Besthome insuranceVirginiaThe Best Homeowners Insurance Companies in Virginia (2024)
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State Farm is the best provider overall for Virginia residents purchasing home insurance and for residents who want to bundle policies or have expensive homes. Auto-Owners Insurance Company is the best for service quality, and Nationwide is ideal for those on a budget.
MoneyGeek determined the best home insurance companies in Virginia across different types of homeowners and reviewed the discounts as well as coverages to help you find the best option for your needs.
If you’re more concerned with savings than service quality, MoneyGeek also analyzed the cheapest home insurance companies in Virginia.
Besthome insuranceVirginiaThe Best Homeowners Insurance in Virginia
Best overall - State Farm
Best for service quality - Auto-Owners
Best on a budget - Nationwide
Best for expensive homes - State Farm
Best for veterans - USAA
Best for bundling - State Farm
The Best Overall Homeowners Insurance Companies in Virginia
When looking for home insurance, you may want an insurer that balances service quality and affordability. MoneyGeek scored the best insurance companies in Virginia across financial stability, customer service and claims reputation scales.
Based on the findings, the best home insurance in Virginia comes from the following providers:
- State Farm: MoneyGeek score of 87 out of 100
- Nationwide: MoneyGeek score of 85 out of 100
MoneyGeek’s guide explains why State Farm and Nationwide had the best scores and outlines their unique discounts as well as coverage options.
The Top Home Insurance Companies in Virginia
1
State Farm
Score:87
State Farm has the highest overall MoneyGeek score in Virginia, and its policies cost an average of $1,315 per year. It scored the highest in customer satisfaction and stability and second-highest in affordability. Policyholders can get mold coverage of up to $20,000, although this is optional.
More About State Farm
State Farm offers several uncommon coverage options to its customers. One option is home system protection, which provides coverage for losses due to an accidental or abrupt electrical or mechanical breakdown of permanently installed equipment within the home. There’s also fungus and mold coverage of up to $20,000. The insurer even provides a discount for using impact-resistant roofing materials in some states.
2
Nationwide
Score:85
Nationwide had the second-highest overall score according to the MoneyGeek rating system. Its affordability score was the highest since customers only pay an average of $826 per year. The company ranked second in customer satisfaction and financial stability. Nationwide offers earthquake insurance as one of its unique optional coverages.
More About Nationwide
Nationwide was the second-best insurer overall in Virginia according to MoneyGeek’s ranking system. The company provides various optional coverage options, including better roof replacement. This caters to the cost of replacing your damaged roof with stronger roofing materials. It also offers coverage for earthquake damage, but a separate deductible applies. Customers even pay lower rates for staying in a gated community that’s protected by security guards, residence cards and key-lock devices.
HOW WE DETERMINED THE BEST VIRGINIA HOME INSURANCE
MoneyGeek determined the best home insurance companies in Virginia by getting quotes from insurers from across the country and balancing their rates against customer satisfaction scores from J.D. Power and claims scores.
We used the analysis to rank the best home insurance providers nationally and within Virginia. However, your premiums may vary based on your unique situation. You can use our methodology to determine your rates.
The Best Homeowners Companies in Virginia for Service Quality
MoneyGeek ranked the best home insurance in Virginia for individuals who consider claims experience and customer satisfaction as more important factors than affordability.
According to the findings, the top home insurance providers for service quality are:
- Auto-Owners Insurance Co: MoneyGeek score of 89 out of 100
- Chubb: MoneyGeek score of 82 out of 100
MoneyGeek explains why Auto-Owners Insurance Co and Chubb rank highly in Virginia, plus the unique coverages and discounts provided by the two insurers.
The Top Home Insurance Companies in Virginia for Quality Service
1
Auto-Owners
Score:89
With the highest MoneyGeek score for the best home insurance company in Virginia offering quality service, Auto-Owners Insurance Co had the highest claims score and second-highest customer satisfaction ratings. It is regarded as providing customers with an excellent service experience when they make a claim.
More About Auto-Owners
Auto-Owners Insurance Co offers several uncommon coverage options to its customers. These include equipment breakdown, specialty vehicle and service line coverage. Equipment breakdown covers all mechanical and electrical failures for major appliances in your home, while the specialty vehicle coverage protects off-road vehicles, ATVs and boats. Plus, service line coverage provides extended coverage for damaged underground wiring and piping that connects your home to a private system or public utility service provider.
2
Chubb
Score:82
The second-best home insurance provider for people who need a company with quality service is Chubb. While the company ranked low in satisfaction, it has the second-best claims rating. This means that customers receive great service if they need to file a claim.
More About Chubb
Chubb offers risk consulting coverage, which is a unique form of coverage that entails risk consultants visiting your home to assess it and ensure that it is fully protected. The carrier also has cash settlement coverage. This allows you to get cash reimbursement if you decide not to rebuild your damaged home.
The Best Homeowners Companies in Virginia on a Budget
MoneyGeek researched the best home insurance companies in Virginia for homeowners on a budget.
If you want to purchase the best low-cost home insurance in the state, the top companies to consider are:
- Nationwide: MoneyGeek score of 92 out of 100
- State Farm: MoneyGeek score of 92 out of 100
Customers pay an average of $826 for a policy from Nationwide per year, while those with a State Farm policy pay roughly $1,315.
MoneyGeek determined the reasons behind Nationwide’s top score for homeowners on a budget. We also outlined the provider’s coverage options and discounts.
The Top Home Insurance Companies in Virginia on a Budget
pros
Cheap home insurance coverage in Virginia at an average cost of $826 per year
Discounts for having a protective device in your home and bundling home and auto insurance policies
cons
Does not offer new home discounts
MoneyGeek satisfaction score of 3.86 out of 5
COMPANY HIGHLIGHTS
Nationwide scored 92 out of 100 based on the MoneyGeek rating system. The company provides several discounts, including a claims-free discount for customers who stay claims-free, a home renovation discount for renovating your home’s cooling, heating, plumbing and electrical systems and a protective device discount for having fire alarms, smoke detectors and other protective devices in your home.
Nationwide also provides unique optional discounts like home buyer, continuously insured and gated community discounts. These types of discounts are not common and set Nationwide apart from some of the other insurers.
The Best Homeowners Companies in Virginia for Expensive Homes
MoneyGeek determined the best home insurance companies in Virginia for individuals who own homes that are more expensive to insure. For this analysis, MoneyGeek estimated the average cost of a policy with $2 million in coverage, regardless of the customer satisfaction score.
Based on the findings, the best providers in the state for expensive homes are:
- State Farm: MoneyGeek score of 85 out of 100
- Erie: MoneyGeek score of 84 out of 100
MoneyGeek established why State Farm ranked the highest for expensive homes by examining its unique coverage and discount options.
The Top Home Insurance Companies in Virginia for High-Value Homes
pros
Ranks third in Virginia on the affordability scale for expensive homes
MoneyGeek satisfaction rating of 4.09 out of 5
cons
None
COMPANY HIGHLIGHTS
State Farm had the highest overall rating in Virginia for individuals with homes that would cost a lot to rebuild. The provider had the highest satisfaction and stability scores but ranked third on the affordability scale.
State Farm offers optional coverage options that are suitable for high-value homeowners. This includes scheduled personal property coverage that offers protection for jewelry and furs, silverware and goldware, business property, firearms and fire department service charges. They also offer cyber event/ ID theft coverage that’s necessary for identity restoration. This covers the cost of case management services if someone uses the policyholder’s identity fraudulently.
The Best Homeowners Companies in Virginia for Veterans
MoneyGeek scored the best insurers in Virginia for individuals who come from a military family. Based on the findings, USAA provides the best insurance at an average score of 82 out of 100.
USAA policies are only available to current and former military members as well as their families.
The Top Home Insurance Companies in Virginia for Veterans
pros
Coverage is customized specifically for military families
MoneyGeek affordability score if it is 4.52 out of 5
cons
Not available to you if you are not part of a military family
COMPANY HIGHLIGHTS
USAA policies are only provided to current and former military members and their families. The company has an affordability score of 4.52 out of 5.
USAA provides several discounts and coverage options. Eligible customers may purchase home rental coverage that protects against damage caused by expenses incurred while renting their home. They can also get contents replacement cost coverage, which applies to all policies and pays for you to replace your items without considering depreciation, and earthquake coverage.
The Best Homeowners Companies in Virginia for Bundling
If you want to purchase home and car insurance at the same time, MoneyGeek scored the best insurers in Virginia for bundling home insurance with the best car insurance in Virginia.
According to MoneyGeek’s findings, the best home insurance in Virginia for bunding car and home insurance comes from:
- State Farm: MoneyGeek score of 86 out of 100
- Nationwide: MoneyGeek score of 82 out of 100
Bundling your policies helps you to reduce your insurance costs. You will also be able to handle your policies more easily since they will be managed by the same company.
The Top Home Insurance Companies in Virginia for Bundling
pros
Homeowners insurance MoneyGeek score of 4.35 out of 5
26% bundling discount score
cons
Auto insurance MoneyGeek score of 3.87 out of 5
COMPANY HIGHLIGHTS
For individuals who want to bundle home and car insurance policies, State Farm provides the best coverage. It has the highest MoneyGeek score for bundling as well as a 26% bundling discount.
State Farm provides home rental coverage that protects you when you temporarily rent your home either completely or in part for more than 30 nights in a year. Customers can also get vacancy coverage that protects against glass breakage and vandalism when their home remains unoccupied for more than 30 days.
Customers may even get rideshare insurance that allows them access to medical, emergency roadside assistance and rental car reimbursement while they are working with a ridesharing company.
How to Find the Best Home Insurance in Virginia
The best home insurance companies in Virginia feature high affordability, customer service and financial stability scores. MoneyGeek’s rating system determined the best insurers across these categories for different types of homeowners to help you find the best option. However, you can also do your research. Here are some steps to guide you.
1
Research Customer Service Reputations in Virginia
Finding the customer service reputation of your preferred home insurance companies in Virginia can be time-consuming. MoneyGeek determined the top insurers for various circumstances to help you obtain information faster. However, if you need ratings for companies that are not listed in the MoneyGeek guide, you can check out Virginia’s Department of Insurance website for useful information. You can also look at J.D. Power satisfaction scores and the NAIC complaint ratio for your state.
2
Compare Quotes for Yourself
MoneyGeek estimated the average home insurance rates in Virginia using a sample homeowner. The average costs may not translate to your actual rates, so you may need to compare quotes across at least three insurers to get a more accurate rate.
3
Make Sure the Company Has Coverages You Want in Virginia
A number of insurance companies do not offer some of the discounts and coverages advertised in certain states. Before purchasing a policy, ensure that you understand the product offerings that an insurer offers within your state.
4
Double-Check Financial Stability Ratings
When purchasing home insurance, one of the aspects to consider is the financial strength of the provider. This feature determines how likely the insurer is to settle your claims once you file them. In most cases, large insurance companies are more stable than regional ones.
FAQs About the Best Home Insurance in Virginia
The best home insurance company in Virginia depends on your insurance needs. MoneyGeek answered some frequently asked questions about home insurance in Virginia to help you with your research.
Overall, State Farm is the best home insurance company in Virginia. It’s also the best for customers seeking to bundle their policies and those with expensive homes. However, the best option varies across different situations. For instance, if you want excellent service quality, Auto-Owners Insurance Company is the best provider. Additionally, Nationwide is the best option for those who want affordable policies.
The best cheap home insurance company in Virginia is Nationwide. Policies from the provider cost an average of $826 per year. While Nationwide is the best for those on a budget, it may not offer the best service quality. This means that you might want to consider other cheap insurers in Virginia.
Expert Advice on Home Insurance in Virginia
- What advice would you give for first-time buyers looking for homeowners insurance in your state?
- Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?
Erin A. Hopkins
Assistant Professor of Property Management at Virginia Tech
Methodology
MoneyGeek scores for homeowners insurance in Virginia were calculated by using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, real homeowners insurance quotes and financial stability ratings from A.M. Best. Our scoring system weighted J.D. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections focused on affordability and service experience specifically.
MoneyGeek analyzed homeowners insurance quotes from 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.
About Mark Fitzpatrick
