider statistics, 35 to 40 percent of Virginian households have a dog.  If you’re one of them, you should know that insurance companies consider some dog breeds to be high-risk. You may face higher rates or have trouble getting coverage if you own one of those dog breeds.

Credit Score

Insurers look at your credit score. Your credit debt, history, and limit are all elements considered. And if you have bad credit, unfortunately you’re going to face higher insurance rates.  The average credit score in Virginia is 694. This is well above the national average credit score of 682.

Virginia Rate Factors

Weather

Weather is a regional factor that plays a major part in your rates. Bottom line: if you live in an area with bad weather and natural disasters, you’re going to pay higher insurance rates. And not just you – your neighbors will face increased premiums, as well.

Virginia is worse than average when it comes to natural disasters. The state has experienced 64 natural disasters since 1953. That’s enough to make insurers charge higher rates to cover Virginian homes.

All East Coast states require homeowners to have a hurricane deductible. The deductible is usually anywhere from one to ten percent of your home’s coverage amount. For instance, if you have a $300,000 policy and a four percent hurricane deductible, you would have to pay the first $12,000 of the repairs before your insurance will cover the rest.

If you can’t find affordable home insurance with a hurricane deductible, the Virginia Property Insurance Association can probably help.

Property Crime

Like weather, living in an area with a high property crime rate can lead to higher rates for all residents. Property crime rates vary from city to city in Virginia. Williamsburg has a property crime rate of 12.04 per 1,000 people, while Roanoke has a property crime rate of 45.10 per 1,000 people. Because of this, Roanoke homeowners may face higher rates.

Prevention is probably the best way to reduce rate hikes due to local property crime. Installing home security gives both peace of mind and is the best chance to lower rate increases from crime.

Types of Home Insurance Policies

  • HO-1: The most minimum coverage policy. that covers named perils like windstorms, hail, and theft.
  • HO-2: This policy covers the same named perils as the HO-1 but also includes more perils such as plumbing overflow and damage from falling objects.
  • HO-3: This the most comprehensive and commonly used policy. Unless a peril is explicitly excluded, the HO-3s covers it. Home structure and attached structures such as decks or garage, liability and your belongings are also covered.
  • HO-5: A premium open peril policy with fewer exclusions than the HO-3
  • HO-6: This provides coverage for condo liability, condo interior and your belongings.
  • HO-7: This is coverage for mobile and manufactured homes.
  • HO-8: This policy type focuses on the costs of vintage homes. It provides coverage for replacement costs that are usual costly due to out-of-date materials or methods used.

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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