Insurance
Virginia Homeowners Insurance Calculator: Estimate Your Policy Cost
Updated: May 22, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Jul 26, 2024
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MoneyGeek studied affordable home insurance providers in Virginia and picked the cheapest for various profiles. Based on our analysis, Nationwide has the lowest rates overall. If you’re looking for an insurer that balances cost and service quality, we also listed Virginia’s best homeowners insurance companies.
How to Estimate the Cost of Your Homeowners Insurance Policy in Virginia
In Virginia, your homeowners insurance quotes may vary based on location, house details, coverage preferences and other factors. You can enter your specific information into MoneyGeek’s Virginia home insurance calculator to receive a personalized estimate of your potential premium prices.
Virginia
Your location has a significant impact on your home insurance rates. If you’re living in an area with a high crime rate or a risk of natural disasters, you can expect higher rates than someone living in a less risky area.
Dwelling Coverage
Dwelling coverage pays for the amount you need to rebuild your home. Increasing your dwelling coverage will result in more extensive protections but will also drive up the cost of your home insurance policy. In Virginia, the average dwelling coverage amount is $250K.
Deductible
If you file a claim, you must pay a certain amount before the insurance company reimburses your expenses. That amount is called the deductible. Getting a policy with a high deductible amount will lower your premiums, but you’ll have to pay more out of pocket if you use your insurance.
Liability
Liability coverage pays for expenses resulting from damages in your home due to your negligence. It covers legal, replacement, medical, pain and death benefit fees.
Getting enough liability coverage to protect yourself and your property is essential. Liability insurance is relatively cheap, and getting tens of thousands of coverage only costs a few dollars per month.
Personal Property
Personal property coverage pays for the loss of or damage to your personal belongings, including furniture, clothing and electronics. You can use the calculator below to estimate the value of your personal property.
Credit Score
In Virginia, your credit score also affects your home insurance premiums. Since people with lower credit are more likely to file a claim, insurance companies see them as riskier to insure, so they’re charged higher rates. Meanwhile, having a high credit score will result in lower monthly payments.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Virginia
Virginia ranks among the top 25 more expensive states regarding homeowners insurance prices. The average cost of a home insurance policy with $250K in dwelling coverage in the state is $2,513 per year, which is 4% higher than the national average.
The table below shows the average cost of homeowners insurance per dwelling coverage level in Virginia.
Average Annual Premium in Virginia for Homeowners Insurance
| $100,000 | Average Annual Premium$1,570 |
| $250,000 | Average Annual Premium$2,513 |
| $500,000 | Average Annual Premium$5,422 |
| $750,000 | Average Annual Premium$8,280 |
| $1,000,000 | Average Annual Premium$11,961 |
| $2,000,000 | Average Annual Premium$29,350 |
| $3,000,000 | Average Annual Premium$46,322 |
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When buying homeowners insurance, we can’t overstate the importance of getting enough dwelling coverage. After all, this is the amount that pays for the reconstruction of your home. You may end up spending out of pocket if you have insufficient coverage.
Your home’s replacement cost is affected by its height, square footage, building materials and other variables. Your insurance agent can help you estimate your rebuilding cost, but hiring a professional appraiser may be better.
Keep in mind that you aim to have enough dwelling coverage to rebuild your home if it is destroyed.
Average Cost of Home Insurance in Virginia Cities
In Virginia, home insurance costs may change depending on your area. MoneyGeek studied insurance premiums for various cities in the state so you can compare what your counterparts are paying in other locations.
Average Annual Premium in Virginia Cities for Homeowners Insurance
| Arlington | Average Annual Premium ($100K Dwelling Coverage)$1,787 | Average Annual Premium ($250K Dwelling Coverage)$2,990 |
| Chesapeake | Average Annual Premium ($100K Dwelling Coverage)$1,538 | Average Annual Premium ($250K Dwelling Coverage)$2,796 |
| Norfolk | Average Annual Premium ($100K Dwelling Coverage)$1,637 | Average Annual Premium ($250K Dwelling Coverage)$3,007 |
| Richmond | Average Annual Premium ($100K Dwelling Coverage)$1,124 | Average Annual Premium ($250K Dwelling Coverage)$1,923 |
| Virginia Beach | Average Annual Premium ($100K Dwelling Coverage)$1,659 | Average Annual Premium ($250K Dwelling Coverage)$2,361 |
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MoneyGeek’s evaluation shows that the best homeowners insurance provider in Virginia is Allstate. This company offers the best balance of affordability and quality service. Our team conducted a deeper analysis of top-rated homeowners insurance companies for various buyer profiles.
Frequently Asked Questions About Home Insurance in Virginia
The cost of your homeowners insurance in Virginia can change based on your profile, house details and policy preferences. MoneyGeek responded to some commonly asked questions about the topic to help you find the right policy.
How much does homeowners insurance cost in Virginia?
On average, homeowners insurance in Virginia with $250K in dwelling coverage costs $2,513 per year. However, your actual premiums may vary based on your profile and preferences.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Virginia is $250K. Nonetheless, you should find the amount you’ll need to rebuild your home if it gets destroyed, factoring in labor, material and other costs. Hiring a professional appraiser is the best way to find how much dwelling coverage you need.
Insurance
Methodology
To determine the average cost of homeowners insurance in Virginia, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance.
This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- The assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
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.