Homeowners insurance in Virginia

The cost of homeowners insurance in Virginia is $1,067 a year for the average amount of coverage. Virginia residents can compare rates from multiple companies with Policygenius.

Pat Howard 1600

Pat Howard

Published September 21, 2020

KEY TAKEAWAYS

  • The average cost of homeowners insurance in Virginia is $1,067 per year for $100,000–500,000 in coverage

  • The most affordable insurance company in Virginia is Travelers, according to Policygenius quote data

  • When deciding on policy coverage, Virginia residents should consider the state’s high hurricane risk

Homeowners insurance is coverage for your home, personal property, and combined assets in the event your house is damaged, burglarized, or you’re held liable for an accident. If you’re one of the almost 66% of Virginia residents who owns a home, you’re going to want a comprehensive homeowners insurance policy given the state’s susceptibility to hurricanes and other common hazards

The statewide average cost of homeowners insurance in Virginia is $1,067, which is significantly cheaper than the national average of $1,633, but policy premiums will differ considerably based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and the policy deductible amount you choose. Rates will also be different from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.

To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Virginia offered through our website. We also calculated the cheapest and most expensive cities in Virginia for home insurance based on hundreds of submitted quotes.

Compare Virginia quotes here

IN THIS ARTICLE

The 5 best homeowners insurance companies in Virginia

Before deciding on a homeowners insurance policy, consider doing a little research on the company that will be insuring your house and all of your assets. A great homeowners insurance company is financially stable, has a good track record when it comes to handling claims, and offers affordable coverage, flexible policy options, and high quality discounts.

Using those benchmarks, we determined the following five companies were the best homeowners insurance companies in Virginia. Read about our methodology here.

Best company for a cheap quote: Travelers

Travelers provides the cheapest Virginia home insurance quote of any Policygenius partner carrier. The average quote with Travelers is $886 for $100,000–500,000 in coverage, which is a couple hundred dollars cheaper than the statewide annual average of $1,067. Virginia residents looking for great coverage on a budget should consider homeowners insurance with Travelers.

Read our full review of Travelers here

Best replacement cost policy: Safeco

Virginia residents looking to maximize coverage for their home and personal property against the state’s volatile weather should consider Safeco’s excellent replacement cost coverage options. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price.

Read our full review of Safeco here

Best company for discounts: State Auto

Virginia residents looking for home insurance savings should look no further than State Auto, a company that offers an astonishing nine available discounts for everything from bundling your home and auto insurance to fitting your house with smart home devices to fortified home discounts.

Read our full review of State Auto here

Best financial ratings: Nationwide

One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is its financial stability, and Nationwide is among the highest-rated insurers in that area. With an A+ rating with A.M. Best, Nationwide has the second highest score a company can receive with the insurance company credit rating agency. Nationwide also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.

Read our full review of Nationwide here

Best company for high-value homes: Chubb

Virginia residents with high-value homes should consider a homeowners insurance policy with Chubb. This luxury insurance company provides guaranteed replacement cost dwelling coverage, replacement cost coverage on all personal property, and additional services like appraisals and risk protection consultations. Keep in mind that Chubb only covers homes with an insured value of more than $1 million.

Read our full review of Chubb here

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Average cost of homeowners insurance in Virginia by company

When comparing insurance companies, Virginia residents may find that rates differ greatly from company to company for the same level of coverage. Higher-priced policies may include coverage add-ons or have higher limits than other plans, or they may cost more simply because that insurer charges more for coverage in that particular location.

After reviewing hundreds of quotes submitted with Policygenius, we found that Travelers is the cheapest insurance company in Virginia with a $886 average annual premium for $100,000–500,000 in coverage. American Strategic Insurance (ASI) has the most expensive coverage with an average annual premium of $1,291.

CompanyAverage Cost
ASI$ 1,291
[Encompass](https://www.policygenius.com/homeowners-insurance/reviews/encompass/$ 1,250
Mercury$ 1,062
MetLife$ 1,110
Nationwide$ 1,073
Progressive$ 1,218
Safeco$ 1,107
State Auto$ 932
Stillwater$ 1,180
Travelers$ 886

Average cost of home insurance in Virginia by coverage amount

The average cost of homeowners insurance in Virginia will also differ considerably based on the amount of insurance you have for your home. Below are the average homeowners insurance quotes for five different levels of coverage.

Coverage AmountAverage Cost
$100,000-$200,000$ 910
$200,000-$300,000$ 1,062
$300,000-$400,000$ 1,072
$400,000-$500,000$ 1,257
Greater than $500,000$ 1,876

Average cost of home insurance in Virginia by city

Insurance companies will also price policies differently based on where you live. We found the city of Suffolk near the Virginia coast has the highest rates in the state with a $1,742 average annual premium for $100,000-500,000 in coverage. The city with the cheapest rates is Roanoke in the Blue Ridge Mountains with an average annual premium of $798 for the same amount of coverage.

CityAverage Cost
Alexandria$ 884
Arlington$ 950
Ashburn$ 814
Centreville$ 1,011
Charlottesville$ 774
Chesapeake$ 1,531
Hampton$ 1,380
Harrisonburg$ 1,006
Leesburg$ 1,082
Lynchburg$ 1,001
Mclean$ 967
Midlothian$ 1,050
Newport News$ 1,371
Norfolk$ 1,370
Portsmouth$ 1,739
Reston$ 873
Richmond$ 942
Roanoke$ 798
Suffolk$ 1,742
Virginia Beach$ 1,611

We selected the 20 largest cities in Virginia by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.

The cheapest cities for homeowners insurance in Virginia

virginia-cheapest-homeowners-insurance

The most expensive cities for homeowners insurance in Virginia

virginia-cheapest-homeowners-insurance

Guide to homeowners insurance in Virginia

Common causes of home insurance loss in Virginia

As of 2020, Virginia has 243,707 homes at risk of being impacted by a Category 3 hurricane, the sixth most at-risk homes of any state, according to the Insurance Information Institute. To put that into context, North Carolina is the third most hurricane-prone state in the country but has 165,266 homes at risk of being impacted by a Category 3.

When you consider the fact that hurricanes cause around [$38 million in annualized property damage]https://www.energy.gov/sites/prod/files/2016/09/f33/VA_Energy%20Sector%20Risk%20Profile.pdf) to Virginia homes, it’s especially important for Virginia residents to equip their homes with top notch coverage with a company with exceptional claims handling.

Does homeowners insurance cover flooding in Virginia?

Homeowners insurance does not cover flood damage in Virginia or any of the other 49 states, even if the cause of the flood is a hurricane storm surge. Virginia residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.

Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.

Virginia State Corporation Commission

The Virginia State Corporation Commission is a valuable resource for both Virginia homeowners purchasing coverage for the first time or those who are already insured. The SCC website has helpful information about what to prioritize when selecting your coverage, comparing rates, preparing your home for bad weather, and you can even file a complaint if you’re unhappy with your home insurance company.

What if I can’t get homeowners insurance?

Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.

If you’re struggling to find coverage, you can get last-resort coverage via a Virginia Fair Access to Insurance Requirements (FAIR) Plan. The Virginia FAIR Plan is offered through the Virginia Property Insurance Association, a not-for-profit insurance pool that provides basic coverage for Virginia residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.

Not where you live? We've got you covered, check out our guide to homeowners insurance in your state

Insurance Expert

Pat Howard

Insurance Expert

Pat Howard is an Insurance Editor at Policygenius in New York City, specializing in homeowners insurance. He has been featured on Property Casualty 360, MSN, and more. Pat has a B.A. in journalism from Michigan State University.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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