It’s been said that “Virginia is for lovers,” which makes it no surprise that so many people call this historic state home. But homeownership is much more than buying a house — mortgage lenders require you to hold home insurance to protect your investment. MoneyGeek ranked the top insurance companies in Virginia to help you compare prices. No matter what kind of home you have — a high-value home, a home with a pool or have bad credit, MoneyGeek can help you get the right balance of coverage and cost.
The Best Homeowners Insurance Companies and Cheapest Quotes in Virginia for 2020
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- The Best Cheap Homeowners Insurance in Virginia
The 5 Best Homeowners Insurance Companies in Virginia
Choosing the best home insurance in Virginia involves taking a good look at your option and assessing offerings from different providers. You may want to look at the costs involved, the coverage options on offer, the quality of customer service and the ability to play claims.
In order to help you find the company providing the best homeowners insurance in Virginia, MoneyGeek compiled a list of the top five providers in terms of insurance costs, J.D. Power’s customer satisfaction score and the ability to pay claims as indicated by AM Best’s financial stability ratings.
1
NationwideScore: 94
5/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
With Nationwide, standard coverage can include dwellings, personal property, other structures, personal liability and medical payments. You can get extended coverage for valuables, identity fraud protection and replacement costs. Discounts are available for multi-policy bundles, home renovation and claims-free customers. There is a detailed online quoting system and you can pay bills and make claims through the mobile app.
Read MoneyGeek's Nationwide Home Insurance Review2
State FarmScore: 92
4.8/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm policies can cover dwellings, personal property, other structures and replacement value. You can extend coverage to include replacement costs, loss of use, identity fraud coverage and energy efficiency upgrades. You can use the mobile app to file claims and view the status of claims.
Read MoneyGeek's State Farm Home Insurance Review3
ErieScore: 91
4.7/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
Erie is known for providing excellent customer satisfaction. Basic coverage can include structures, liability coverage and personal property with additional coverage available for valuables, hard to replace items and replacement costs. You can get discounts if your home has alarm or sprinkler systems. While there is no mobile app yet, the website can be used to pay bills and make claims.
Read MoneyGeek's Erie Home Insurance Review4
MetLifeScore: 90
4.8/5
Affordability
4/5
User Satisfaction
4.5/5
Financial Stability
MetLife provider coverage for dwellings, other structures, personal property and loss of use with the option to get extended coverage for personal computers and back-up of drains and sewers. You can use multi-policy, claims-free and safety discounts. You can pay bills and make claims online on their website and mobile app.
Read MoneyGeek's MetLife Home Insurance Review5
TravelersScore: 89
4.6/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
Standard coverage with Travelers can include dwellings, personal property, other structures, personal liability and loss of use. You can get additional coverage for valuables, identity fraud and green homes. There are green home and multi-policy discounts on offer and the website and mobile app support bill payments and claim filing along with featuring a rate calculator.
Read MoneyGeek's Travelers Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Virginia?
$0
$0
home insurance is 0.0% more than the average.
The average cost of home insurance in Virginia comes out to about $2,058 per year for a baseline dwelling coverage amount of $250,000. This rate is about $45, or 2.2%, cheaper than the national average generally.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Virginia
Factors that can significantly impact your homeowners insurance costs can include the age of your home, your frequency of past claims and your proximity to the nearest fire station.
Home Insurance Calculator
State
Virginia
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Virginia
If you are looking for cheap home insurance in Virginia, your best bet can be a Nationwide policy. Homeowners with Nationwide policies pay an average annual premium of $826 for a baseline dwelling coverage amount of $250,000, which is approximately $1,232 or 37.8% less expensive than the state average. The baseline dwelling coverage covers damage repair in the case of conditions specified in the policy like theft, vandalism and natural disasters. To find the best option for your needs, compare homeowners insurance quotes from multiple providers.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
Company
Amountper year
1. Nationwide
In 2020, Nationwide ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Virginia.
$826
2. Universal Property
In 2020, Universal Property ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Virginia.
$1,167
3. MetLife
In 2020, MetLife ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Virginia.
$1,304
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Virginia.
$1,315
5. ASI
In 2020, ASI ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Virginia.
$1,421
Best Cheap Homeowners Insurance Companies for Expensive Homes
If you own an expensive home in Virginia, it can make complete sense to remain financially secure by choosing the best home insurance plan you can find. For a $2 million home, your best option can be a Nationwide policy for which you can expect to pay $4,671 every year on average.
Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. Nationwide
In 2020, Nationwide ranked #1 in Virginia for the cheapest homeowners insurance for high-value homes.
$4,671
2. Universal Property
In 2020, Universal Property ranked #2 in Virginia for the cheapest homeowners insurance for high-value homes.
$6,814
3. State Farm
In 2020, State Farm ranked #3 in Virginia for the cheapest homeowners insurance for high-value homes.
$7,742
4. ASI
In 2020, ASI ranked #4 in Virginia for the cheapest homeowners insurance for high-value homes.
$9,844
5. MetLife
In 2020, MetLife ranked #5 in Virginia for the cheapest homeowners insurance for high-value homes.
$11,034
Best Homeowners Insurance Companies if You Have a Pool
For homes with pools, there can be a need for extra insurance coverage and consequently, added costs on premiums. For your pool home in Virginia, the cheapest option might be Nationwide. You can expect to pay an average of $886 annually with a Nationwide policy covering a pool home.
Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Nationwide
In 2020, Nationwide ranked #1 in Virginia for the cheapest homeowners insurance for homes with a pool.
$886
2. State Farm
In 2020, State Farm ranked #2 in Virginia for the cheapest homeowners insurance for homes with a pool.
$1,149
3. Travelers
In 2020, Travelers ranked #3 in Virginia for the cheapest homeowners insurance for homes with a pool.
$1,347
4. ASI
In 2020, ASI ranked #4 in Virginia for the cheapest homeowners insurance for homes with a pool.
$1,399
5. Erie
In 2020, Erie ranked #5 in Virginia for the cheapest homeowners insurance for homes with a pool.
$1,891
Cheapest Home Insurance in Virginia if You Have Poor Credit
Poor credit can cause your insurance costs to creep up in Virginia as this is one of the important factors companies use for risk analysis. If you have poor credit, the most affordable option for you might be a Universal Property policy which can cost you an average amount of $1,167 per year for a baseline dwelling coverage amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Universal Property
In 2020, Universal Property ranked #1 for the cheapest homeowners insurance for owners with poor credit in Virginia.
$1,167
2. Nationwide
In 2020, Nationwide ranked #2 for the cheapest homeowners insurance for owners with poor credit in Virginia.
$1,520
3. Chubb
In 2020, Chubb ranked #3 for the cheapest homeowners insurance for owners with poor credit in Virginia.
$1,754
4. ASI
In 2020, ASI ranked #4 for the cheapest homeowners insurance for owners with poor credit in Virginia.
$2,156
5. State Farm
In 2020, State Farm ranked #5 for the cheapest homeowners insurance for owners with poor credit in Virginia.
$2,960
How to Get Homeowners Insurance Quotes in Virginia
To get a quote from your preferred provider, you need to share information like your name, address, phone number and social security number. You also need to disclose your home’s value, age, details of security measures and home additions and details of the constructions and materials used. This information helps the provider come up with a personalized quote for you.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Virginia
Your present situation and the inherent characteristics of where you live can also have a pronounced impact on insurance costs. Factors like home values, weather patterns and crime stats can be particularly important. For example, a 2018 FBI study placed Virginia 39th in the country on a list of property crimes rate per 100,000 with 17,032 violent crimes and 141,885 property crimes. The state is ranked 17th in terms of home value with a typical home costing $285,229 on average.
Your home insurance plan can be an integral part of your emergency preparedness, especially when it comes to protecting your home financially from damage caused by hazardous weather conditions. Taking these into account when selecting the right coverage level for your home insurance can bring you peace of mind.
Do You Need Hurricane Insurance in Virginia?
Virginia is among the top states in the country most at risk of hurricanes. An approximate total of 243,707 homes can be at risk of Category 3 hurricanes with an average reconstruction cost of $57,844 due to the damage. Including coverage for hurricane damage with your home insurance can, therefore, be a good idea. Also, consider adding flood and windstorm coverage to your policy.
Do You Need Hail Insurance in Virginia?
Hail events can be particularly damaging for your home. In a 2011 study of major hail events, Virginia is placed 11th overall in the country with 297 hail events. Consider including hail coverage in your home insurance policy.
Do You Need Windstorm Insurance in Virginia?
Since Virginia is a hurricane-prone state, it can be a wise move to include windstorm coverage in your home insurance policy. Severe windstorms can cause significant damage to your home and the right coverage can keep you financially protected if you have to repair or rebuild your home.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Virginia that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Virginia. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "2018 Crime in the United States." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.