Home insurance in Virginia averages $792 annually ($66 per month), significantly below the national average. Although optional, this insurance is crucial for safeguarding your property against damage from common incidents. To secure the most affordable policy, it's recommended to compare rates from multiple insurers.
Home insurance rates vary significantly across the U.S., influenced by the frequency and cost of claims in each state, as well as the value of the insured property.
Refer to the data below for a clearer understanding of home insurance costs in Virginia.
Table of contents:
Home insurance rates in Virginia differ depending on the insurer. Central Insurance Quote offers the most affordable option, with an average annual premium of $777. This is $15 less than the state's average rate of $792, making it a budget-friendly choice for Home.
Start your search for the best Home insurance deal by exploring the most affordable insurance providers in Virginia, listed below. Additionally, check out our rankings of the top home insurance companies for customer satisfaction.
| Insurance Company | Average Yearly Rate in Virginia |
|---|---|
| Central Insurance Quote | $777 |
| Insurance Virginia | $851 |
| Insurance Massachusetts | $993 |
| Insurance Richmond | $1,025 |
| Insurance Virginia Beach | $1,041 |
The amount of Home coverage you select directly affects your insurance premiums. In Virginia, opting for $100K in dwelling coverage averages $501 annually, while increasing coverage to $400K raises the cost to $1,377 per year.
| Coverage Level | Average Annual Cost |
|---|---|
| $100,000 Dwelling | $501 |
| $200,000 Dwelling | $792 |
| $250,000 Dwelling | $915 |
| $400,000 Dwelling | $1,377 |
Below, you can get personalized Cheap Home insurance quotes for your specific location in Virginia.
When purchasing Home insurance, one key decision is selecting your deductible—the amount you'll pay out-of-pocket for a covered loss. The deductible you choose significantly impacts your insurance premiums.
Generally, a lower deductible results in higher insurance premiums, so those looking to reduce their home insurance costs might consider opting for a higher deductible. However, it's important to choose a deductible that you can comfortably afford in the event of a claim.
Below are common deductible options available with most home insurance policies, along with their corresponding average costs.
| Deductible Tier | Average Annual Home Insurance Rate |
|---|---|
| $500 | $1,006 |
| $1,000 | $915 |
| $1,500 | $861 |
| $2,000 | $802 |
| $5,000 | $677 |
Home insurance rates in Virginia differ by city, influenced by local factors such as the frequency of claims in the area. Your specific ZIP code can affect your premium.
Dulles offers the most affordable home insurance in Virginia, with an average annual cost of $639—$153 below the state average. Check the table below to find the cities in Virginia with the lowest home insurance rates.
| City | Average 12-Month Home Insurance Rate |
|---|---|
| Dulles | $639 |
| Merrifield | $645 |
| Arlington | $655 |
| Lansdowne | $658 |
| Fairfax | $660 |
To save on Home insurance, consider bundling your car and home insurance policies with the same provider. In Virginia, bundling home and auto insurance can result in significant savings, with an average annual discount of $57.
| Avg. Annual Rate (No Bundle) | Avg. Annual Rate (w/ Bundle) | Annual Savings ($) | Annual Savings (%) |
|---|---|---|---|
| $889 | $832 | $57 | 7% |
Home insurance generally does not cover the full extent of damage caused by hurricanes, as these events can cause severe and widespread destruction. In Virginia, 26,960 single-family homes are at extreme risk of hurricane damage.
If you reside near the coast, it's essential to review your Home insurance policy carefully. A standard home policy often won't cover hurricane damage, so you may need separate flood and windstorm insurance policies for repair or replacement coverage. Additionally, insurers may require a separate hurricane deductible for high-risk areas.
| Company | Average Annual Rate w/ Hurricane Deductible |
|---|---|
| Central Insurance Quote | $621 |
| Insurance Virginia Beach | $802 |
| Insurance Tennessee | $819 |
| Insurance Richmond | $844 |
| Arizona | $847 |
Standard Home insurance does not cover flood damage under any circumstances. To ensure coverage, you should purchase flood insurance through FEMA's National Flood Insurance Program (NFIP) or a private insurance provider.
Flood insurance from private companies can vary, but NFIP coverage includes:
If your home and personal property exceed these limits, consider additional coverage from a private insurer like Neptune. Flood insurance is essential in Virginia, which had $4,361,841 in flood insurance claims in 2016, according to FEMA data.