Virginia Homeowners Insurance

Fran
Fran Majidi
November 3, 2020

Homeowners Insurance in Virginia: Complete Consumer Guide

Are you a Virginia homeowner or soon to be one? We have some interesting facts about the state you may not know. Like, did you know that Virginia was originally supposed to be a silk colony? It’s true, but a fungus caused a hiccup so they switched to tobacco, which is what the state is famous for, besides being the first British colony. Virginia also boasts the second oldest college in the country, William & Mary. It also used to compass both West Virginia and Kentucky. Nearly half the civil war was fought in Virginia, which is why they lost some land. The first Thanksgiving was in Virginia too. And most fantastically, there is an island off Virginia, where wild ponies roam free. Eight U.S presidents have come from Virginia, an incredibly high number compared to other states, and it is the home base for the U.S. Navy’s Atlantic Fleet. About 25% of Virginians hold government jobs, and it’s called the “Internet Capital of the World.”

Types of Homeowners Insurance Policies in Virginia

The type of policy you choose depends on the type of residents and how much you’re willing to pay. Every situation is different and there are add-on policies such as earthquake and flood insurance that you should consider adding to these. The most common standard policies in Virginia are the following:

  • HO-2 Broad Form (Named Peril)
  • HO-3 Special Form
  • HO-5 Comprehensive Form (HO-3 with HO-15, Special Personal Property Coverage)
  • HO-6 Condominium Unit Owners

What factors affect rates on homeowners insurance in Virginia?

Construction type is the most important factor that affects home insurance rates. Whether or not a frame is flammable will be factored in, so the materials your home is made of matter. Also, if you’re building a custom home, you may need additional coverage for construction. The location of your home determines claim history and crime rates. The age of the house will be factored in as well as upgrades made to an older home. The main thing that determines the price of a home insurance policy is what it would cost to rebuild the same house. Swimming pools and trampolines will raise rates and so will home-based businesses, which need to cover inventory and equipment.

Top 5 disasters in the State of Virginia

Virginia federally declared Severe Storms as the most common disaster, with 17 counts since 1953, followed by Hurricane, Flood, Fire, and Snow disasters. Here are the top 5 federally declared disasters in the state of Virginia.

Rank Declaration Title Disaster Number

1

Severe Storms

17

2

Hurricane

16

3

Flood

15

4

Fire

8

5

Snow

6

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Virginia?

The average homeowners insurance policy is $1,181.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Virginia a safe state?

2019 Crime in Virginia Crime Number Crime Rate*

Property Crime

140,213

1,642.7

Burglary

13,900

162.8

Larceny-Theft

116,044

1,359.5

*Rate per 100,000 inhabitants

Safest Cities in Virginia by Property Crime*

  • Purcellville, VA has a population of 10,346 with a Property Crime rate of 3.6 per 1k. The city average home value is approximately $604,878.
  • Blacksburg, VA has a population of 44,948 with a Property Crime rate of 6.1 per 1k. The average home value there is about $289,729.
  • Poquoson, VA came in third as the safest city in the state of Virginia and has a population of 12,126 with a Property Crime rate of 7.5 per 1k. Its home value averaged at about $343,398.
  • Manassas Park, VA has a population of 17,602 with a Property Crime rate of 8.7 per 1k. Its average home value is $299,191.
  • Radford, VA has a population of 18,487 with a Property Crime rate of 9.7 per 1k. The city home value averaged $180,003.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Virginia

Top homeowners insurance companies in Virginia

Amica was ranked #1 by J.D. Power. In addition to selling standard homeowners insurance policies, Amica offers dividend homeowners policies that pay as much as 20% of the annual premium back to policyholders. You can save up to 20% if you bundle your home and auto as well. Amica’s customer service has ranked high so find out which discounts you qualify for.

The Hartford was ranked #2 by J.D. Power because it can be customized at prices that fit everyone’s budget. Bundling home and auto allows you to save money, 5% on auto and 20% on condo or home insurance. There are other ways to save too.

Farmers was ranked #3 by J.D. Power with three levels of coverage for homeowners: standard, enhanced and premier. You can choose the level of protection you need at prices you can afford. People love the flexibility of Farmers homeowners insurance

Virginia Home Insurance FAQs

Is additional living expenses part of home insurance coverage?

Most standard homeowners insurance policies will pay for living expenses if your home becomes uninhabitable due to a covered peril or while it’s being rebuilt.

Can home insurance companies refuse to issue policy for bad credit?

It’s possible but unlikely that you’ll be denied home insurance due to bad credit, but you will pay more. Insurance companies can deny coverage due to too many claims of if the house is located in a high risk area, in terms of weather and crime.

Is homeowners insurance required before closing?

Yes, your lender will most likely require that you have homeowners insurance before you close on a house. You may have to bring proof to the closing. If you neglect to do this, your lender may take out a policy on your behalf, which is not ideal since your lender won’t be concerned with comparing quotes for the best price.

Get a Free Home Insurance Quote Online Now.

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