The Best Cheap Homeowners Insurance in Chesapeake, Virginia for 2022: Quotes and Reviews
In Chesapeake, Virginia, homeowners insurance costs an average of $2,072 per year or $173 per month. The actual price depends on the company. At $787 per year, Nationwide offers the cheapest homeowner's insurance in Chesapeake. Auto-Owners Insurance Co is the most expensive at around $6,270. If you shop around, you could save up to $5,483. MoneyGeek also ranked the cheapest and best home insurance companies in Chesapeake based on service quality and price.
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The Cheapest and Best Homeowners Insurance in Chesapeake
The Cheapest Home Insurance Companies in Chesapeake
Most home insurance companies provide comparable core coverages. You can obtain the most affordable Chesapeake homeowners insurance policy by comparing rates from many providers. The cheapest Insurance companies for a $250,000 dwelling coverage in Chesapeake are:
- Nationwide: $787 per year
- MetLife: $1,223 per year
The cheapest insurance companies in Chesapeake for homes with $2 million in dwelling coverage are as follows:
- Nationwide: $4,428 per year
- Universal Property: $7,448 per year
Many factors influence your home insurance prices including the dwelling coverage limit. The table below demonstrates how prices change with varying dwelling coverage.
The Cheapest Home Insurance in Chesapeake, Ranked
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This study's example insurance policies have a $250,000 initial dwelling coverage and a $100,000 personal property coverage limit. For plans with a dwelling coverage of $2 million, the personal property limit is $800,000. However, all plans have a $100,000 liability cap. You can still compare homeowners insurance rates from different companies even if you live elsewhere in Virginia.
The Average Cost of Homeowners Insurance in Chesapeake for 2022
In Chesapeake, a standard homeowners insurance policy will cost you an average of $2,072 per year or $173 per month. This is only slightly more than Virginia's annual average of $2,058 and $31 less than the national average of $2,103.
Calculate the Cost of Home Insurance in Chesapeake
Along with your location, the dwelling coverage that you choose, personal property coverage and credit score impact the cost of your home insurance policy. Homeowners in Virginia can use MoneyGeek's home insurance calculator to compare quotes from various providers.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Chesapeake
When comparing homeowners insurance in Chesapeake, you must take into account not only the insurance costs but also the insurers' customer service experience and financial stability ratings. Because you'll most likely submit a claim at a stressful time, you'll want to pick an insurance provider that's financially sound and will pay your claim promptly and fairly.
Based on MoneyGeek’s study, the best homeowners insurance companies in Chesapeake are:
- Best Overall: Nationwide
- Runner-up: State Farm
MoneyGeek's analysis graded companies on affordability, consumer satisfaction and financial stability.
Nationwide is MoneyGeek's top-rated company in Chesapeake due to its perfect MoneyGeek affordability rating and excellent AM Best financial stability rating. Nationwide provides the Better Roof Replacement add-on, which replaces your roof with improved materials if it is destroyed at a covered risk.
For your personal belongings, Nationwide offers replacement cost coverage, which means that in the event of a claim, your items will be replaced with similar quality ones. While home insurance policies generally do not cover flood damage, Nationwide lets you add on flood insurance to cover those costs. Additionally, Nationwide includes water backup coverage, ensuring that you are protected against all water-related risks.Read MoneyGeek's Nationwide home Insurance Review
State Farm comes in second place due to its financial stability and high affordability ratings. The insurer allows policyholders to increase their personal property limits when insuring high-value personal possessions.
State Farm's unique home systems protection can be added to your home insurance policy to protect your electrical generation systems or heating and cooling systems. While other insurance carriers don't offer service line coverage, State Farm does. This option also covers the expense of repairing underground piping and electric lines.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Chesapeake for Newly Constructed Homes
Newer homes in Chesapeake are less expensive to insure than older properties. New homes are more resistant to damage because they are constructed with new and modern materials, and newer materials can be easily replaced. Additionally, owners of new homes are less likely to file claims, so insurers offer them lower premiums.
The average cost of home insurance in Chesapeake for a newly constructed home is $1,478 a year, compared to $2,072 for a house built in 2000.
The two cheapest homeowners insurance carriers in Chesapeake for newly built homes with $250,000 in dwelling coverage are:
- Nationwide: $561 per year
- MetLife: $872 per year
The Cheapest Home Insurance in Chesapeake for New Homes, Ranked
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Cheapest Home Insurance Companies in Chesapeake if You Have a Lot of Personal Property
The foundation of your home and any personal items you choose to insure will be covered by the home insurance policy you purchase. The more personal items you insure, the more expensive your premium will be.
The average cost of a home insurance policy in Chesapeake, with a personal property limit of $250,000, is $2,245 per year. Conversely, it costs an average of $2,072 per year to insure $100,000 worth of personal items.
On average, the two companies that offer the most affordable Chesapeake homeowners insurance for properties with $250,000 in both dwelling and personal property coverage are:
- Nationwide: $852 per year
- MetLife: $1,325 per year
Cheap Companies in Chesapeake for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Chesapeake for High Deductibles
The deductible on your homeowners insurance policy is the amount you need to pay your insurer before they begin covering your claim. The level of the policy deductible also has an effect on the cost of home insurance. If your policy has a higher deductible, your insurance premium will be cheaper. Conversely, if you choose a smaller deductible, your insurance premium will be higher. In Chesapeake, a home insurance policy with a $2,000 deductible costs around $1,832, while a $1,000 deductible policy costs approximately $2,072, a difference of $240.
On average, the two providers in Chesapeake that offer the cheapest homeowners insurance for properties with a $2,000 deductible on their policy are:
- Nationwide: $696 per year
- MetLife: $1,081 per year
The Cheapest Companies in Chesapeake for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Chesapeake if You Have Poor Credit
To offer you a home insurance quote, insurance companies in Chesapeake look at your credit score. Most insurers believe that a claim is more likely to be filed by someone with a poor credit score. This causes people with poor credit scores to have higher homeowners insurance premiums than those with good credit scores.
For instance, people with poor credit scores in Chesapeake pay an average annual premium of $3,519 for their home insurance, while those with good credit scores only pay an average of $2,072 per year for the same type of insurance plan, which is a huge difference of $1,447 annually.
For those with poor credit scores, the cheapest home insurance companies in Chesapeake are:
- Universal Property: $1,242 per year
- Nationwide: $1,453 per year
The Cheapest Companies in Chesapeake for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Chesapeake
Getting a Chesapeake home insurance quote online is simple. You must provide the following information to get a more customized quote:
- Home replacement cost: This is the amount it takes to rebuild your home following damage by a risk covered by your insurance policy. This helps insurers figure out how much dwelling coverage is right for your policy. A contractor or construction professional can provide you with an estimate of this.
- Personal property value: When you choose to insure your personal possessions, the value of those items is added to your insurance policy as a personal property limit.
- Personal information: It is necessary for you to enter personal information like your address, credit score, insurance claims history and social security number in order to acquire online home insurance quotes in Chesapeake.
- Details about your home: It is necessary for insurers to know details like your home’s age and size and the presence of security devices in your home to come up with a more precise quote for your homeowners insurance.
Homeowners Insurance in Chesapeake Analysis: Methodology
Using data from Quadrant, MoneyGeek examined 11 homeowners insurance companies in Chesapeake. The affordability ratings were calculated using a sample home with various levels of coverage. J.D. Power customer satisfaction surveys were used to establish each company's level of satisfaction.
The baseline profile was based on an average homeowner with a 2,500-square-foot house built in 2000. The home was insured for a total of $250,000, including $100,000 in personal property coverage and $100,000 in liability coverage. Regardless of the coverage limits, all of the plans studied included a $1,000 deductible.
Homeowner profiles with newly constructed homes, poor credit, higher deductibles and a lot of personal property to cover were also included in the research.
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