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Home insurance can save homeowners a fortune when they need to file a claim, but it often feels like it costs a fortune to have. And in Virginia home insurance costs over $1,200 per year, on average. Fortunately, it's possible to get a much better rate by going with the best homeowners insurance in Virginia.
While the typical homeowner pays $1,209 per year for Virginia home insurance, those who choose Main Street America Insurance only pay $655 per year.
These insurers are also some of the best homeowners insurance companies in Virginia:
Truck Insurance Exchange offers the best cheap homeowners insurance in Virginia for new construction. Its average annual premium of $327 was well under the state average of $591 per year for these homes.
Other companies that offer great Virginia home insurance rates on new construction include:
Older homes cost a little more to insure in Virginia, with the average homeowner paying about $1,184 per year. But Main Street America Insurance can offer these homeowners the same coverage for just $586 per year.
Other companies that offer affordable Virginia home insurance on older homes include:
Truck Insurance Exchange offers the most competitive rates for homeowners with a claims history. Its average annual premium of $690 was about half the state average of $1,271.
These companies also offer great rates to those who have filed a Virginia home insurance claim:
RELATED: Farm Bureau also offer's auto insurance. Check out The Ascent's complete Farm Bureau Auto Insurance review.
Virginia home insurance is slightly more affordable than the national average. But exact rates depend on several factors, including:
Here's a quick look at how the state's rates stack up to the national average for the categories above.
|Average Rate Category||Virginia||National Average|
|New home construction||$591||$943|
|When making a claim||$1,271||$1,803|
Here are some interesting facts Virginia homeowners may want to keep in mind when shopping for home insurance.
The average home in the U.S. costs about $293,349 based on The Ascent's research on average home price by state. But Virginia homes typically cost about $328,640. This is significant because home size and value play a huge role in determining the cost of home insurance. Homeowners with a home that's more expensive than average can expect to pay above-average rates for their home insurance.
The average home insurance premium in Virginia Beach is $1,965, but costs vary significantly from one zip code to the next. Those in the 23459 zip code pay the most at $2,285 per year while those in the 23464 zip code pay a much more affordable $1,714 per year on average.
Here are some of the most common homeowners insurance claims filed in Virginia.
Virginia's position on the coast makes it a target for hurricanes and storm surges. This risk is most significant for homeowners near the ocean, particularly in the Virginia Beach area. This city has the fifth-highest risk of major storm surge damage, according to the Insurance Information Institute. Unfortunately, flooding isn't covered under a traditional home insurance policy. Homeowners will need a separate flood insurance policy to be fully protected.
Hurricanes also bring strong winds, which can tear shingles off of roofs, bring trees down on houses, and cause other damages. This problem is also most common among coastal cities, but those farther inland can sometimes experience severe wind damage as well.
Virginia may be part of the South, but it can still get hammered by severe winter storms. In February 2021, for example, it saw its worst ice storm in two decades according to state agencies there. Frigid temperatures can sometimes lead to burst pipes, and major snowfalls can collapse roofs. This isn't as common as it is in some northern states, but it's still something the Virginia homeowner should be prepared for.
Here's a look at how some common home insurance discounts can affect Virginia home insurance rates.
Homeowners who are also looking to insure their vehicle can try to do so with the same company they buy their home insurance from. Bundling home and auto knocks the average home insurance premium down to $931 per year. There's no other home insurance discount that has this significant of an effect on Virginia home insurance rates.
Upgrading electrical, heating, and plumbing systems can all shave a little over $100 off the average Virginia home insurance premium. But replacing the roof provides the greatest value to the homeowner.
The typical home with a new roof only costs about $1,024 per year to insure. Homeowners who do replace their roof or any other home system should let their insurer know -- and they may also want to shop around to see if they can find better rates elsewhere.
The typical homeowner who pays for their policy in full only pays about $1,058 per year. It's one of the easiest ways to save a little on Virginia home insurance. Homeowners who struggle to come up with this type of cash all at once can budget for it a little every month so they can pay in full when it comes time to renew their policy.
These five cities have the most affordable Virginia home insurance premiums on average.
|City Name||Average Home Insurance Rate|
|University of Virginia||$927|
Residents of these five cities pay considerably more than average for their Virginia home insurance.
|City Name||Average Home Insurance Rate|
Those who are looking for the best homeowners insurance in Virginia have some great options, including several policies that tend to cost less than the state's average. Shopping around for the best rates, bundling coverages, and looking for discounts can also help homeowners lower their insurance costs.
Our Insurance Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
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