The Best Cheap Homeowners Insurance in Norfolk, Virginia for 2024: Quotes and Reviews

Most insurance companies in Norfolk offer the same core coverages for home insurance policies. As a result, you should prioritize cost while selecting a home insurance policy.

The two companies providing the cheapest home insurance in Norfolk based on a policy that offers $250,000 in basic dwelling coverage are:

• Nationwide: $815 per year
• Universal Property: $1,262 per year

The most affordable insurance companies in Norfolk for luxury homes covered by a $2 million dwelling coverage on a homeowners insurance policy are:

• Nationwide: $4,615 per year
• Universal Property: $7,575 per year

It is important to note that the level of coverage you choose influences the cost of your home insurance policy. See the table below to understand how your Norfolk insurance rates vary when you change your dwelling coverage.

MoneyGeek's sample home insurance policies for Norfolk offer an initial baseline dwelling coverage of $250,000 and personal property limits of $100,000. The personal property limits increase to $800,000 for plans with $2,000,000 in dwelling coverage. Regardless, all plans continue to provide $100,000 in liability coverage. Therefore, even if you reside in a different part of the state, you can compare home insurance rates in Virginia from multiple insurance providers.

The average annual home insurance rate in Norfolk is around $2,252 per year or $188 per month. This is higher than Virginia's average annual homeowner’s insurance cost of $2,058 and the national average of $2,103 per year.

The location of your home in Norfolk influences the cost of your home insurance policy. Aside from that, factors like your credit score, the amount of dwelling coverage and personal property coverage you purchase will also have an influence. MoneyGeek's home insurance calculator will assist you in comparing quotes from different insurers in your state.

When looking for homeowners insurance in Norfolk, most people emphasize price. However, you should also evaluate the company’s customer service experience and financial soundness. For example, you’re highly likely to file a claim if you're in a financial crisis, so a financially stable company will be able to process the claim quickly and efficiently, as long as your claim is genuine.

The following companies offer the best homeowners insurance in Norfolk, according to a MoneyGeek analysis:

• Best Overall: Nationwide
• Runner-up: State Farm

MoneyGeek rated the companies based on their affordability, customer satisfaction and financial stability ratings.

In Norfolk, insurance for newly built homes is significantly less expensive than insurance for older properties. Because they are made with the most modern materials, newer homes are more resistant to damage. In addition, insurers consider new homeowners less likely to file claims, and hence they are offered lower insurance rates. And, companies find it easier to replace new construction materials.

In Norfolk, a newly built home costs an average of $1,605 per year to insure, compared to around $2,252 per year for a house built in 2000.

The two cheapest homeowners insurance providers in Norfolk that provide $250,000 in dwelling coverage for newly constructed homes are:

• Nationwide: $581 per year
• Universal Property: $900 per year

Your homeowner’s insurance policy will cover both the structure of your home and any personal property you choose to protect. The more personal property you insure, the higher your premium becomes. For example, a standard home insurance policy with personal property limits of $250,000 will cost Norfolk residents $2,440 per year on average. A lower personal property coverage limit of $100,000 will cost you around $2,252 per year.

The two cheapest home insurance providers in Norfolk for homes with a $250,000 dwelling coverage and high personal property limits are:

• Nationwide: $883 per year
• Universal Property: $1,367 per year

Your home insurance policy comes with a deductible, which is the amount you pay out of pocket when filing a claim. The policy deductible you select for your home insurance also affects the insurance cost. As a result, rates for higher-deductible insurance will be lower, and vice versa.

In Norfolk, a home insurance policy with a $2,000 deductible costs $1,991 per year on average, while a policy with a $1,000 deductible costs $2,252, which is a difference of $261.

For homes with a $2,000 deductible, the following two providers offer the cheapest homeowners insurance in Norfolk:

• Nationwide: $721 per year
• Universal Property: $1,116 per year

To evaluate your homeowner’s insurance rate in Norfolk, insurance companies look at your credit score. According to most insurers, a person with a low credit score is more likely to file a claim. As a result, residents in Norfolk with poor credit scores will pay higher prices for their home insurance.

If you have a bad credit score, a standard homeowners insurance policy in Norfolk will cost you an average of $3,762 per year. However, those with a strong credit score will only pay about $2,252 per year for similar insurance, a savings of $1,510 per year.

The cheapest insurance companies in Norfolk for those with poor credit are:

• Universal Property: $1,262 per year
• Nationwide: $1,495 per year

Insurance companies will ask you for a lot of information, particularly those mentioned below, before they could provide you with a more accurate homeowners insurance quote in Norfolk:

• Home replacement cost: This is the estimated cost of restoring your house to its original condition if it is damaged due to a covered risk. The replacement cost of your home also determines the dwelling coverage for your home insurance. A house replacement estimate can be provided by a construction specialist, appraiser, or building contractor.
• Personal property value: The personal property coverage limit in your home insurance policy is determined by the estimated value of the personal property you want to protect.
• Personal information: This includes personal details, such as your home address, insurance claim history, credit rating and the number of people living in your home.
• Details about your home: To provide you with a more accurate quotation, insurers consider details about your home, such as its age, size and built-in safety features such as alarm systems.

MoneyGeek utilized data provided by Quadrant to compare home insurance rates from 11 insurers in Norfolk for this study. We evaluated several levels of home insurance coverage while determining each company's affordability score. J.D. Power surveys were also used to determine each company's customer satisfaction score.

The baseline profile for this study is that of an average homeowner with a 2,500 square-foot house built in 2000. The home's insurance policy includes $250,000 in dwelling coverage, $100,000 in personal property coverage and $100,000 in liability coverage. In addition, all policies considered have a $1,000 deductible.

We estimated rates based on profiles of homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit score.