Best homeowners insurance in Virginia (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Virginia.

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Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Edited by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
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Reviewed 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. 

Updated|2 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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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 home insurance rates in Virginia

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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

State Farm

Overall

$111

4.8 out of 5

Nationwide

Coverage options

$119

4.5 out of 5

Erie

Short term rental owners

$114

4.5 out of 5

Farmers

Low rates

$89

4.5 out of 5

Travelers

Newly insured homes

$286

4.4 out of 5

Best overall home insurance company in Virginia: State Farm

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

All 50 states

Why we chose itchevron icon

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 conschevron icon

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 detailschevron icon

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

award icon

2024 Policygenius award winner

Nationwide

Nationwide logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Mobile app

New homebuyer discount

Offers extended replacement cost

Why we chose itchevron icon

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 conschevron icon

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 detailschevron icon

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

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2024 Policygenius award winner

Erie

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Mobile app

Bundle home & auto

Why we chose itchevron icon

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 conschevron icon

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 detailschevron icon

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

award icon

2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

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 conschevron icon

Pros

  • 12+ discounts to save on rates

  • 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 overall customer satisfaction and digital experience surveys

More detailschevron icon

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

Travelers home insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.4

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

New homebuyer discount

Mobile app

Offers extended replacement cost

Offers flood insurance

Why we chose itchevron icon

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 conschevron icon

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 detailschevron icon

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.

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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%

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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

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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

Cincinnati Insurance

$873

Farm Bureau Insurance

$913

Universal Property

$966

Farmers

$1,064

Foremost

$1,084

Chubb

$1,212

Auto-Owners Insurance

$1,251

State Farm

$1,330

Erie

$1,371

Donegal Insurance

$1,374

Nationwide

$1,428

Progressive

$1,512

IAT Insurance

$1,625

Allstate

$1,674

Travelers

$3,431

Collapse table

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

Collapse table

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

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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

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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.

6 tips for purchasing the best homeowners insurance in Virginia

  1. Reach out to a licensed Policygenius agent. Our agents can help you determine how much coverage you need and will help you compare quotes from different companies.

  2. Ask about your specific hazards or risks. With the threat of hurricanes and severe flooding in coastal Virginia, homeowners may want to consider additional flood insurance or extended dwelling protection.

  3. Consider purchasing insurance from the Virginia FAIR Plan. If you can't find homeowners insurance through a traditional company, look into last-resort coverage via FAIR plan — a type of high-risk home insurance available in most states.

  4. Calculate how high of a deductible you can afford. Choosing a high deductible will lower your insurance rate, but it also means you’ll have to pay more in the event of a claim. A Policygenius expert can help you determine which deductible works for you.

  5. Compare quotes from a Policygenius agent. Your agent will give you several quotes from different companies and help walk you through the pros and cons of each.

  6. Choose your policy, sign it, and pay your first premium. Policygenius will help you with all the paperwork, including switching from your previous insurance company.

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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.

Author

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Editor

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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