Average Cost of Homeowners Insurance in Virginia (2024)


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Updated: May 22, 2024

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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.

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Rates updated:

Jul 22, 2024

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To establish the average cost of homeowners insurance in Virginia, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of car insurance in Virginia as of 2024.

1.9 MQuotes Analyzed
 
eightCompanies Compared
 
20ZIP Codes

Average Cost of Home Insurance in Virginia by Coverage Amount

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.

Average Annual Home Insurance Premium Virginia by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,112
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$1,840
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$3,114
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$4,593

Average Cost of Home Insurance in Virginia by Insurer

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.

Average Annual Home Insurance Premium Virginia by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Main Street America InsuranceAnnual Premium$741
State FarmAnnual Premium$1,201
ChubbAnnual Premium$1,359
Auto-Owners InsuranceAnnual Premium$1,423
AllstateAnnual Premium$1,484
FarmersAnnual Premium$1,644
NationwideAnnual Premium$1,803
TravelersAnnual Premium$5,063

Average Cost of Home Insurance in Virginia by Credit Score

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.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$10,088
Below FairAnnual Premium$4,764
FairAnnual Premium$2,861
GoodAnnual Premium$1,840
ExcellentAnnual Premium$1,078

Average Cost of Home Insurance in Virginia by Construction and Roof Type

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.

Average Annual Home Insurance in Virginia by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,112
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$1,840
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$3,114
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$4,593
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$6,183

Average Cost of Home Insurance in Virginia for Newly Constructed Homes

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.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$1,840
New Construction (2023)Annual Premium$983

Average Cost of Home Insurance in Virginia by Claims History

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.

Average Annual Home Insurance in Virginia by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$1,840
1 claim in past 5 yearsAnnual Premium$2,239
2 claims in past 5 yearsAnnual Premium$2,498
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VIRGINIA NATURAL DISASTERS AND HOME INSURANCE

In Virginia, tornadoes and riverine flooding are the top risks for homeowners. Tornado damage is usually covered by standard homeowners insurance policies, because it falls under windstorm damage. Hurricanes — Virginia's third most costly event — are also usually covered by homeowners insurance But the accompanying riverine flooding is not typically covered and requires separate flood insurance.

Average Cost of Home Insurance by City in Virginia

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.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
AlexandriaAnnual Premium$1,296
ArlingtonAnnual Premium$1,318
ChesapeakeAnnual Premium$2,216
HamptonAnnual Premium$2,305
Newport NewsAnnual Premium$2,149
NorfolkAnnual Premium$2,328
RichmondAnnual Premium$1,530
Virginia BeachAnnual Premium$2,798

How to Shop for Home Insurance in Virginia

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:

1
Understand Your Needs
2
Get Quotes

To find the best rate, compare home insurance quotes.

3
Check Discounts

Ask about bundles and discounts.

4
Review Providers

Pick a reputable insurance provider.

5
Consider Deductibles

Choose a deductible that fits your budget.

6
Finalize Your Policy

Purchase your policy and stay protected.

Bundling Home Insurance With Auto Insurance in Virginia

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.

Home Insurance Discounts in Virginia

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.

FAQ: Homeowners Insurance in Virginia

On average, what is the cheapest insurer in Virginia?
Is tornado coverage included in Virginia homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Virginia?
In Virginia, how much, on average, can I save bundling my homeowners insurance with auto?

Additional Resources for Homeowners Insurance in Virginia

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

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.