Cheapest Homeowners Insurance in Virginia (2024 Rates)

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.

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.

Finding low-cost home insurance in Virginia involves soliciting rates from multiple insurance companies. MoneyGeek’s home insurance calculator provides Virginia quotes easily without needing personal information upfront.

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.

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.

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.

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.

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.

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.

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.

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.