Average Cost of Homeowners Insurance in Virginia (2024)

The average cost of homeowners insurance in Virginia in 2024 is $1,840. This is $583 less than the national average of $2,423. Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Virginia, with premiums varying up to $9,010 based on creditworthiness.

If your rates have recently increased, our analysis of the cheapest plans in Virginia may help you find more affordable options. Remember, the insurance provider you choose also affects your premium.

In Virginia, the average homeowners insurance premium is $1,840 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. This rate is less than the national average of $2,423.

Selecting the right amount of coverage is key. Your insurance should cover the cost to rebuild your home and replace personal property. For example, in Virginia, a policy offering $100K in dwelling coverage costs an average of $1,112 annually. If your home is larger and requires $500K in dwelling coverage, the average annual premium increases to $3,114.

Premiums for homeowners insurance in Virginia can vary significantly among providers, even for similar levels of coverage. For instance, a policy by Travelers might be nearly seven times more expensive than equivalent coverage from Main Street America Insurance.

For homeowners seeking competitive rates, there are plenty of great providers in Virginia. Differences in underwriting can lead to a wide range of premium quotes.

Homeowners in Virginia with poor credit pay an average annual premium of $10,088 for homeowners insurance, which is $8,248 more than the state average of $1,840. By contrast, those with excellent credit enjoy significantly lower rates, averaging $1,078 annually, saving them $762 compared to the average premium.

While you may not be able to improve your credit score immediately, you can enhance it over time to reduce your rates. In the short term, you can compare insurers to see which will save you the most.

Roofing type influences homeowners insurance premiums to a degree, reflecting the material's resilience. In Virginia, homes with tile roofs, known for durability, may see lower average premiums, while those with shake-treated roofs could face higher costs.

Construction materials also affect insurance rates, with more robust materials potentially leading to savings. Superior construction methods, offering greater resistance to perils, typically result in more favorable insurance premiums compared with standard frame construction in Virginia.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Insuring a new construction home in Virginia typically costs less than an older home, reflecting the benefits of modern materials and adherence to current building standards. The average annual premium for a new home in the state is $983. This is $857 lower than the $1,840 average for homes built around the year 2000. The table below illustrates the differences in premiums for new versus existing construction, allowing you to adjust the filter for the coverage amount you need.

In Virginia, homeowners who have maintained a claim-free record for over five years can expect an annual premium of approximately $1,840 for their homeowners insurance. In contrast, premiums rise for those with claims filed within the past five years, reaching about $2,239 for one claim and $2,498 for two claims. This represents an increase of $399 and $658, respectively, from the average premium for claim-free homeowners.

For the cities we analyzed, we found annual premiums ranging from $1,296 to $2,798. In Alexandria, homeowners might pay around $1,296, whereas Virginia Beach residents could see rates as high as $2,798 per year.

Location impacts insurance costs due to factors like crime rates and weather risks. City-based pricing variations are significant but influenced by other factors like coverage amount and home features.

Getting a good homeowners insurance policy in Virginia doesn't have to be a chore. You can find a plan that fits your needs and budget with our guide:

Homeowners can enjoy an average of 13% savings on their insurance costs by opting for a multipolicy bundle in Virginia that combines home and auto coverage reveals that while the lower savings amount clocks in at $183, the maximum savings potential can reach up to $403 per year. This strategy not only simplifies your insurance management by consolidating policies but also unlocks bundle discounts.

In Virginia, homeowners can capitalize on various insurance discounts to lower their premiums.

• Claims-free discount: For homeowners without any claims in the past several years.
• Protective devices discount: Savings for homes equipped with security systems, smoke detectors, or fire alarms.
• Loyalty discount: Reduced rates for customers who have been with the same insurer for a number of years.

To maximize savings, inquire about all available discounts when requesting a quote.

For those interested in diving deeper into homeowners insurance in the Old Dominion, the following resources provide valuable information and tools for Virginia homeowners:

• Virginia Bureau of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Virginia: Find cost-effective options for your home.
• Virginia Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Virginia: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.