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 $1,277 per year, around 27% less than the national average of $1,754 per year.
Compare the best homeowners insurance companies in Virginia
Based on Policygenius' analysis of the most widely available insurance companies in the state, State Farm, Nationwide, Erie, Farmers, and Travelers are Virginia's best homeowners insurance companies in 2023.
Company | Best for... | Average monthly cost | Policygenius rating |
|---|---|---|---|
Overall | $111 | 4.8 out of 5 | |
Coverage options | $119 | 4.5 out of 5 | |
Short term rental owners | $114 | 4.5 out of 5 | |
Low rates | $89 | 4.5 out of 5 | |
Newly insured homes | $286 | 4.4 out of 5 |
Best overall home insurance company in Virginia: State Farm
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
State Farm home insurance is one of the best overall home insurance providers in Virginia thanks to statewide availability, large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Save up to $1,127 per year when you bundle your home and auto insurance
Excellent line-up of policy add-ons, including extended replacement cost coverage
Cons
No longer sells home insurance policies in California
20% more complaints filed with the NAIC than other companies of its size
More details
Why we chose State Farm
At a time when lots of competitors are no longer insuring homes in areas prone to wildfires or hurricanes, State Farm continues to offer its relatively affordable and highly-rated home insurance to homeowners in most parts of the country, including Virginia.
While some of its competitors may not have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How do State Farm home insurance rates compare to the Virginia average?
The average cost of State Farm home insurance in Virginia is $1,330 per year, which is slightly more expensive than the average state annual premium of $1,277.
How to get a quote
Online through State Farm
Best home insurance company for coverage options in Virginia: Nationwide
2024 Policygenius award winner
Nationwide
4.5
Bundle home & auto
Mobile app
New homebuyer discount
Offers extended replacement cost
Why we chose it
Nationwide is one of the best homeowners insurance companies in Virginia for people who want complete coverage. You can strengthen a basic Nationwide policy with the company's range of coverage add-ons. Nationwide also has high claims satisfaction ratings.
Pros and cons
Pros
Multiple high-quality coverage options
Highly rated for claims satisfaction with J.D. Power
Available in most states
Cons
Below-average customer satisfaction and digital experience ratings
Won’t cover Airbnbs or other short-term rentals
More details
Why we chose Nationwide
Nationwide is the best homeowners insurance company for those who can take advantage of its large selection of coverage options. These include guaranteed and extended replacement cost coverage, better roof replacement, new belongings coverage, water backup protection, and equipment breakdown coverage.
Nationwide has also received high ratings from J.D. Power for claims satisfaction, and it ranks fifth on J.D. Power's Property Claims Satisfaction Study from 2022. The company also receives far fewer complaints than other insurers, according to the National Association of Insurance Commissioners.
Although we found that Nationwide's rates are slightly more expensive than average in Virginia, you might be able to lower your premiums with the company's discounts. These include discounts for bundling, renovating your home, buying a new home, and others.
How do Nationwide home insurance rates compare to the Virginia average?
The average cost of Nationwide home insurance in Virginia is $1,428 per year, which is 10% more expensive than the state average of $1,277 and 22% more expensive than the annual national average of $1,754.
How to get a quote
Online through Policygenius or Nationwide
Best home insurance company for short-term rental owners in Virginia: Erie
2024 Policygenius award winner
Erie
4.5
Mobile app
Bundle home & auto
Why we chose it
Erie's wide range of coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance companies in Virginia.
Pros and cons
Pros
Cheap rates
Guaranteed replacement cost comes standard on Erie policies
Excellent customer service and claims satisfaction ratings
Cons
Only available in 12 states
Just three available discounts
Can’t get quotes or file claims online
More details
Why we chose Erie
Erie is one of the best homeowners insurance companies in Virginia for residents who want to add more protection to a basic policy, get top-rated customer service, and pay cheaper-than-average premiums.
Home insurance policies from Erie come standard with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy also covers lost and misplaced items, jewelry, and gift cards to closed businesses.
Erie also offers a range of add-ons that you can purchase, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.
How do Erie home insurance rates compare to the average in Virginia?
The average cost of Erie home insurance in Virginia is $1,371 per year, which is 6% higher than the state average of $1,277 and 28% cheaper than the annual national average of $1,754.
How to get a quote
Online through Erie
Best home insurance company for low rates in Virginia: Farmers
2024 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is one of the best home insurance companies in Virginia for those who want to add coverage to their policies. Farmers also has a range of discounts and high claims satisfaction scores.
Pros and cons
Pros
Above-average property claims satisfaction rating with J.D. Power
Extended and guaranteed replacement cost for your home
Shave $50 off your deductible each year you’re with Farmers
Cons
Below-average scores on J.D. Power’s digital experience survey
More details
Why we chose Farmers
Farmers is one of the best home insurance companies in Virginia, especially if you want to add coverage to a basic policy. Optional coverages from Farmers include guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it scored below average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.
Farmers is one of the best companies for bundling home and auto coverage (you could save up to 18% on your premiums by bundling). The company also offers more than a dozen other discounts, many of which are easy for most homeowners to qualify for.
How do Farmers home insurance rates compare to the average in Virginia?
The average cost of Farmers home insurance in Virginia is $1,064 per year, which is 20% less than the state average of $1,277 and 64% less expensive than the national average annual premium of $1,754.
How to get a quote
Online through Farmers
Best home insurance company for newly insured homes in Virginia: Travelers
Travelers
4.4
Bundle home & auto
New homebuyer discount
Mobile app
Offers extended replacement cost
Offers flood insurance
Why we chose it
Travelers offers some of the best homeowners insurance in Virginia despite higher-than-average rates thanks to industry-best financial ratings and flexible policy options for most home types.
Pros and cons
Pros
Green home coverage and discounts
Offers short-term rental coverage for Airbnb hosts
Doesn’t require prior insurance on the home
Cons
Subpar customer service ratings with J.D. Power
Underwhelming number of available discounts
More details
Why we chose Travelers
Travelers is a reputable home insurance provider that offers comprehensive policy options. One of Travelers's benefits is its willingness to cover risks that other insurance companies won't. These risks include no prior insurance coverage, coverage for short term rentals, and liability protection for trampoline injuries if its fitted with protective netting.
How do Travelers home insurance rates compare to the Virginia state average?
The average cost of Travelers home insurance in Virginia is $3,431 per year, which is more expensive than the state average annual premium of $1,277.
How to get a quote
Online through Policygenius or Travelers
Methodology & why you can trust our rates
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.
How much is homeowners insurance in Virginia?
The average cost of homeowners insurance in Virginia is $1,277 per year. This is lower than the national average of $1,754 per year.
Virginia homeowners insurance rates by city
Looking at average home insurance costs for the 20 largest cities in Virginia, we found that Winchester and Blacksburg have the cheapest homeowners insurance in the state, followed by Fredericksburg and Manassas.
Here’s a look at the average cost of home insurance in the 20 largest cities in Virginia.
City | Average monthly cost | Average annual cost | Difference from state average (%) |
|---|---|---|---|
Virginia Beach | $162 | $1,947 | 52% |
Chesapeake | $142 | $1,702 | 33% |
Norfolk | $150 | $1,794 | 40% |
Richmond | $105 | $1,257 | -2% |
Newport News | $132 | $1,585 | 24% |
Alexandria | $96 | $1,154 | -10% |
Hampton | $137 | $1,639 | 28% |
Suffolk | $136 | $1,626 | 27% |
Roanoke | $91 | $1,095 | -14% |
Portsmouth | $145 | $1,740 | 36% |
Lynchburg | $91 | $1,087 | -15% |
Harrisonburg | $89 | $1,063 | -17% |
Leesburg | $97 | $1,162 | -9% |
Blacksburg | $86 | $1,035 | -19% |
Charlottesville | $94 | $1,129 | -12% |
Manassas | $88 | $1,050 | -18% |
Danville | $101 | $1,208 | -5% |
Petersburg | $106 | $1,267 | -1% |
Fredericksburg | $88 | $1,057 | -17% |
Winchester | $86 | $1,031 | -19% |
Virginia homeowners insurance rates by coverage amount
The table below highlights the average annual premium in Virginia for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.
Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $622 |
$200,000 | $943 |
$300,000 | $1,277 |
$400,000 | $1,623 |
$500,000 | $2,002 |
Cheapest homeowners insurance companies in Virginia
Based on our analysis, Cincinnati Insurance, Farm Bureau Insurance, and Universal Property are the three cheapest home insurance companies in Virginia, with statewide average premiums ranging from $873 to $966 per year.
Here are the cheapest homeowners insurance companies in Virginia.
Company | Average annual cost |
|---|---|
$873 | |
$913 | |
Universal Property | $966 |
$1,064 | |
$1,084 | |
$1,212 | |
$1,251 | |
$1,330 | |
$1,371 | |
Donegal Insurance | $1,374 |
$1,428 | |
$1,512 | |
IAT Insurance | $1,625 |
$1,674 | |
$3,431 |
Cheapest Virginia homeowners insurance if you have poor credit
Your credit score also plays a role in your home insurance premiums. Homeowners with lower credit scores generally see higher rates, since insurers consider you more likely to file a claim.
Here are the average insurance rates for homeowners with poor credit.
Company | Average annual cost |
|---|---|
Universal Property | $966 |
Chubb | $1,212 |
Cincinnati Insurance | $1,299 |
Donegal Insurance | $1,487 |
Farm Bureau Insurance | $1,791 |
Foremost | $1,944 |
Nationwide | $1,972 |
Progressive | $1,997 |
State Farm | $2,282 |
Farmers | $2,397 |
Allstate | $2,594 |
Erie | $3,838 |
IAT Insurance | $4,156 |
Auto-Owners Insurance | $11,454 |
Travelers | $12,495 |
Cheapest Virginia homeowners insurance if you have an older home
Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.
Here's the cheapest home insurance in Virginia for a 50-year-old home.
Company | Average annual cost |
|---|---|
Cincinnati Insurance | $873 |
Farm Bureau Insurance | $913 |
Foremost | $997 |
Universal Property | $1,056 |
Chubb | $1,100 |
Farmers | $1,230 |
Auto-Owners Insurance | $1,280 |
State Farm | $1,374 |
Progressive | $1,447 |
Nationwide | $1,464 |
Donegal Insurance | $1,472 |
Erie | $1,519 |
Allstate | $1,606 |
IAT Insurance | $1,973 |
Travelers | $5,229 |
Cheapest Virginia homeowners insurance if you have a history of claims
One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.
Here's the cheapest home insurance companies in Virginia for a homeowner with three claims within a five-year period.
Company | Average annual cost |
|---|---|
Farm Bureau Insurance | $1,084 |
Auto-Owners Insurance | $1,308 |
Universal Property | $1,561 |
State Farm | $1,564 |
Cincinnati Insurance | $1,618 |
Donegal Insurance | $1,815 |
Progressive | $1,938 |
Farmers | $2,161 |
Chubb | $2,279 |
Erie | $2,370 |
Foremost | $2,388 |
Allstate | $2,691 |
Nationwide | $2,838 |
IAT Insurance | $3,294 |
Travelers | $8,212 |
How to buy homeowners insurance in Virginia
With so many options for homeowners insurance in Virginia, shopping for homeowners insurance can seem overwhelming, which is why we provided Virginia homeowners with the insights and expert advice they need for a more convenient and informed comparison.
Frequently asked questions
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.
