We looked at policy cost, coverage quality, and unique policy offerings for Virginia residents to find the best homeowners insurance companies in Virginia.
Expert reviewedExpert reviewedThis article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.Learn more about oureditorial review process.
By
Britta M. MossBritta M. MossProperty & casualty claim consultant and expert witnessBritta M. Moss, CPCU, SCLA, AIC-M, has over 25 years of insurance industry experience. In her work as a property and casualty claim consultant, she provides consultation and expert witness services in claim handling standards, practices, and norms. She has been retained by law firms representing plaintiffs and those representing insurer defendants involved in disputes or litigation regarding coverage analysis, investigation, liability determination, damage evaluation, negotiation and settlement. She is a graduate of The Ohio State University.
Virginia has a diverse natural landscape, from the Chesapeake Bay watershed to the Appalachian Mountains to the long Atlantic coastline. Its natural terrain and convenient southeastern geographic location make it a great state to settle down in. As an added plus, the average cost of homeowners insurance in Virginia is fairly affordable.
The average cost of homeowners insurance in Virginia is $1,516 per year, around 20% less than the national average of $1,899, but there are other factors you should consider when choosing an insurer. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Virginia.
UPDATE: Home insurance premiums up 11.5% in Virginia
Home insurance premiums in Virginia increased 11.5% from May 2021 to May 2022, according to our latest analysis of internal policyholder data. This is due to a mix of rising inflation, labor shortages, and severe natural disasters that have caused insurance companies to increase rates and establish stricter underwriting rules to offset the risks.
Of the companies we evaluated, State Farm has the home insurance lowest rate, with an average policy cost of $1,330 per year — almost $600 less than the national average. Average annual rates for other top-rated companies like Erie, Nationwide and Allstate are also below the national average.
However, when choosing the best homeowners insurance company for you and your home, you’ll want to consider more than just price. In addition to a company’s average policy cost, consider its coverage offerings as well as its customer service and claims satisfaction ratings with J.D. Power.
Policygenius analyzed thousands of quotes from the 5 largest Virginia insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Virginia residents to find the best homeowners insurance in Virginia.
Company
Average yearly cost
J.D. Power Rating
State Farm
$1,330
835
Travelers
$5,060
800
Allstate
$1,674
829
Nationwide
$1,428
812
Erie
$1,377
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State Farm
There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.
Pros
Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage
Get up to $1 million in personal liability coverage
Score discounts for bundling, installing security devices, and choosing a high deductible
File and track claims online, over the phone, in person, or through its mobile app
High customer satisfaction and financial strength ratings
Cons
No discounts for first-time homebuyers or going a year without a claim
State Farm’s score of 835 out of 1,000 was the highest of any company in J.D. Power’s 2021 home insurance study. State Farm combines an impeccable experience for its customer with a slew of coverage options for a range of protection and budget needs. State Farm also offers several coverage add-ons that Virginia residents should find useful, including water backup coverage and equipment breakdown protection — two coverages that are essential for homes with older plumbing systems or appliances.
How to get a quote
Online through State Farm
Travelers
With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business. It offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection.
Pros
4 customizable policy packages with several available add-ons, like extended replacement cost and water backup coverage
Offers eco-friendly green home coverage and discounts
Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, and personal articles coverage
File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster
Cons
Below-average customer service and claims satisfaction ratings
Travelers is the most expensive homeowners insurance policy on our best list with an average premium cost of $5,060. While the cost is more than the average price of other companies, Travelers does have a lot going for it.
Travelers has some of the biggest name recognition in the industry and offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection. Additionally, it has special catastrophe centers for claims after a natural disaster — which is a major plus if you live in a part of Virginia that is at risk of severe storms.
How to get a quote
Online through Policygenius or Travelers
Allstate
Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.
Pros
Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection
8+ discounts, including autopay, bundling, zero claims, and new homebuyer
Get up to 25% off your premiums when you bundle home and auto insurance
File and track claims online or through its mobile app
Cons
Lower-than-average claim satisfaction and digital experience ratings from J.D. Power
Allstate scored an 829 out of 1,000 in J.D. Power’s 2021 home insurance study, making it one of the best rated homeowners insurance companies in Virginia. If you’re looking for reliable, affordable coverage from a proven insurance company, you can’t go wrong with Allstate.
How to get a quote
Online through Policygenius or Allstate
Nationwide
Nationwide offers flexible home insurance policy options for every home type and income level. And we love its slew of discounts for everything from having a newish roof to living in a gated community.
Pros
Offers lots of coverage add-ons, including flood and earthquake insurance
Option to rebuild roof with stronger, safer materials after a covered loss
Score discounts for living in a gated community, making home renovations, having a newer roof, and more
Seamlessly submit claims online or through its mobile app
Above-average claims satisfaction rating
Cons
Below-average customer satisfaction ratings
Water backup coverage is more expensive than with other insurers
Nationwide is well known for being an auto insurance provider, but the company also does homeowners insurance pretty well. With its affordable rates, flexible home insurance policy options for every home type and income level, and slew of discount options, Nationwide is a great choice for Virginia residents.
How to get a quote
Online through Policygenius or Nationwide
Erie
With some of the best customer service ratings in the industry, Erie offers comprehensive coverage even with its most basic policy — including guaranteed replacement cost coverage and protection for lost items.
Pros
Score up to a 25% discount when you bundle your home and auto insurance
Guaranteed replacement cost coverage is included in the base policy
Theft coverage includes lost or misplaced items — a rare perk we don't see often
Multiple policy add-ons available, including water backup and service line coverage
Among the best customer service ratings in the industry
Cons
Can't file claims online — must speak to an Erie agent on the phone
Virginia is just one of 12 states where Erie Insurance coverage is available, and Erie's $1,377 average annual premium makes it the second cheapest homeowners insurance in our analysis of top companies for Virginia residents. Erie gives you several opportunities to save — if you bundle your home and auto insurance, for example, you earn a 25% discount. Additionally, it offers comprehensive coverage even with its most basic policy, including guaranteed replacement cost coverage and protection for lost items.
How to get a quote
Online through Erie
Cheapest homeowners insurance companies by city in Virginia
Looking at average home insurance costs for the 15 most popular insurers in Virginia, we found that the cheapest homeowners insurance companies in the state are Universal Property, Cincinnati Insurance, State Farm, Virginia Farm Bureau Insurance, and Farmers.
Universal Property’s average annual premium of $487 in Alexandria makes this the cheapest overall rate in Virginia.In Virginia Beach, a city with an average annual premium of $2,445, homeowners pay an average of $1,257 per year with State Farm. And in Richmond, a city with an average annual premium of $1,469, homeowners pay an average of $783 per year with Farmers.
When shopping for homeowners insurance, it’s best to shop around and compare multiple policy options. Comparing rates, researching available discounts, and evaluating each company’s coverage offerings are all important factors to consider.
Policygenius gives Virginia residents the tools and information they need to make informed decisions when purchasing a homeowner’s insurance policy. Our licensed experts can help you navigate your coverage needs and help you find the best deals on homeowners insurance in Virginia.
In this section, we break down the average annual home insurance rates in Virginia for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies in the state for individuals with poor credit scores, dog owners, and pool owners.
Virginia home insurance costs by coverage amounts
The size, cost and age of your house all factor into the value of your home, but it’s important to know the dwelling coverage portion of your homeowners insurance policy should be equal to your home’s replacement cost, not the amount it would go for on the open market. Dwelling coverage protects your house from covered losses, such as fire or tornado. This means your coverage is calculated based on things like construction costs in your ZIP code and your home’s square footage, not the amount it would go for on the open market.
As the table below highlights, more dwelling coverage means higher homeowners insurance rates. In Virginia, the most significant rate jump occurs in the $400,000 to $500,000 range — with more than a $400 difference in premiums between those two coverage levels.
Dwelling coverage amount
Average yearly cost
$100,000
$756
$200,000
$1,129
$300,000
$1,516
$400,000
$1,913
$500,000
$2,376
Personal liability coverage is the section of your homeowners insurance policy that pays for injuries or property damage for which you’re legally responsible.
For example, if your visiting relative slips in the shower and bumps their head or if your dog bites a neighbor, personal liability coverage would cover any related medical expenses. This coverage also covers you in the event of a lawsuit if the injured party decides to pursue legal action.
Liability coverage amount
Average yearly cost
$100,000
$1,497
$200,000
$1,311
$300,000
$1,516
$400,000
$1,265
$500,000
$1,568
Virginia home insurance costs by deductible amount
Your homeowners insurance deductible is the amount you’re responsible for paying on each home insurance claim. For example, if your home suffers $10,000 in fire damage and your deductible is $2,000, your insurer would reimburse you $8,000 to pay for repairs.
Higher policy deductibles mean lower premiums and vice versa. However, in Virginia, choosing a high policy deductible doesn’t necessarily mean significant savings.
Deductible amount
Average yearly cost
$500
$1,704
$1,000
$1,516
$2,000
$1,508
Home insurance discounts in Virginia
In Virginia, you may be eligible for certain discounts if your dwelling has certain safety features like a smoke alarm, burglar alarm, or a deadbolt. These features can lessen your home’s chances of being burglarized or destroyed by a fire, so insurers often provide discounts if you take steps to reduce your risk.
Discount
Average yearly cost
Dead bolt
$1,514
Smoke alarm
$1,511
Burglar alarm
$1,481
Home insurance companies in Virginia for dog owners
Insurance companies frequently categorize certain dog breeds as more dangerous due to the amount of dog bite liability claims that are filed. If you’re a dog owner, it’s important to research whether your dog is categorized as a higher risk breed or if it is covered at all — some companies deny coverage altogether for specific breeds.
Below are the average yearly policy costs from Virginia insurance companies for a homeowner who owns a dog breed that is considered aggressive. State Farm has the lowest average rates, while Travelers has the highest rates.
Company
Average yearly cost
State Farm
$1,330
Erie
$1,377
Nationwide
$1,428
Allstate
$1,674
Travelers
$5,060
Home insurance companies in Virginia for poor credit
Your credit score has an impact on your insurance policy premium options, so you’ll need to consider this when shopping for homeowners insurance.
Insurance companies view customers with lower credit scores as more likely to file smaller insurance claims, since they may not be in a financial position to pay for the cost of covered loss. Thus, a poor credit score often means higher insurance premiums.
Here is the average yearly policy cost from Virginia insurance companies for a homeowner with a poor credit score. Nationwide has the lowest average rates, while Travelers has the highest rates.
Company
Average yearly cost
Nationwide
$1,972
State Farm
$2,282
Allstate
$2,594
Erie
$3,838
Travelers
$12,495
Home insurance companies in Virginia for pool owners
The vast geography of Virginia means that it gets an array of weather, including lots of sunshine and heat in certain regions — especially along its coast. If you’re a Virginia homeowner with a pool, you’ll want to consider looking into a homeowners insurance policy that has added coverage for your pool so you can enjoy your backyard oasis worry-free.
If you have a home with a pool, here are a couple things to consider:
Since pools are considered an “attractive nuisance” aka a liability risk, you will need to consider additional liability protection to cover medical bills or legal settlements in the event of a pool-related accident
Since a pool is considered a “structure” you’ll need extra dwelling/structures coverage to cover the value of the pool if it gets damaged
State Farm has the lowest average rates for a Virginia home with a pool, while Travelers has the highest rates.
Company
Average yearly cost
State Farm
$1,330
Nationwide
$1,428
Erie
$1,587
Allstate
$1,674
Travelers
$5,566
How to buy homeowners insurance in Virginia
Virginia is a beautiful place to live with lots of variety in landscape and weather. Whether you live in the mountains where snow storms are common or along the coast with seasonal flash flood warnings, it’s important to get the coverage that’s right for you. Comparing policies with Policygenius can get you the best coverage at an affordable rate.
Here are a few steps to follow as you shop for homeowners insurance in Virginia:
Reach out to a licensed Policygenius agent. Our team of licensed insurance experts are at the ready to help you figure out how much coverage you need and what company offers it at the best price — all for free with no impact to your credit score.
Ask about the Virginia Property Insurance Association - Virginia’s FAIR Plan alternative. Formed in 1968, The Virginia Property Insurance Association provides dwelling and commercial property coverages to individuals and businesses throughout the state who are unable to obtain coverage through the voluntary insurance market.
Consider purchasing flood insurance. Since standard home insurance policies don’t cover flooding, you’ll want to add flood coverage or purchase a separate flood insurance policy to make sure you’re fully protected — especially if you live in a high risk region in Virginia.
Figure out how low of a deductible you can afford. You’ll want to figure out how much you’ll be able to afford to pay out of pocket every time you file a claim. This will help you choose the deductible amount that’s right for you.
Compare quotes from a Policygenius agent. Once you’ve nailed down your coverage needs, limits, and deductibles, a Policygenius agent will walk you through quotes from a few different companies to help you find the best policy for your needs.
Sign the policy and pay your first premium. After you’ve chosen the policy you want, your Policygenius agent will complete all of the paperwork for you. The only thing left to do is sign the policy and pay your first premium.
Virginia gets different weather depending on where you live — how does weather impact my policy?
Living in an area with extreme weather conditions means that you’ll want to protect your home from any potential damage caused by snowstorms, tornadoes, or wildfires, for example. Since there’s a higher chance of homeowners filing a claim, home insurance companies charge higher rates for this added risk.
How can I lower my homeowners insurance in Virginia?
You can lower your homeowners insurance in Virginia by taking advantage of discounts offered through your home insurance company. This might mean bundling your home and auto policies together for discounts off your premiums, or adding security systems to your home to score policy discounts. Another way to lower your homeowners insurance rates is by opting for a higher deductible. Just keep in mind a higher deductible means you’ll have to pay more money out of pocket on each claim.
Is it mandatory to have homeowners insurance in Virginia?
While it’s not legally required to purchase homeowners insurance in Virginia, most mortgage lenders require you to purchase home insurance before they’ll extend a home loan to you. This is because your lender has a financial investment in the property until you pay off your mortgage, so they want to ensure it’s fully protected.
Methodology
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
