Homeowners Insurance in Virginia
With Virginia’s proximity to several bodies of water, it’s important to purchase a homeowners insurance policy that includes coverage for severe weather events.
Written by Sadie Lovemore
Reviewed by Melanie Reiff
Table of Contents
- What is homeowners insurance?
- Is homeowners insurance required in Virginia?
- How to get homeowners insurance
- Recommended home insurance coverage in Virginia
- Why is homeowners insurance in Virginia so expensive?
- Homeowners insurance discounts in Virginia
- How to save on home insurance
- FAQs
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With
Virginia
’s proximity to several bodies of water, it’s important to purchase a homeowners insurance policy that includes coverage for severe weather events. Hurricanes and storm surges in the area pose a high risk for property damage, but the right policy can protect you from financial loss. Fortunately, the cost of home insurance in Virginia is 23% less than the national average—$1,104 per year for $250,000 in dwelling coverage. When a covered peril strikes your home, this amount could save you from paying out of pocket for necessary repairs and replacements.
Finding an affordable policy isn’t the only factor to consider when looking for coverage. That’s why licensed
home
and car insurance
broker and comparison app Jerry
is here with the information you need to get the best coverage to protect your Virginia home.RECOMMENDED
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What is homeowners insurance?
Homeowners insurance protects your home and personal belongings from damage or loss when the unexpected happens. It also includes
personal liability coverage
—protecting you if you're held legally responsible for accidentally harming someone in or out of your home.When considering how much coverage you need, take inventory of your belongings and consider the value of your home. You don’t want to have to cover additional expenses if you don’t choose a policy with enough coverage. Don’t worry—your insurance provider will recommend coverage, but no one knows your needs better than you.
Basic components of homeowners insurance
Home insurance policies vary widely, but you can usually count on coverage for the following essentials:
- Coverage A (Structure): This coverage, also known as dwelling coverage, safeguards your home's structure if it needs to be repaired or rebuilt.
- Coverage B (Additional structures): This covers other structures on your property, often including fences, garages, sheds, and gazebos.
- Coverage C(Personal property): In the event of theft or other insured risks, this can help pay for personal belongings such as furniture, jewelry, or electronics. Because there are coverage limitations, you may need additional coverage if you have valuable items.
- Coverage D (Additional expenses): If you file a claim and are unable to stay on your property while repairs are being made, this will help cover your living expenses.
- Coverage E(Personal liability): This covers the cost of litigation and medical bills if someone is injured on your property.
Aside from choosing how much coverage you want for all of the above, you’ll also have to decide if you want actual cash value (ACV) coverage or replacement cost coverage. Actual cash value coverage reimburses you for the depreciated value of your damaged property. Replacement cost coverage, on the other hand, reimburses you for the cost of buying a new replacement.
MORE: The difference between replacement cost and actual cash value
Named perils
The
16 named perils
are the most common disasters covered by house insurance. Windstorms, fires, riots, and vandalism are some of the disasters included in that list. Certain hazards, such as floods and earthquakes, are typically excluded from standard home insurance policies; if you want coverage for these perils, you'll need to get an endorsement. As a general rule, wear and tear and negligence are also excluded from home insurance policies.
If you have any questions about a specific type of coverage or other limits and exclusions, always contact your home insurance provider.
Is homeowners insurance required in Virginia?
Homeowners insurance isn’t required in any state, and Virginia is no exception. However, it’s usually required by mortgage lenders as a condition of your loan. Home repairs can be expensive, so home insurance gives the lender peace of mind knowing their investment is protected.
Even though mortgage lenders typically require home insurance, their main concern is the dwelling coverage portion, also known as
hazard insurance
. It’s your responsibility to select a home insurance policy with enough coverage for your personal property and other liabilities. How to get homeowners insurance
Shop around for quotes before committing to a home insurance policy, so you can make sure you’re getting the best price (the
Jerry
app compares quotes in seconds!). Just remember that insurance companies take your personal information into account when they provide a quote, so avoid blindly accepting a referral from your neighbor. A good place to start is to ask your car insurance company for a quote. Most insurance companies give you a deal for
bundling your home and auto insurance
. Even if it seems like a stellar deal, don’t accept the first quote you get, or you’ll never know what savings await you!Recommended home insurance coverage in Virginia
If you own a home in Virginia, consider coverage for the following hazards:
- Hurricanes. Windstorm protection is included in most standard homeowners policies, but sometimes there are add-ons for hurricanes. Since Virginia is at risk for these tropical cyclones, check with your insurance agent to make sure you’re covered.
- Flooding. With heavy rains and nearly 2.3 million acres of land declared a Special Flood Zone, you’ll want to get coverage for flood damage. Just note that flooding is excluded from most home insurance policies. Start with FEMA’sNational Flood Insurance Programfor a policy that fits your needs.
- Storm surge. Along the Atlantic coast, storm surges are all too common. And they can cause serious damage to your property. Fortunately, most commercial flood insurance policies will cover the cost to repair the damage.
Why is homeowners insurance in Virginia so expensive?
The cost of home insurance in Virginia is actually 23% less than the national average—$1,104 per year for $250,000 in dwelling coverage. It’s also cheaper than most surrounding areas, with the exception of Washington D.C. where your average policy costs you $902.
Virginia's proximity to the Atlantic Ocean and Chesapeake Bay increase the likelihood of hazards like hurricanes and flooding, which is certainly factored into the price of home insurance in this beautiful state. Keep in mind that your credit history, zip code, and even marital status are also factored into your annual premiums.
Homeowners insurance discounts in Virginia
Save more money on your home insurance policy with these potential discounts:
Discount | How to get it |
|---|---|
Bundling | Bundle your home and car insurance to maximize your savings. |
Home security discount | If you’ve reduced the risk of theft by installing a monitored security alarm, you could be eligible for a discount. |
Renovations | When you update your home, replacing risks like old wiring, your home poses less of a risk to your insurance company. Let them know and you’ll almost certainly get a lower rate. |
Claims-free discount | Some insurance companies reward their customers for being claim-free. If you haven’t made a claim in years, it’s worth asking for a reduced rate! |
New client discount | Many insurance companies provide discounts to new customers. Shopping around for home insurance every year can save you money! |
How to save on home insurance
When it comes to buying
home insurance
, doing your research is a must. But this doesn’t have to be a long or stressful process. Licensed broker Jerry
generates customized quotes from the top providers in seconds, so all you have to do is choose what’s best for you. If you have any questions along the way, just text one of our agents through the app.Jerry gathers your information from your past insurer, so you're not responsible for any long forms or phone calls. Basically, you get all of the savings and coverage, with none of the hassles.
Who knew protecting your Virginia home would be so easy? Sign up today and let Jerry handle the rest, so you can spend your time enjoying your home instead of worrying about it.
“I signed up for a new policy withJerry’shelp. I ended up saving $236 a month after my switch. Thank you Jerry!” —Adelaide C.
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FAQs
Is hurricane insurance required in Virginia?
Hurricane insurance is not required in Virginia. Most standard home insurance policies cover windstorm damage but based on how destructive hurricanes can be, you might need a combination of coverage. Ask your insurance company if they exclude coverage for hurricanes before purchasing an endorsement.
What is the average cost of homeowners insurance in Virginia?
The cost of home insurance in Virginia is $1,104 per year for $250,000 in dwelling coverage—23% less than the national average. It’s also cheaper than most surrounding areas, with the exception of Washington D.C. where your average policy costs you $902.
Save an average of 18% by bundling your home and auto insurance
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