Hollay Ghadery Last Updated On: February 13, 2024

Finding Homeowners Insurance in Virginia

When buying a home, there are a lot of important things on your mind. But while you’re considering which neighborhood you desire, whether or not the kids should share a bedroom, and how ambitious your DIY renos should be, don’t forget about homeowner’s insurance. 

Just like finding the best house on the market, you want to find the best homeowner’s insurance in Virginia too. Here is your guide to all things homeowner’s insurance in The Old Dominion.

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Table of Contents

Standard Home Insurance in Virginia and How It Works

The standard homeowner’s insurance policy is consistent throughout all 50 states. But in case this is your first time purchasing home insurance, or if you just need a refresher, we’re going to walk you through the basics of how standard home insurance works. 

Each and every homeowner’s insurance policy will cover these four buckets:

  • Dwelling and Other Structures: This applies to the house itself, as well as other structures on the property such as a garage, pool shed, etc. 
  • Personal Property: This covers valuable personal belongings within your home from damage or theft.
  • Personal Liability: This extends to both medical and legal fees should someone get injured on your property, or if you damage someone else’s property. 
  • Living Expenses: This kicks in when your home is unlivable while damages are being repaired, so you have to stay elsewhere. 

The most common home insurance policies are HO2 and HO3 and they are a little bit different from one another. Here’s how:

  • HO2: Covers dwelling, structures, and personal property for named perils.
    • “Named perils” means only the perils explicitly listed on your policy are covered.
  • HO3: Covers personal property for named perils and dwelling and structures for open perils.
    • “Open perils” means every peril is covered except for those explicitly listed on your policy.

All home insurance policies are designed to protect your finances if the worst happens. This means that if a covered peril damages your home or renders it unlivable, insurance will cover the repair/replacement and you won’t be stuck with the entire bill.

Standard Covered Perils in HO2 Policies

It helps to know what you’re actually covered for. The standard covered perils in most HO2 policies are as follows: 
  • Windstorm or hail
  • Fire, lightning, and smoke damage
  • Explosions
  • Riots or civil commotion
  • Damage caused by aircraft or vehicles
  • Vandalism or malicious mischief
  • Theft
  • Volcanic eruption
  • Falling objects
  • Weight of ice, snow, or sleet 
  • Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protection sprinkler system or from a household appliance.
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system or an air conditioning or automatic fire-protective system.
  • Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance. 
  • Sudden and accidental damage from artificially generated electrical current
Your homeowners’ insurance policy will clearly state the named (or open if HO3) perils, so if you are ever uncertain about what you’re covered for, you can always refer back to your policy. 

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The Average Homeowners Insurance Cost in Virginia

Just because the standard policies are the same, that doesn’t mean everyone pays the same price for homeowners’ insurance. 

The actual cost of homeowner’s insurance is dependent on the following factors:

  • Property value 
  • Location 
  • Policy type 
  • Insured amount 
  • Any additional coverages purchased 

Bearing in mind these stipulations, we can look at average to get an idea of what homeowners in Virginia can expect to pay for home insurance. 

The average home insurance cost in Virginia is $887 per year for $250,000 worth of dwelling coverage. 

This is fairly affordable, especially when compared against the national average of $1,428 for the same amount of coverage. But if you’re worried about the cost, keep reading for handy ways to save on home insurance. 

Money Saving Tips for Homeowners in Virginia

Just because Virginians are likely to pay less than the rest of the country on homeowners’ insurance, that doesn’t mean that you shouldn’t still find ways to put more money back in your wallet. 

If you want to find the cheapest homeowners’ insurance in Virginia, then you should consider these steps:

  1. Assess your needs. Ask yourself how much coverage you realistically need and are able to afford. 
  2. Compare multiple homeowners’ insurance quotes in Virginia. The competitive insurance market means that insurers are constantly competing for the lowest price, so don’t just take the first offer you find without comparing multiple quotes together. 
  3. Speak to insurance experts. There are people who are specially trained in all things insurance. If you are confused or need any kind of advice, they can help! 

Not only will following this advice help you find affordable home insurance in Virginia, but they’ll also ensure you pick a quality policy that encompasses all your needs.

Best Home Insurance in Virginia by Company

Some of the companies with the best priced homeowners’ insurance in the state include:
  • Chubb
  • Travelers 
  • Erie
  • ASI Progressive
  • Mercury 
When comparing home insurance quotes in Virginia, be sure to get quotes from these companies.

Best Home Insurance in Virginia by City

Location also plays a large role in determining home insurance rates. When buying a house, you might want to consider the following Virginia cities as they have the least expensive home insurance prices:
  • Ashburn
  • Hamilton
  • Round Hill
  • Leesburg
  • Purcellville 
Generally speaking, the further inland your home is, the cheaper the insurance will be. This is because coastal homes, while beautiful, are at a higher risk for hurricane damage and will pay more in premiums as a result. 

Common Homeowners Insurance Discounts in Virginia

Virginia state homeowners’ insurance can incorporate discounts to help save homeowners money.  The most commonly given discounts in the state are as follows:
  • Protective Devices Discount: Given for protective devices installed in home such as sprinkler systems or security alarms. 
  • New Home Discount: Given on newly built homes.
  • Multi-Policy Discount: Given when you bundle multiple policies from the same provider.
  • Membership Discount: Given to those who are members of a program either through the insurance company or a partner of the insurer. 
With all these ways to save on home insurance in Virginia, you might find room in your budget for some helpful additional coverages.

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Recommended Additional Coverages for Virginia Home Insurance

A home in Virginia comes with access to the state’s stunning coastline and gorgeous mountain ranges. But, when you combine this natural environment with the current climate crisis, Virginia is susceptible to a lot of major weather events. 

Your Virginia home is particularly vulnerable to tropical cyclones and connectives storms, as well as flooding. 

Virginia homeowners should strongly consider purchasing the following additional coverages on their home insurance policy: 

  • Flood Insurance: Most standard homeowners’ insurance does not cover flood damage. You can purchase a separate flooding insurance policy through The National Flood Insurance Program (NFIP) or a private insurance carrier.
    • If you live in a high-risk zone for floods, and/or have a mortgage, you might be required to purchase flood insurance in addition to homeowners’ insurance.
  • Windstorm Insurance: While the majority of standard homeowners’ policies do include hurricane damage, residents of coastal states such as Virginia can benefit from a separate windstorm deductible. The windstorm deductible is for tropical storms named by the National Hurricane Center and is separate from the dwelling deductible.
  • Extended Replacement Cost Value: This is an endorsement you can purchase on your home insurance policy that will kick in if damage to your home exceeds the value it is insured for.
  • Water Backup/Sewer and Drain Line Backup: While other types of water damage are covered in standard homeowners’ insurance, damage from sewer and drain line backup is not. But you can purchase this endorsement to protect yourself from such a situation, which can quickly add up in costs.

Speak to your insurance provider if you are interested in purchasing any of these additional coverages for a new or existing policy. They will cost you more, but can end up saving you big in the long run if your house is impacted by any of these perils.

Find Virginia Home Insurance Quotes

ConsumerCoverage is passionate about educating consumers so that they can make smart choices on their insurance. Your first step to finding affordable home insurance quotes in Virginia should be to get access to free quotes here

You’ll be able to find the right policy for your budget and coverage needs, so you can spend less time shopping for home insurance and more time doing what you love. 

When it matters, we’ve got you covered.

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