The Best Cheap Homeowners Insurance in Norfolk, Virginia for 2022: Quotes and Reviews
In Norfolk, Virginia, homeowners insurance costs an average of $2,252 per year or about $188 per month. The premiums, on the other hand, vary greatly amongst insurance companies. For example, Nationwide offers the cheapest homeowners insurance in Norfolk at $815 per year, while Auto-Owners Insurance Co provides the most expensive plan costing $6,433 per year. This considerable disparity means that if you choose the cheapest insurance plan over the most expensive, you can save around $5,618 each year. MoneyGeek evaluated the best Norfolk homeowners insurance providers to assist you in obtaining the most affordable and high-quality coverage.
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The Cheapest and Best Homeowners Insurance in Norfolk
The Cheapest Home Insurance Companies in Norfolk
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.
The Cheapest Home Insurance in Norfolk, Ranked
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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 Cost of Homeowners Insurance in Norfolk for 2021
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.
Calculate the Cost of Home Insurance in Norfolk
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.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Norfolk
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.
If you add the company's flood insurance add-on to your home insurance policy, it will also pay for flood-related losses. And, the water backup coverage from Nationwide is an add-on that protects your house against water-related hazards. The company also allows its policyholders to add earthquake damage coverage to their home insurance policy and cover the losses caused by an earthquake.
Nationwide is our top pick for Norfolk with a score of 94.20 out of 100 points and having rated high in various categories, including MoneyGeek's affordability. The company's Better Roof Replacement add-on will aid in the replacement of damaged roofs with better materials.Read MoneyGeek's Nationwide home Insurance Review
State Farm's home systems protection coverage is the perfect add-on to protect your home systems, such as electrical generation systems or heating and cooling systems. Its unique service line coverage will guard against underground pipes, electric and service line damage.
State Farm ranks second on MoneyGeek's study with a score of 92.60 out of 100. The company allows its policyholders to increase personal property coverage for high-value goods like jewelry and business property.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Norfolk for Newly Constructed Homes
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
The Cheapest Home Insurance in Norfolk for New Homes, Ranked
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Cheapest Home Insurance Companies in Norfolk if You Have a Lot of Personal Property
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
Cheap Companies in Norfolk for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Norfolk for High Deductibles
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
The Cheapest Companies in Norfolk for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Norfolk if You Have Poor Credit
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
The Cheapest Companies in Norfolk for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Norfolk
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.
Homeowners Insurance in Norfolk Analysis: Methodology
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.
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