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The person next door spends an average of 

$81 month.

Cheap Virginia Home Insurance Rates & The Best Companies

The person next door spends an average of $81 a month.

VIRGINIA STATS


On average, Virginians are paying $1,728 every month on homeownership costs. 


There are 3.5 million houses in the Old Dominion State, 66% of which are occupied by owners.

  • Population: 8,517,685
  • Average value of homes that's occupied by owners: $255,800 
  • Households: 3,105,636 
  • Average household income: $68,766
  • High school grad or higher, percent of people age 25 years +: 89% 
  • Average travel time to work: 89 min 

The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.

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Virginia is fast emerging as a go-to destination for new home buyers from neighboring states. A solid job market and an emphasis on higher education along with VA’s developing real estate, it’s easy to see why homeowners are attractive to The Old Dominion State. University of Virginia, founded by Thomas Jefferson, is one of the best in the country and residents in VA can go for a discounted tuition. According to SmartAsset, if you live in North Virginia, you will most likely be working in Washington because of their close proximity to one another. In North VA, you’ll enjoy city living but will be paying a higher cost of living and will be spending some time in traffic. On the other hand, if you live along the Virginia coast, you’ll be able to swim in VA’s beautiful beaches or shop in one of the quaint shops in little towns nearby.


In this article, we’ll give an overview on VA’s home insurance premiums and mention insurers that are popular here. According the the data, Virginia homeowners are paying less than the average American for home insurance. Virginia has been affected by disastrous hurricanesearthquakes or super-charged thunderstorms. According to the Virginia Department of Emergency Management, Virginia experiences 35 to 45 thunderstorms per year on average. But thankfully, the natural calamities did not have a severe effect on the insurance rates here. However, it would be only smarter to check out multiple quotes to find the most suitable rate for you.


Our free online tool works to help you compare quotes faster. It’s easy to see that comparing quotes from multiple providers is the simplest way of saving money while knowing whose giving you a good deal or not. A little time spent on research can go a long way, in terms of savings and reliability on the coverage. If you are interested in finding the best home insurer for you, then take some time to do a little digging. Our comparison tool will provide you with a list of insurers in your area. You can do further research and have a table prepared so you can easily see what multiple insurers have in their standard policy, how much is an add-on insurance (that you may need, depending if you are located in a high-risk area) and the value you are getting for these coverages. Read more below to educate yourself on home insurance premiums and insurers in Virginia. 

Virginia via GIPHY

Virginia home insurance rates


The top insurance companies working currently in Georgia are national-level names such as State Farm, Allstate, Travelers, Liberty Mutual and USAA. They occupy the largest market shares and serve nearly 70% of all homeowners insurance needs in the state.


If we look at the data from Insurance Information Institute (III), Virginia comes in the 35th position out of 51 states, in regards to homeowners insurance premiums. It’s to note here that the home insurance rates in VA is approximately $226 cheaper compared to the national average. The annual average homeowners insurance rate in Virginia is $966, while the national annual average is $1,192. If you check the monthly average, it is $81 in 2016 (latest available data). 


But then, you should keep in mind the home insurance quotes will not be same for every home in the state. You may get a higher or cheaper quote compared to your sister who is staying a few blocks away from your home. So, don’t just settle with her home insurer. Additionally, you should also take up a comparison study on a few more companies to find a competitive rate. 

Average Virginia Home Insurance Premiums

 201620152014
Monthly average$80.50$79$79
Annual average$966$946$946
National annual average$1,192$1,173$1,132
Rank353532
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Our best in VA By Market Share


Here goes a brief on 3 renowned home insurance companies in Virginia. These are the top 3 names in regards to home insurance market share in Virginia. A concise overview on each of the 3 insurers alongside financial ratings reviews from AM Best, JD Power & S&P.


AM Best & S&P are leading credit rating agencies. The former one assures the most independent opinion about insurers, the latter is one among the 3 biggest credit rating agencies and promise only unbiased views. JD Power ratings are the most authentic source of independent and impartial ratings on customer satisfaction.


State Farm


State Farm is one of the most trusted homeowners insurance providers in the state which is known for great coverage at an affordable price. The company owns 18 percent share in the Virginia homeowners insurance market. It has received solid ratings for its superb financial strength and high-end customer satisfaction quotient. AM Best has given State Farm an A++ (Superior) rating and received an AA (Very Strong capacity) rating from S&P. On the other hand, State Farm has earned 3 (About average) out of 5 Power Circles Rating from JD Power.


State Farm extends homeowners insurance policy for various kinds of dwelling units here like ranch, farm, condo, standard house and even mobile homes. The standard home insurance policy offers coverage for any damage caused to the house from freezing, theft or fire. Then, there are several coverage add-on options like for liability, flooding, home business and so on.


The most important aspect of State Farm is its user-friendly claims department. The company runs a 24 hour hotline where you can call up any time to report your claim, even after business hours. It assures prompt reporting and faster payments in times of dire crisis.


State Farm offers a decent range of discounts. You will get the maximum discount if you bundle up home insurance policy with car insurance from the company.


USAA


USAA especially caters to homeowners who are in the Armed Forces. As Virginia houses as many as twenty-seven military bases, USAA is undoubtedly one of the largest insurance providers in The Old Dominion State. The company holds 17 percent (the second highest) share in the Virginia homeowners insurance market.


The standard home insurance policy from USAA extends protection against theft, fire, vandalism as well as different weather-related damages. The policy holder will get the full replacement compensation if he has to renovate his home due to damages covered by the policy. The company further provides up till 75 percent coverage for personal property protection as well as $5,000 worth coverage for identity theft or credit card issues.


The company has shown solid capital adequacy which has earned it A++  (Superior) rating from AM Best as well as AA (Very Strong capacity) from S&P. USAA is renowned for award-winning client care. No wonder it has received a solid 5 (Among the best) out of 5 rating from JD Power.


Allstate


Allstate is another popular name when it comes to homeowners insurance in Virginia. Homeowners especially love it for its amazing discounts, beneficial website tools and also strong financial backup. Allstate speaks of powerful financial footing and has been acknowledged by AM Best and S&P with A+ (Superior) and AA (Very Strong capacity) ratings respectively. In regards to JD Power rating, it has received 3 (About average) rating out of 5. The company holds 9 percent market share in the state homeowners insurance market.


However, it’s to note here Allstate’s rates are usually on the higher side. But the good news is the company offers as many as 18 discounts that you will hardly find with other home insurers here. Most of the discounts will help you to save around a handy 30%. New members get 10% off on insurance premium for the first 2 years. There are discounts for homeowners with new homes, early shopping, retirees and so on.


The Allstate website has come up with a very beneficial Common & Costly Claims feature which is available for non-customers as well. The tool will notify you about the 5 common perils and claims in your region and also offers an idea on average rate per claim. 

Virginia Home Insurance Companies: Market Share and Summary of Ratings

RankInsurerMarket Share %AM BestS&PJD Power
1State Farm17.9A++AA3
2USAA17.0A++AA+5
3Allstate9.0A+AA3
4Travelers8.7AA3
5Nationwide8.0A+A+3
6Liberty Mutual5.7AA3
7Erie5.6A+NR3
8American Family2.8ANR3
9Farmers2.3AA3
10VA Farm Bureau2.1A-NRNR
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

In summary


The top three home insurers in Virginia, in terms of market share holdings from III’s data, have a very strong presence all over the nation. Their financial condition is reliable based on the reviews mentioned above. Deciding to insure your home with any of the three is a good choice, although going with a well-known company doesn’t always mean big savings. You may be paying premium rates. We were not able to review all of the insurers in Virginia, therefore, a less popular company may provide better rates or better coverage at a great price. As with any new company, be sure to research any potential insurers to see how they hold up on coverage and discount options, customer service and availability, and claims payout history. Not only is it important to find the cheapest rates around, equally as important is that the insurer will have you covered in the untimely event that you’ll have to file a claim. 

Help for home repairs


The U.S. Department of Housing and Urban Development put together a list of resources that can help homeowners in financial need to repair and/or improve their homes. To learn more, visit the government site here.

Virginia via GIPHY

Tips on saving

If you are a homeowner in Virginia, you might occasionally think about ways to save money on your home insurance. After all, it costs hundreds of dollars each year, so cutting down on the monthly bills would open up some more money for vacations, savings, and other things. Below, we will offer some ways to help you reduce the amount that you have to pay for your insurance.


As far as rankings go, Virginia is actually a fairly good state for insurance. The average annual premium for Virginia is $966. That might feel like a lot, but it is lower than average: 34 states have higher premiums than Virginia. A lot of factors cause these costs to vary from state to state, although the most important ones are related to the severity of the local weather and the odds of a tectonic event like a volcano or earthquake. Virginia happens to be relatively tranquil, so insurance costs less here than in most places.


If you still want to get cheap homeowners insurance, though, there are two main strategies to pursue. The first is to look for a better deal. Tell your current provider that you might switch to a different company and see if they want to offer you a discount. Get quotes from competing companies to find the least expensive option with the same coverage. Use the quotes to try to get even lower offers. An insurance company would rather not lose you entirely, so take advantage of that.


The second strategy is to make improvements to your home. Your insurance company should have a list of improvements like adding storm windows or weatherizing the house that you can do and get a lower premium. Anything that can make it less likely that the house will be damaged and that you will file a claim with them is a potential discount. You can also ask about fixing and repairing any existing problems, like an unsecured pool, unsafe stairs, or a broken fence that might be dangerous. Taking care of these items can sometimes get you a discount. It is worth at least asking if there is anything you can do to get a lower bill. Then you can decide if those projects are worth doing.


Virginia home insurance is a good deal, but homeowners are still paying an average of over nine hundred dollars a year on insurance costs. That's a significant amount of money, so it's worth checking to see if there is any way to reduce it with the approval of your insurance provider.



Resources:


United States Census Bureau  

Insurance Information Institute

Consumers Advocate

For more assistance, please contact your local state department of insurance:

Virginia Bureau of Insurance

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