Virginia Homeowners Insurance Guide
Get affordable Virginia homeowners insurance quote rates for free.
Call Now: (866) 845-5337
Virginia Homeowners Insurance
Explore Virginia Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Old Dominion State is one of the country’s thirteen original colonies, and as such, is home to many historic events and landmarks. It also happens to be the birthplace of more presidents than any other state in the country. Needless to say, Virginia is firmly planted in the history of the United States. Outside of its historic nature, visitors and Virginians alike also enjoy the unique natural beauty of the Old Dominion State. From the Luray Caverns to the Appalachian Mountains, nature lovers have quite a bit to explore in Virginia. As if that wasn’t enough, the state also boasts miles of beautiful beaches along its Atlantic coastline.
Unfortunately, Virginia’s topography and climate make it susceptible to severe storms, both tropical and winter, and floods. Thus, Virginians must be vigilant year-round in their efforts to protect their property.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Virginia has quite a bit of coastline, both along the Atlantic and the Chesapeake Bay. This, along with the state’s tropical and winter storms can cause quite a bit of property damage. That said, Virginians still enjoy some of the lowest homeowners and renters insurance rates in the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Virginia | $999 | $152 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Majority of property owners in Virginia will be adequately covered with the standard property insurance policy. Perils such as theft, vandalism, liability, as well as resulting damage from wind or snow are usually covered in the basic homeowners or renters insurance policy. However, if your property is located in a flood zone or along the coast of the Chesapeake Bay or the Atlantic, then you should augment your property policy with flood coverage. Note that flood coverage is typically excluded from the standard property policy. Thus, property owners in Virginia will need to engage the National Flood Insurance Program (NFIP) to secure coverage.
Which Property Insurance Carrier Should I Choose?
Virginia’s homeowners insurance market is fairly concentrated with the top two insurance carriers, as measured by market share, controlling close to forty percent of the market. Although there’s significant concentration, property owners in the Old Dominion State should certainly compare several different carriers and packages before choosing a suitable partner. Regional carriers don’t carry significant market share in the state, but Virginians should definitely include them in their process of trying to find the best homeowners insurance carrier and package. Regional carriers may not be able to match a national carrier’s rates, but may be able to structure coverage unique to your needs and provide one on one customer service.
Top 5 Home Insurance Carriers in Virginia
| Company | Market Share |
| USAA Insurance Group | 19.5% |
| State Farm | 17.6% |
| Travelers Companies, Inc. | 9.2% |
| Allstate Corp. | 8.6% |
| Nationwide Mutual Group | 7.0% |
Source: Insurance Information Institute (2019)
The Old Dominion State is inundated with historic monuments like the Arlington National Cemetery and Mount Vernon. This, combined with natural wonders such as the Shenandoah National Park, make Virginia truly unique. Another small benefit to those that call Virginia home, is that homeowners and renters insurance rates are among the lowest in the country.
Virginia Regulating Agencies And References
