Home Insurance in Virginia


UPDATED: DEC 2020 | 2 MIN READ

Despite the prevalence of environmental perils in the state of Virginia, and the high property values, homeowners insurance policies are actually quite low. Just remember that as a homeowner, it’s your responsibility to pay any extra deductibles related to specific types of storm damage, and to purchase NFIP coverage if you live in a low-lying area where floods are a high risk. 

  • Fun fact – Attention, Lord of the Rings Fans! Did you know that all the counties in Virginia used to be called “shires”? It’s true!  

Average Rates in Virginia

Virginia is ranked number 34 out of all 50 states as far as the most expensive homeowners insurance prices go. This means that your average Virginia homeowner is only paying around $999 for an annual premium. This is a pretty significant savings over the national average of $1,211. California and Indiana are slightly more expensive, well Virginia homeowners save money over New Hampshire and Iowa residence.

But what about renting? Likewise, Virginia renters are getting a pretty good deal. They’re saving almost $30 a year by only paying $152 on average, compared to the national average of $180. And although it’s a modest amount of savings, it could go towards something useful like saving up for the down payment on a home. 

Virginia Legal Insurance Requirements

For some homeowners, this may be a surprise: but there’s no legal requirement for homeowners insurance. However, if you currently have or are planning to take out a mortgage on your home, that’s a different story. Since the bank who manages your mortgage is, technically, part owner of your home and property, they will likely want some financial protection for that investment. And you should, too. Even after you pay off your mortgage and you own your property outright, it’s still financially smart to share the burden of repairing or replacing damage to your home in the event the worst happens. 

Common Risk Factors in Virginia

In Virginia, homes are constantly under threat from wind, rain, flooding, and hail. Hurricanes are also a problem, which means expensive, separate deductibles for storm-related damage. Homeowners living in high-risk areas for flood will need to invest in the National Flood Insurance Program. Furthermore, Virginia has seen fit to pass laws which allow homeowners insurance companies to reject claims filed for mold damage, unless the mold was caused by a named peril on their insurance policy. 

FAIR plans (a.k.a. The Virginia Property Insurance Association) are available for homeowners who can’t get traditional homeowners insurance coverage. But it’s important that homeowners try their best to find conventional coverage, since these plans tend to be priced much higher than most other available plans. 

Insurance Demographics/Statistics in Virginia

As frustrating as natural disasters may be, they aren’t the only things that can influence your overall annual premium on your homeowners insurance policy. We have a few other statistics below that can also influence what you end up paying at the end of the day. 

  • Home Prices – Average rates for home in Virginia sit around $291,002, which is a little higher than the national average. Keep in mind that the more it costs to repair or replace your home, the more coverage you have to purchase to protect it adequately. Most mortgage companies recommend at least 80% of the replacement cost of your home. And the more coverage you purchase, the more you have to pay for it. 
  • Crime Rates – Thankfully, property crime is less frequent in Virginia than it is in other states. Recently, there were 16.66 incidents of property crime per 1,000 residents (a 1 in 60 chance of becoming a victim of property crime) compared to the national average of 24 per 1,000 residents (or 1 in 43).
  • Income – Insurance companies love it when you have a high income. It makes them feel like you are more trustworthy as far as paying premiums on time and in full goes. So Virginia homeowners have another good thing going for them, because the average household is making $72,577 per year – which is $10,640 higher than the average US median household income.
  • Average Education – Are you in the 38% of Virginia residents who have a bachelor’s degree or better? Then you’re also in a position to save money, because most homeowners with a bachelor’s degree or higher get discounts off their annual premiums. The national average is around 32%. 

Where To Purchase Home Insurance in Virginia

You have lots of different options when it comes to shopping around and purchasing a homeowners insurance policy. Some people ask friends or relatives for advice on the best company. Others may go it alone, comb through their local phone book, and make a bunch of phone calls in order to see who’s offering the best rates and the best service. But there’s a quick and easy way you can get all of this done in a fraction of the time: by shopping online with us!

Given how easy it is to find good deals on the internet, it’s shocking to know that only 17% of homeowners actually shopped for their policy online. Most homeowners also make the mistake settling down with one policy and never changing providers or even shopping around for a better deal once they have a policy. But it never hurts to look. We make it easy with our online form, and you can compare quotes in a matter of minutes. By the end of the day, you could end up saving hundreds per year.

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