Cheapest Homeowners Insurance in Virginia (2024 Rates)


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Updated: May 22, 2024

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In Virginia, you'll find a range of home insurance providers to suit your unique needs and budget. Main Street America Insurance is the most cost-effective choice overall, excelling in coverage for new homes and those with high deductibles. However, State Farm is a top option for bundling insurance needs, while Chubb offers competitive rates, especially for individuals with poor credit.

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2024

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Why Trust MoneyGeek? MoneyGeek used information from the Virginia Department of Insurance and Quadrant Information Services to obtain data on insurance rates, discounts and more.

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These rates reflect the cheapest home insurance quotes in Virginia as of 2024.

Overall Cheapest Homeowners Insurance in Virginia

In Virginia, the most affordable home insurance for $100K dwelling coverage is offered by Main Street America Insurance at $574 per year. Remember, home insurance rates can fluctuate based on your dwelling coverage. Let's compare:

  • Cheapest for $100,000: Main Street America Insurance at $574 per year
  • Cheapest for $250,000: Main Street America Insurance at $741 per year
  • Cheapest for $500,000: Main Street America Insurance at $1,517 per year

Check out more cheap home insurance options with MoneyGeek's table to see cost variations by dwelling coverage.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
Main Street America InsuranceAnnual Premium$574
ChubbAnnual Premium$584
State FarmAnnual Premium$629
NationwideAnnual Premium$900
Auto-Owners InsuranceAnnual Premium$913
FarmersAnnual Premium$950
AllstateAnnual Premium$1,033
TravelersAnnual Premium$3,312

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Rates updated:

Jul 22, 2024

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Cheapest Home Insurance in Virginia for High-Value Homes

State Farm is the cheapest home insurance for high-value homes in Virginia, offering rates of $2,672 per year for $750K in dwelling coverage. Homes that are higher in value usually have higher insurance costs.

In Virginia, State Farm offers the lowest premiums for higher dwelling coverage limits:

  • Cheapest for $750,000: State Farm at $2,672 per year
  • Cheapest for $1MM: State Farm at $3,370 per year

Your dwelling coverage should reflect the amount of your home's replacement rather than its property value. Compare costs for dwelling coverage or construction year based on MoneyGeek's detailed table.

Data filtered by:Results filtered by:
Coverages:
Coverages:$750K Dwelling / $375K Personal Property / $500K Liability
Construction Year:
Construction Year:2000
State FarmAnnual Premium$2,672
AllstateAnnual Premium$3,319
Main Street America InsuranceAnnual Premium$3,334
Auto-Owners InsuranceAnnual Premium$3,503
ChubbAnnual Premium$3,743
NationwideAnnual Premium$4,622
FarmersAnnual Premium$5,126
TravelersAnnual Premium$10,422

Cheapest Home Insurance in Virginia for New Homes

If you have a new home in Virginia, the most affordable provider is Main Street America Insurance, with rates averaging $341 per year for $100K in dwelling coverage. Typically, new homes have lower home insurance costs because of the new materials, up-to-date safety features, and stronger frames, making the home more resilient to damage.

Take a look at the cheapest providers for new homes in Virginia:

  • Cheapest for $100,000: Main Street America Insurance at $341 per year
  • Cheapest for $250,000: Main Street America Insurance at $419 per year
  • Cheapest for $500,000: Main Street America Insurance at $784 per year

If you want higher limits, however, the cheapest provider may change. Explore MoneyGeek's table below to see how rates change by coverage level for new homes.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Main Street America InsuranceAnnual Premium$341
State FarmAnnual Premium$367
NationwideAnnual Premium$381
ChubbAnnual Premium$431
FarmersAnnual Premium$510
AllstateAnnual Premium$599
Auto-Owners InsuranceAnnual Premium$674
TravelersAnnual Premium$1,540

Cheapest Home Insurance in Virginia for Low Credit Scores

Those with poor credit scores in Virginia can get the most affordable home insurance from Chubb at $584 per year for $100K in dwelling coverage. Your credit score reflects your financial stability, which home insurance providers use to gauge the probability of you filing a claim in the future.

Take a look at some of the cheapest providers in Virginia for those with poor credit:

  • Cheapest for $100,000: Chubb at $584 per year
  • Cheapest for $250,000 Chubb at $1,359 per year
  • Cheapest for $500,000 Chubb at $2,602 per year

Getting home insurance for those with poor credit is more expensive. In Virginia, those with poor credit pay an average of $6,350 annually for $100K in dwelling coverage, which is $5,338 more than those with good credit.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
ChubbAnnual Premium$584
NationwideAnnual Premium$1,386
Main Street America InsuranceAnnual Premium$1,600
State FarmAnnual Premium$1,660
AllstateAnnual Premium$2,250
FarmersAnnual Premium$5,412
TravelersAnnual Premium$10,717
Auto-Owners InsuranceAnnual Premium$27,192

Cheapest Home Insurance in Virginia With a Claims History

Chubb offers the lowest premium for those who have 1 claim in the past 5 years in Virginia, offering $707 annually for $100K in dwelling coverage. Your claims history serves as a track record, enabling home insurance providers to gauge the probability of you filing claims in the future.

Here are the cheapest companies for those with 1 claim in the past 5 years for varying dwelling coverage limits:

  • Cheapest for $100,000: Chubb at $707 per year
  • Cheapest for $250,000: Main Street America Insurance at $1,205 per year
  • Cheapest for $500,000: State Farm at $2,218 per year

Homeowners who were claim-free in the past five years pay an annual premium of $1,112, compared to those with two claims in the same period who pay $1,507 per year, indicating a $395 increase in premium rates due to a history of claims.

Data filtered by:Results filtered by:
Claims History:
Claims History:1 claim in past 5 years
Construction Year:
Construction Year:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
ChubbAnnual Premium$707
State FarmAnnual Premium$717
Main Street America InsuranceAnnual Premium$933
Auto-Owners InsuranceAnnual Premium$935
FarmersAnnual Premium$1,139
NationwideAnnual Premium$1,186
AllstateAnnual Premium$1,354
TravelersAnnual Premium$3,890

Cheapest Home Insurance in Virginia by Home and Roof Materials

The type of construction and roofing materials in Virginia also affect the home insurance cost. The most affordable for those with frame construction and shake-treated roof is Main Street America Insurance, offering $574 annual premium for $100K in dwelling coverage. Home insurance providers use your home materials to determine premiums, as some materials are more susceptible to damage or require more maintenance, impacting the likelihood of claims.

Take a look at the cheapest providers in Virginia:

  • Cheapest for $100,000: Main Street America Insurance at $574 per year
  • Cheapest for $250,000: Main Street America Insurance at $741 per year
  • Cheapest for $500,000: Main Street America Insurance at $1,517 per year

Investing better materials can help you save on premiums. For instance, a home with super construction with tile roofing costs $409 less annually compared to a frame-type home with a shake-treated roof.

Data filtered by:Results filtered by:
Home Construction Type:
Home Construction Type:Frame
Roof Material:
Roof Material:Shake-Treated
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Main Street America InsuranceAnnual Premium$574
ChubbAnnual Premium$584
State FarmAnnual Premium$629
Auto-Owners InsuranceAnnual Premium$913
FarmersAnnual Premium$950
AllstateAnnual Premium$1,027
NationwideAnnual Premium$1,047
TravelersAnnual Premium$3,312

Cheapest Home Insurance in Virginia by Deductible

Changing your deductible can potentially save you hundreds of dollars per year. In Virginia, the lowest-priced home insurance premium for a policy with a $2,000 deductible is from Main Street America Insurance, with rates averaging $546 annually. On the other hand, the cheapest rate for a policy with a $500 deductible is $613 per year, also with Main Street America.

Check out how rates can change by deductible:

  • $2,000 deductible: Main Street America Insurance at $546 per year
  • $1,500 deductible: Main Street America Insurance at $563 per year
  • $1,000 deductible: Main Street America Insurance at $574 per year
  • $500 deductible: Main Street America Insurance at $613 per year

The deductible in home insurance is the lump sum you give before your insurer covers the remaining expenses. Generally, the higher your deductible, the lower your premiums. For instance, the difference between a $2,000 deductible and a $500 deductible is $182 across all insurers for a policy with $100K in dwelling coverage.

Data filtered by:Results filtered by:
Deductible:
Deductible:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
Main Street America InsuranceAnnual Premium$546
ChubbAnnual Premium$566
State FarmAnnual Premium$579
NationwideAnnual Premium$762
Auto-Owners InsuranceAnnual Premium$897
FarmersAnnual Premium$912
AllstateAnnual Premium$929
TravelersAnnual Premium$2,892

Cheapest Home and Auto Bundle Insurance in Virginia

The cheapest company for a home and auto insurance bundle in Virginia is State Farm, offering an annual premium of $1,572. Major discounts can be obtained by bundling home and auto insurance together, making it a cost-effective option.

Here are more affordable options for bundles:

  • State Farm at $1,572 per year
  • Nationwide at $2,046 per year
  • Auto-Owners Insurance Co at $2,396 per year

Beyond savings, bundling home and auto insurance policies also makes it easier to maintain your policies. Learn more about the best home and auto insurance bundle in Virginia to start reaping the benefits.

State FarmAnnual Premium$1,572
NationwideAnnual Premium$2,046
Auto-Owners Insurance CoAnnual Premium$2,396
ProgressiveAnnual Premium$2,408
AllstateAnnual Premium$3,093
TravelersAnnual Premium$6,902

Cheapest Home Insurance in Virginia by City

Main Street America Insurance offers the cheapest premiums for most cities in Virginia, with costs ranging from $370 to $675. Costs may vary per city as there are several variables affecting it, such as distinct building codes, crime levels and potential weather-related risks.

  • Alexandria, for instance, as the cheapest home insurance at $370 from Main Street America Insurance.
  • Norfolk has the most expensive home insurance, with Chubb offering the cheapest rates at $675 per year.

Make sure to shop around, as insurance companies may have distinct calculations for rates based on geographical locations.

AlexandriaCheapest CompanyMain Street America InsuranceAnnual Premium$370
ArlingtonCheapest CompanyMain Street America InsuranceAnnual Premium$380
ChesapeakeCheapest CompanyChubbAnnual Premium$563
HamptonCheapest CompanyChubbAnnual Premium$620
Newport NewsCheapest CompanyMain Street America InsuranceAnnual Premium$667
NorfolkCheapest CompanyChubbAnnual Premium$675
RichmondCheapest CompanyMain Street America InsuranceAnnual Premium$470
Virginia BeachCheapest CompanyState FarmAnnual Premium$715

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.