The Best Cheap Homeowners Insurance in Virginia Beach, Virginia for 2022: Quotes and Reviews
The average rate of homeowners insurance in Virginia Beach, Virginia, is $2,238 per year or $187 monthly, but prices may vary depending on the company you choose. Shopping around can help you save as much as $5,496 per year, with the cheapest option at an average of $885 (Nationwide) and the most expensive at roughly $6,382 (Auto-Owners Insurance Co). MoneyGeek also ranked the best homeowners insurance in Virginia Beach for residents who value both cost and quality.
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The Cheapest and Best Homeowners Insurance in Virginia Beach
The Cheapest Home Insurance Companies in Virginia Beach
Companies usually offer the same basic coverages, so finding cheap homeowners insurance in Virginia Beach can be an important consideration for many homeowners.
Based on average rates, the cheapest homeowners insurance for $250,000 dwelling coverage limits are from:
- Nationwide: $885 per year
- State Farm: $1,259 per year
For homeowners insurance in Virginia Beach with $2,000,000 in dwelling coverage, the most affordable options on average are:
- Nationwide: $5,011 per year
- Universal Property: $7,202 per year
The dwelling coverage limits affect the cost of homeowners insurance. You can see how prices compare using the table below.
The Cheapest Home Insurance in Virginia Beach, Ranked
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All policies in this study with the initial baseline dwelling coverage have $100,000 personal property coverage limits, while those with dwelling coverage of $2,000,000 have $800,000 personal property coverage limits. The liability coverage costs $100,000 for all policies.
Homeowners living in the state but outside of Virginia Beach can review home insurance in Virginia.
The Average Cost of Homeowners Insurance in Virginia Beach for 2021
Virginia Beach homeowners typically spend $2,238 per year on home insurance, which is higher than the state and national averages. In comparison, the annual average rate in Virginia is $2,058. Virginia Beach homeowners also pay more than the average cost of home insurance in the country, which is $2,103.
Calculate the Cost of Home Insurance in Virginia Beach
Location plays an important role in calculating homeowners insurance quotes in Virginia Beach. But other determining factors, such as the amount of dwelling coverage, personal property coverage limits and your credit score, will also affect your annual premiums.
Compare personalized quotes from multiple insurers to find the most accurate policy at the best price. MoneyGeek’s home insurance calculator can help you get started.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Virginia Beach
The rates of homeowners insurance in Virginia Beach are important, but you should also consider customer service experience and financial stability. Since you are more likely to file a claim due to an unexpected incident, it helps to find a company that can process claims quickly and fairly.
MoneyGeek found that the best homeowners insurance providers in the city are:
- Best Overall: Nationwide
- Runner-up: State Farm
Rankings of home insurance companies in Virginia Beach are based on MoneyGeek’s unique scoring system, which evaluates affordability, user satisfaction and financial stability.
Flood damage is not included in home insurance policies. But Nationwide allows policyholders to easily add flood insurance. The company also offers water backup coverage, which will take care of most water-related perils. The company even offers identity theft coverage for the costs of securing personal data.
Among insurers in Virginia Beach, Nationwide got the highest MoneyGeek score. It rated high across categories, especially in affordability, where it got a perfect score.Read MoneyGeek's Nationwide home Insurance Review
State Farm policyholders can easily increase their coverage limits for high-value belongings, such as jewelry and business property. The company also offers a service line coverage, which other insurers do not have. It provides protection against the cost of damages to underground piping, electric lines and service lines.
State Farm got high scores across categories and is the second-best insurer in Virginia Beach. The company offers unique features.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Virginia Beach for Newly Constructed Homes
The cost to insure newly constructed homes in Virginia Beach is typically cheaper since modern materials are often more resistant to damage. This decreases the probability of homeowners making a claim. Replacing newer materials is also cheaper for insurers.
Homeowners insurance in Virginia Beach for newly constructed homes costs $1,712 per year on average, $526 cheaper than the annual average of $2,238 for a home built in 2000.
On average, the most affordable insurance providers in the city for homeowners with newly built homes and $250,000 dwelling coverage are:
- Nationwide: $588 per year
- ASI: $882 per year
The Cheapest Home Insurance in Virginia Beach for New Homes, Ranked
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Cheapest Home Insurance Companies in Virginia Beach if You Have a Lot of Personal Property
Homeowners insurance in Virginia Beach includes personal property coverage for all the items that you keep at home. Higher personal property coverage limits will increase your annual premium.
A policy with personal property coverage limits of $100,000 costs an average of $2,238 per year. Increasing the coverage limit to $250,000 will add $222 to the average for a total of $2,460.
For homeowners in Virginia Beach looking for a policy with personal property coverage limits of $250,000, the cheapest average options are:
- Nationwide: $1,106 per year
- State Farm: $1,301 per year
Cheap Companies in Virginia Beach for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Virginia Beach for High Deductibles
The amount you will be paying out of pocket, which is called the deductible, will have a huge impact on your homeowners insurance Virginia Beach rates. Lower deductibles lead to higher annual premiums, while higher deductibles result in lower rates.
In Virginia Beach, the annual average rate for a standard policy with a $1,000 deductible is $2,238. Homeowners who have a $2,000 deductible typically pay only $1,979 per year.
For homeowner insurance policies with $2,000 deductibles, the cheapest options in Virginia Beach on average are:
- Nationwide: $764 per year
- State Farm: $1,130 per year
The Cheapest Companies in Virginia Beach for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Virginia Beach if You Have Poor Credit
When calculating homeowners insurance quotes in Virginia Beach, insurers also check your credit score. Those with poor credit scores are likely to have higher annual premiums than homeowners with good credit since they are more likely to make a claim.
On average, the cost of insurance for homeowners with poor credit is $3,856 per year. On the other hand, the annual average rate for those with good credit is $2,238.
On average, the most affordable insurance for Virginia Beach homeowners with poor credit are:
- Universal Property: $1,284 per year
- Nationwide: $1,623 per year
The Cheapest Companies in Virginia Beach for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Virginia Beach
Most insurance providers in the city allow homeowners to get quotes online. However, certain pieces of information are necessary.
Home Replacement Cost – Insurers will need to know the cost to rebuild your home to determine your dwelling coverage limit. To find out the home replacement cost, you may need a contractor or appraiser.
Personal property value – The value of the items that you keep in your home will affect the personal property coverage limits and cost of your insurance.
Personal information – Insurers will ask for personal information, such as your address, who and how many live with you, your insurance history and credit history, among others.
Details about your house – Your house will have an impact on the cost of your insurance. Companies will need information like the year it was built, its size and if you have security devices.
Homeowners Insurance in Virginia Beach Analysis: Methodology
This study includes the analysis of homeowners insurance rates in Virginia Beach from 11 companies using data provided in partnership with Quadrant. MoneyGeek calculated affordability scores using quotes for a home with varying coverage levels. The customer satisfaction ratings are based on J.D. Power surveys.
MoneyGeek used a base profile, which is a 2,500-square-foot home constructed in 2000 with dwelling coverage limits of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. The deductible for all policies is $1,000.
MoneyGeek also evaluated average rates for newly constructed homes, higher dwelling and personal property coverage, higher deductibles and poor credit scores.
About the Author
- Insurance Information Institute. "Background on: Credit Scoring." Accessed April 26, 2021.