The Best Homeowners Insurance in Virginia for 2023 – NerdWallet

If you’re a Virginian who owns your home or is considering buying one, homeowners insurance is for you. We have answers to your frequently asked questions and things you should consider when buying homeowners insurance in Virginia. 

NerdWallet also analyzed rates across the state to find the best home insurance companies in Virginia.

Note: Due to underwriting practices and market volatility, some companies in this article may no longer write new policies in your area.

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies.

See more details about each company to help you decide which one is best for you.

State Farm is a great choice for homeowners who like to work directly with a representative, as the company sells policies through a wide network of agents. And its attention to customer service has paid off; the company has fewer customer complaints to state regulators than expected for a company of its size, according to the National Association of Insurance Commissioners.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Based in Pennsylvania, Erie is a regional insurer that offers guaranteed replacement cost for the structure of your home. With this coverage, the company will pay to rebuild your home completely after a disaster, even if the amount exceeds your dwelling limit. 

Got a car to insure, too? If you bundle your home and auto insurance with Erie, you could get a discount of around 20%. You may also be able to save if your home has certain safety and security features such as smoke alarms or sprinkler systems.

Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and it pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)

If you insure a secondary or seasonal home in Virginia with Chubb, you can sign up for the company’s Property Manager service at no charge. With this service, a Chubb representative will inspect your home after a hurricane, report its condition to you, submit a claim on your behalf and help prevent further damage.

Homeowners policies from Farmers may include two valuable types of insurance: extended dwelling and replacement cost coverage. Extended dwelling coverage gives you extra insurance for the structure of your house, while replacement cost coverage offers higher reimbursement for stolen or destroyed belongings.

Some Farmers policies also come with perks that can save you money. For example, with claim forgiveness, Farmers won’t raise your rate for a claim as long as you haven’t filed one within the past five years.

Cincinnati Insurance sells homeowners policies through independent agents, with various options for standard and high-value homes. You may be able to add coverage for things like identity theft, personal cyber attacks or certain types of water damage.

Cincinnati may offer you a discount for bundling home and auto insurance, having a newer home, installing a centrally monitored alarm system or going a certain amount of time without filing a claim.

Nationwide’s standard homeowners policies include ordinance or law coverage, which pays to bring your home up to the latest building codes after a covered claim. They also include coverage for unauthorized credit or debit transactions. For an extra cost, you may be able to add coverage for things like water backup, identity theft and stronger materials to replace your roof.

The Nationwide website offers plenty of ways to manage your policy, including filing and tracking claims, paying bills and getting quotes.

The average annual cost of home insurance in Virginia is $1,190. That’s 35% less than the national average of $1,820.

In most U.S. states, including Virginia, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score. In Virginia, those with poor credit pay an average of $2,785 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 134% more than those with good credit.

How much you pay for home insurance in Virginia will depend on your ZIP code. For example, the average cost of homeowners insurance in Richmond is about $1,180 a year, while homeowners in Virginia Beach pay an average of $1,960 per year.

Here are the insurers we found with average annual rates up to the Virginia average of $1,190.

Virginia homeowners should make sure their insurance covers damage from the state’s occasional severe weather, including hurricanes, tornadoes and winter storms. Here’s what to know.

Hurricanes and tropical storms can wreak havoc on your home. Hurricane season runs from June 1 through Nov. 30 each year, and while coastal Virginians are most at risk, even inland homes can experience flooding and wind damage from a large storm.

Read your policy carefully or talk to your insurance agent to make sure you have enough coverage. Standard policies often cover wind damage but may have a separate deductible for wind claims. (A homeowners deductible is the part of a claim you’re responsible for.)

Say you have a $1,000 deductible for most claims but a 2% deductible for wind claims. If your home has $250,000 of coverage and a tropical storm causes wind damage, you’ll be responsible for the first $5,000 of the claim.

Standard homeowners policies don’t typically include flood insurance, but you can buy it separately through the National Flood Insurance Program or from private flood insurers.

On top of flooding that can accompany hurricanes, flash flooding due to heavy rain or even a neighbor’s improperly sloped backyard can cause significant damage. Since a standard homeowners policy won’t cover damage from floods, surface water or storm surges, you may want to consider additional coverage. 

To find out if you’re at risk, put your address into the Federal Emergency Management Agency’s flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. If your home is in a high-risk location, your mortgage lender may require you to buy flood insurance. But even if your home is in a low-risk area, purchasing flood insurance for extra financial protection may be worth it. 

Note that while you can get flood coverage anytime, there is typically a 30-day waiting period before the insurance comes into effect. 

Virginia sees about 20 tornadoes per year, on average, mostly in the eastern part of the state. As long as you have wind coverage in your homeowners policy, you have coverage for tornadoes. Most standard policies include wind coverage as long as you don’t live in a high-risk coastal location.

Because tornadoes can be so destructive, it’s important to have enough dwelling coverage to pay for full reconstruction of your house. (Dwelling coverage is the part of your policy that pays for damage to the structure of your home.) Your insurance agent can help you choose the right limit.

Although Virginia winters are generally mild, the mountainous regions in the west of the state tend to see colder and snowier weather. A standard homeowners policy covers many causes of winter damage to a house, such as burst pipes and fallen trees. However, it won’t cover flood damage from melting snow; for that you’ll need flood insurance.

The State Corporation Commission’s Bureau of Insurance oversees the insurance industry in Virginia. Through the Bureau’s website, you can look up an agent’s license or file a complaint against your insurance company. You can reach the agency through its toll-free helpline at 877-310-6560.