Best Homeowners Insurance in Virginia (2024)
State Farm has the cheapest homeowners insurance rate in Virginia, with rates that average $1,483 a year.
Erie Insurance and Nationwide are great options as well, due to their customer service and coverage options.
Best cheap home insurance companies in Virginia
Cheapest home insurance companies in Virginia
State Farm and Travelers are the cheapest homeowners insurance companies in Virginia, offering average rates of $1,483 and $1,529 a year, respectively.
| Company | Annual Rate |
|---|---|
| State Farm | $1,483 |
| Travelers | $1,529 |
| Virginia Farm Bureau | $1,559 |
| Erie Insurance | $1,697 |
| Nationwide | $1,711 |
| Allstate | $3,023 |
| Progressive | $3,116 |
| Occidental | $5,877 |
Best home insurance companies in Virginia
The best home companies should offer more than just cheap rates. They should also offer coverage options, discounts and good customer service, like our picks for best companies in Virginia do.
Best overall home insurance company in Virginia: State Farm
State Farm is the best overall homeowners insurance company in Virginia because of its cheap rates and great customer service ratings.
State Farm earned a score of 829 out of 1,000 points for customer satisfaction from J.D. Power’s home insurance study, above the average score of 819. J.D. Power evaluates insurance companies by their interactions with customers, policy offerings, price, billing process, policy information and claims.
Along with cheap rates, State Farm also offers a great multipolicy discount that can save you up to $1,273 on car and home insurance.
Pros
Provides top-grade customer service
Offers great savings through its multipolicy discount.
Has over 19,000 agents across the U.S.
Cons
Doesn’t offer as many home insurance discounts as main competitors
Best home insurance company in Virginia for coverage: Erie
Erie Insurance offers affordable rates along with great coverage options. It also offers a few coverage options that many competitors offer less of or don’t offer at all. This includes:
- $500 coverage for pets
- $500 coverage for cash and precious metals
- Gift card and gift certificate reimbursement coverage for gift cards bought at local businesses that have permanently closed
Erie Insurance also offers guaranteed replacement cost coverage for no extra fee. However, it’s not available for all policies.
Erie Insurance received a score of 856 for customer satisfaction on J.D. Power’s home insurance study, too — it’s second only to USAA’s.
Pros
Charges affordable home insurance rates at $1,697 a year, on average
Has top-level customer satisfaction
Offers unique coverages
Multipolicy discount could typically save you up to 20%
Cons
Only available in 12 states plus the Washington, D.C., area
Doesn’t offer online quotes
Best home insurance company in Virginia for discounts: Nationwide
Nationwide offers a variety of home insurance discounts, some of which are easy to qualify for. You can save up to 20% if you buy home and car insurance from Nationwide.
Further, Nationwide also offers these discounts:
- Multipolicy
- Protective device
- Claims-free
- Home renovation credit
- Roof rating
- Home purchase
- Prior insurance
- Gated community
- Smart home
Pros
Offers more discounts than its competitors
Includes credit card coverage with standard policies
Cons
Has a below-average customer satisfaction score of 812 on J.D. Power’s latest home insurance study
How much is home insurance in Virginia?
The average cost of home insurance in Virginia is $2,499 a year, which is 11% lower than the national average of $2,801. Your rate depends on many factors, including:
- Your dwelling coverage amount
- The deductible amount you choose
- Your location
- Your insurance claim history
- The building materials used to build you home
- The age of your home
Home insurance rates by coverage amounts
The amount of home insurance coverage you need can have a big impact on what you pay for a policy.
For instance, you may see your home insurance rate go up by 12% if you raise your dwelling coverage limit from $350,000 to $400,000. Dwelling coverage covers repairs and any rebuilding of the physical structure of your home.
| Dwelling coverage | Annual Cost |
|---|---|
| $350,000 | $2,241 |
| $400,000 | $2,499 |
| $450,000 | $2,776 |
Virginia homeowners insurance rates by city
Among Virginia’s largest cities, home insurance rates range from $1,887 a year in Arlington to Virginia Beach (the commonwealth’s most populated city), where residents pay $4,120 a year, on average.
| City | Annual Rate |
|---|---|
| Alexandria | $1,904 |
| Arlington | $1,887 |
| Centreville | $2,008 |
| Charlottesville | $2,017 |
| Chesapeake | $3,739 |
| Dale City | $2,084 |
| Hampton | $3,250 |
| Harrisonburg | $1,955 |
| Leesburg | $1,963 |
| Lynchburg | $2,194 |
| McLean | $1,922 |
| Newport News | $2,980 |
| Norfolk | $3,488 |
| Portsmouth | $3,220 |
| Reston | $1,899 |
| Richmond | $2,464 |
| Roanoke | $2,104 |
| Suffolk | $3,523 |
| Tuckahoe | $2,419 |
| Virginia Beach | $4,120 |
Flood insurance in Virginia
Virginia homeowners are at risk of flood damage due to the state’s coastal location. A standard home insurance policy won’t cover flood damage, but you can buy a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private flood insurance company.
In Virginia, the average cost of a flood insurance policy through the NFIP is $883 a year. Your flood insurance rate will depend heavily on the flood zone of your home.
Wind coverage in Virginia
Hurricanes are a common occurrence in Virginia. Most standard home insurance policies cover wind damage, but you may have to pay a separate deductible if you file a claim.
Methodology
The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Average rates were compiled from rates in Virginia. The following coverages and deductibles were used unless otherwise noted:
- $400,000 dwelling coverage
- $40,000 other structures
- $200,000 personal property
- $80,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible