Chris SchaferDeputy Managing Editor, News and Marketing Content
15+ years in content creation
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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Virginia homeowners pay an average of $1,536 per year for home insurance coverage, which is far below the national average cost of $2,532. These low rates are impressive considering the risks of owning a home in the Old Dominion, including flooding, hurricanes, and tornadoes.
Learn more about your options to protect your safe haven, and look at the best homeowners insurance companies in Virginia.
Quick Facts
Armed Forces Insurance Exchange, National Grange Mutual, and Homeowners of America have the cheapest home insurance in Virginia.
Flooding is common in Virginia, but 97% of Virginians don’t have flood insurance protection.
While standard home insurance typically covers damage from natural disasters like hurricanes and tornadoes, you’ll need extra protection to tackle the threat of flooding.
Best home insurance companies in Virginia
Virginia homeowners have no shortage of options for quality home insurance. While many companies offer policies, the best home insurance company for you depends on your situation and specific needs. That’s why it’s important to compare quotes from several insurers before choosing the best policy for you.
Here, you’ll find a brief look at some of the top home insurers in Virginia.
Insurance Company
Average Annual Premium
Best For
Armed Forces Insurance Exchange
$845
Cheapest rates
Alfa
$1,176
Manufactured homes
Cincinnati Insurance
$1,002
Tornado coverage
Mercury
$1,276
Older homes
Cheapest rates: Armed Forces Insurance Exchange
Armed Forces Insurance (AFI) Exchange offers Virginia’s lowest rates for homeowners insurance. It’s only available to military members and their families, but that includes a lot of people — Virginia has the second-largest active duty population and the most veterans in the workforce per capita, according to the Secretary of Veterans and Defense Affairs.[1]
Pros
Optional flood insurance coverage available
Numerous discounts available
Cons
Not available to the general public
No local offices in Virginia
Best insurer for manufactured homes: Alfa
manufactured homesAlfa
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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
NR
Alfa is the best company for manufactured home insurance in Virginia. It’s a popular coverage option for the 350,000+ Virginians who live in the more than 600 manufactured home communities throughout the state. With an Alfa policy, you can increase personal property coverage for expensive items like jewelry or guns. Alfa also offers standard home and car insurance with bundling discounts.
Pros
Customizable coverage options
Discounts for bundling policies
Cons
No local agents in Virginia
Doesn’t offer flood insurance
Best insurer for tornado coverage: Cincinnati Insurance
tornado coverageCincinnati Insurance Companies
Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
Cincinnati Insurance stands out for its tornado protection. Policies include loss of use coverage for extra expenses if severe weather damage makes it so you temporarily can’t live in your home. It’s also great for peace of mind considering how common tornadoes are — they can hit any part of the state and in any month.[2] Cincinnati Insurance also has coverage for condos, renters, and high-value homes.
Pros
Discounts for bundling home and auto insurance
Two agencies in Virginia
Cons
Discounts primarily benefit high-value homeowners
Doesn’t offer flood insurance
Best insurer for older homes: Mercury
older homesMercury
Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.6/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
586
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$185/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$293/mo
Mercury can be a great choice if you own an older home. The average house in Virginia is about 40 years old, but homes in Southwest Virginia are often older than that. Mercury offers Home Systems Protection as a type of equipment breakdown coverage. It covers central air, kitchen and laundry appliances, and more, with no limit on how old systems can be.
Pros
More than 80 agencies throughout Virginia
Discounts help keep policy costs low
Cons
Doesn’t offer flood insurance
Online quotes not available
Cheapest home insurance in Virginia
Travelers offers the cheapest homeowners insurance in Virginia. Here’s a look at other options to consider and their average premiums.
The below rates are estimated rates current as of: Tuesday, August 19 at 12:00 PM PDT.
In Virginia, the average home insurance premium is $1,355 for a policy with a $1,000 deductible and $300,000 in dwelling coverage. Premiums went up 11% in 2023, according to S&P Global Market Intelligence.[3] Understanding the things that affect your premium is crucial to controlling your costs. One of the most important elements is the materials used to build your home, as they dictate costs if your home needs to be repaired or replaced.
The type of home insurance and coverages you choose, as well as deductibles, policy limits, and endorsements (policy add-ons), also affect your rate. Additionally, your credit score, claims history, and choice of insurer are all factors that determine how much you pay for home insurance.
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage is the beating heart of your home insurance policy. It determines how much your insurer will pay to rebuild your home after a covered loss. As you might expect, the higher your dwelling coverage, the higher your premium will be. But don’t skimp on coverage to save a few bucks — buy enough to protect your home and your wallet in a disaster.
This table shows the average price of home insurance if you choose different coverage limits with a $1,000 deductible.
The below rates are estimated rates current as of: Tuesday, August 19 at 12:00 PM PDT.
Your deductible is how much you must pay before the insurance company steps in to cover costs when you file a claim. If you opt for a low deductible, you’ll have higher rates but a lower out-of-pocket cost for losses. A high deductible saves you money on your premiums but means you’ll pay more up front when filing a claim.
The key here is to find a balance between a deductible you can afford and a premium that fits your budget. To help you decide between the different levels, consider the data below. It shows the average cost per year for $300,000 policies according to the deductible amount.
Deductible Amount
Average Annual Premium
$500
$1,491
$1,000
$1,355
How to get cheap homeowners insurance in Virginia
The average cost of homeowners insurance in Virginia is lower than the national average, but you still have plenty of options to save on your premiums. Here are some savvy money moves to help you find the most affordable homeowners insurance coverage:
Ask about under-the-radar discounts. Bundling is a common discount, but lesser-known savings are possible. Ask about discounts for installing safety and security systems (smoke detectors and burglar alarms) and affiliation discounts for members of organizations like AARP or AAA.
Raise your deductible. A higher deductible increases your cost if you file a claim, but it lowers your premiums. It’s the best way to save on your overall insurance rates if you have a solid emergency fund and can afford a higher deductible.
Skip small claims. Frequent claims, even for minor incidents, can drive up home insurance premiums. Consider paying for small repairs yourself to keep your claims history clean and your rates low.
Improve your credit score. Virginia insurers can review your credit history to assess the risk of offering you a policy. Higher credit scores generally mean lower premiums. Pay your bills on time, keep credit balances low, and check your credit report for errors.
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How much homeowners insurance do you need in Virginia?
If you take out a mortgage on your Virginia home, your lender will require you to buy homeowners insurance. This protects their investment in case of damage or destruction to the property. But the amount of coverage you get will depend on your needs.
First, it’s crucial to understand what homeowners insurance covers. Then, consider more than the minimum coverage your mortgage lender requires. Think about the price of rebuilding your home, the replacement costs of your personal belongings (clothing, furniture, electronics), and liability coverage to protect against potential lawsuits. In addition, you may want extra coverage for disasters like flooding or for high-value items.
What are some of the biggest risks when owning a home in Virginia?
The Old Dominion State is a beautiful place to call home, but you must be aware of severe storms and other potential perils that can threaten your property. Here are three of the biggest risks when owning a home in Virginia:
Flooding
Standard homeowners insurance doesn’t cover flood damage. It requires a separate policy, yet most Virginians don’t have flood insurance.[4] Coverage is available through the National Flood Insurance Program (NFIP) and private insurers. Check your property’s flood zone using the Virginia Flood Risk Information System.
Hurricanes
A standard policy covers wind and hurricane damage. But it draws the line at flood damage. Review your policy to make sure your policy limits and coverages match the protection you need.
Tornadoes
Most standard homeowners policies cover tornado damage without the need for add-on coverage. Still, check your policy’s limits and update your coverage if you have valuable items or high-end finishes in your home.
Virginia homeowners insurance FAQs
If you still have questions about how you can find the best home insurance policy for you in Virginia, the following answers can help.
How much is home insurance in Virginia?
The average price for $300,000 in dwelling coverage in Virginia is $1,355 per year with a $1,000 deductible. This puts Virginia below the national average of $2,529. Keep in mind the best way to find the optimal policy for you is to compare quotes from several insurers.
Which company has the cheapest homeowners insurance in Virginia?
Travelers offers the cheapest coverage in Virginia, at a rate of $104 per month for $300,000 in dwelling coverage.
Does Virginia require homeowners insurance?
Homeowners insurance isn’t required by law, but if you have a mortgage on your home, your lender will require it. Having homeowners insurance is a good way to protect your home and your belongings from unexpected events that could otherwise deplete your finances.
Does Progressive offer homeowners insurance in Virginia?
Yes, Progressive offers home insurance in Virginia. The company has offices in Chesterfield, Waynesboro, Bedford, Forest, and more.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
Dwelling coverage: $300,000
Deductible: $1,000
Personal property limit: $25,000
Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
Amy is a personal finance and technology writer. With a background in the legal field and a bachelor's degree from Ferris State University, she has a talent for transforming complex topics into content that’s easy to understand. Connect with Amy on LinkedIn.
Amy has been a contributor at Insurify since September 2023.
Edited byChris SchaferDeputy Managing Editor, News and Marketing Content
Chris SchaferDeputy Managing Editor, News and Marketing Content
15+ years in content creation
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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Alfa
Cincinnati Insurance Companies
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