The Best Cheap Virginia Homeowners Insurance

With ample coastline to the east, the nation’s capital to the north, and remarkable mountains to the west, there are plenty of reasons for homeowners in Virginia to enjoy their state. It ranks just outside the country’s top ten household earnings and population size.

Property owners have a lot of reasons to protect their homes in Virginia, too. It snows heavily in the shadows of the Appalachian mountains. The state’s coastal areas can experience hurricanes, and tornadoes are possible statewide.

We created this comprehensive guide on Virginia home insurance to educate potential policyholders. Keep reading to learn more about Virginia homeowners insurance laws, the best home insurance companies in Virginia, and which carriers have the cheapest homeowners insurance in Virginia.

Homeowners insurance in Virginia is about $1,474 per year for $300,000 of dwelling coverage. This number will vary based on several factors about you and your home, with one of the main factors being how much coverage you need. Look at the table below for homeowners insurance rates in Virginia at varying levels of dwelling coverage. 

For reference, the average home insurance cost in Virginia for $300,000 of dwelling coverage is lower than the average in neighboring North Carolina by about $300, but it’s slightly higher than nearby Pennsylvania. 

The most common type of residential homeowners insurance policy is the HO3 form, which is the source of the average homeowners insurance rates in Virginia that we discussed above and will be referring to throughout this article.

Every HO3 Virginia home insurance policy has the following coverages:

The best homeowners insurance in Virginia is the one that protects you fully at a price you can afford. There are over 180 companies that write homeowners insurance in the commonwealth. Many have the same discounts and coverage options, but the best homeowners insurance in Virginia for you will come down to rates and customer experience.

You must compare your options before choosing a plan. The largest homeowners insurance writers in Virginia are:

USAA is only available to military members and their families, but otherwise, you have the pick of the litter when choosing a provider. Bigger, national companies may have more standardized procedures and easier touch points with the help of an app. But, you may experience better customer service or more specialized attention with a smaller, regional carrier.

A good idea is to get the help of an independent agent to assist you with your search for the best home insurance companies in Virginia. An agent will have all the know-how and connections in your area to help you find the right coverage at a reasonable price.

Based on our analysis of cheap home insurance, Virgina’s top providers range are some of the most well-known home insurance companies in Virginia. State Farm has the cheapest coverage of some of the top providers, followed by Nationwide and Erie. These are average homeowners insurance rates in Virginia, and your premium will vary based on many factors about you and your property.

You will certainly need to compare several options to find the cheapest homeowners insurance in Virginia. Keep in mind, though, that the best home insurance companies in Virginia may not always be the cheapest. It might be worth spending the extra money to get quality coverage.

While the state as a whole is very diverse, much of its wealth is in Northern Virginia, closer to Washington, DC. Northern Virginia is the highest-income region in the state and one of the top-earning regions in the country. As a result, larger, more expensive homes in this area may require more insurance coverage. 

Homeowners with high-value properties may need to take measures beyond standard home insurance coverage with certain endorsements. For instance, policyholders with a lot of very expensive valuables may need scheduled personal property coverage. 

Standard personal property coverage in a home insurance policy has sub-limits for several high-value items like art, jewelry, and collectibles. You may have hard limits of $1,000 or $2,500 in total for these items when damaged or stolen. To fully cover some high-value belongings, you’ll need to schedule them. Scheduling items costs extra but may be well worth it, depending on what you need to be covered.

Insurers also recommend adjusting your coverage limits every so often to account for inflation, renovations, or other changes you may have made to your property. One of the most common mistakes people make with home insurance is not getting enough of it. High-value homeowners should remember this, especially if they have total replacement cost coverage for their houses.

The amount of coverage you need is one of the biggest considerations in your premium. But, several more factors influence the average cost of homeowners insurance in Virginia. Some of the most important ones are:

Insurers often prefer to cover newer homes. New houses are up to the latest building and safety codes, which means they can withstand severe weather better than older homes. Companies often have new construction discounts that reduce premiums. 

Also, older homes tend to have more wear-and-tear-related issues that can lead to claims or potentially nullify coverage. Old roofs, pipes, or wiring are red flags to many companies. Providers will likely want to inspect older homes before offering coverage. Sometimes, brand-new homes don’t even need inspections.

The location of your house also influences the average home insurance cost in Virginia. Places closer to the Chesapeake Bay may be more prone to hurricanes, which can raise premiums. Additionally, homes located in high-crime areas may have higher rates.

Every policy has a deductible, which is an amount you must pay during a claim before your insurer picks up the rest of the bill. You must pay a deductible no matter what damage you suffer, called an all other perils (AOP) deductible.

Some policies will also have separate hurricane deductibles, which are usually more costly. While most home insurance policies in Virginia have an AOP deductible of around $500, hurricane deductibles are based on a percentage of your dwelling cost and will vary by house. Coastal homes in Virginia are more likely to have hurricane deductibles.

Also, homes or homeowners with a history of claims will have higher premiums. When you’re getting a Virginia home insurance quote, providers will ask you if you’ve filed a claim in the past three to five years. 

Carriers believe someone who has filed a claim in the past is more likely to file another than someone who has never filed one. Insurers can also see if previous owners of your property have filed claims. If your house seems prone to water damage or has some other recurring issue, you might pay more for insurance.

No law requires you to carry homeowners insurance in Virginia. But, if you finance your home with a mortgage, your lender will require you to have a policy for the life of the loan.

Mortgage companies require loanees to have home insurance to protect their financial investment in the property. If you don’t get and keep your own coverage on your house, your lender can force-place insurance on you. Force-placed insurance isn’t in your best interest. It’s more expensive and less comprehensive than a policy you can get by shopping yourself.

If you’re purchasing a house, you’ll need insurance before closing on the property. So, there are times when you need to have coverage. But, if you purchase your home with cash or pay off your mortgage, no one will require you to keep a policy. 

Deciding to forego house insurance in Virginia will make you responsible for paying for any property damage out of pocket, so it isn’t recommended.

Home insurance companies in Virginia have certain rules and regulations laid out by the state government they have to follow. In addition, your provider will have specific procedures you need to follow as a policyholder.

Home insurance companies in Virginia are required to offer you sewer backup coverage as an optional addition to your policy. This coverage covers water damage due to sewer and sump pump backups, which is normally excluded from standard home insurance.

Providers will also give you the option of ordinance or law coverage in Virginia. Ordinance or law coverage provides protection when the cost to rebuild or repair your house is increased because the original structure must be brought up to modern code before repair. Bringing old buildings up to code can eat up your limits very quickly, especially if you haven’t updated your coverage in a while.

Virginia insurance regulations also state that your provider must explain deductible increases if they decide to raise your deductible at renewal time. If you file a claim, a carrier must also acknowledge your claim within ten days, although there is no time frame on how long a claim can take because every claim will have a different level of severity and complexity.

Your provider also outlines certain rules you must follow during the claims process. For instance, you should notify your carrier if you experience a loss as soon as possible. Document the damage thoroughly and mitigate potential further damage from occurring. The more information you can provide during a claim, the more your company can help you.

Independent agents at Clovered can help you get Virginia homeowners insurance quotes. You can reach any of our licensed, in-house team members during business hours at 833-255-4117. You could also email them with questions at [email protected]. 

Alternatively, you could also use our proprietary online quoting engine to get Virginia homeowners insurance quotes from the comfort of your home whenever you please. Clovered was built to simplify insurance.