Updated: November 10, 2024
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The average cost of homeowners insurance in Virginia in 2024 is $1,840. This is $583 less than the national average of $2,423. Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Virginia, with premiums varying up to $9,010 based on creditworthiness.
If your rates have recently increased, our analysis of the cheapest plans in Virginia may help you find more affordable options. Remember, the insurance provider you choose also affects your premium.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Nov 20, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Virginia, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of car insurance in Virginia as of 2024.
In Virginia, the average homeowners insurance premium is $1,840 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. This rate is less than the national average of $2,423.
Selecting the right amount of coverage is key. Your insurance should cover the cost to rebuild your home and replace personal property. For example, in Virginia, a policy offering $100K in dwelling coverage costs an average of $1,112 annually. If your home is larger and requires $500K in dwelling coverage, the average annual premium increases to $3,114.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,112 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,840 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $3,114 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $4,593 |
Premiums for homeowners insurance in Virginia can vary significantly among providers, even for similar levels of coverage. For instance, a policy by Travelers might be nearly seven times more expensive than equivalent coverage from Main Street America Insurance.
For homeowners seeking competitive rates, there are plenty of great providers in Virginia. Differences in underwriting can lead to a wide range of premium quotes.
| Main Street America Insurance | $741 |
| State Farm | $1,201 |
| Chubb | $1,359 |
| Auto-Owners Insurance | $1,423 |
| Allstate | $1,484 |
| Farmers | $1,644 |
| Nationwide | $1,803 |
| Travelers | $5,063 |
Homeowners in Virginia with poor credit pay an average annual premium of $10,088 for homeowners insurance, which is $8,248 more than the state average of $1,840. By contrast, those with excellent credit enjoy significantly lower rates, averaging $1,078 annually, saving them $762 compared to the average premium.
While you may not be able to improve your credit score immediately, you can enhance it over time to reduce your rates. In the short term, you can compare insurers to see which will save you the most.
| Poor | $10,088 |
| Below Fair | $4,764 |
| Fair | $2,861 |
| Good | $1,840 |
| Excellent | $1,078 |
Roofing type influences homeowners insurance premiums to a degree, reflecting the material's resilience. In Virginia, homes with tile roofs, known for durability, may see lower average premiums, while those with shake-treated roofs could face higher costs.
Construction materials also affect insurance rates, with more robust materials potentially leading to savings. Superior construction methods, offering greater resistance to perils, typically result in more favorable insurance premiums compared with standard frame construction in Virginia.
Use the drop-downs in the table below to see how premiums change based on your home's materials.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,112 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,840 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $3,114 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $4,593 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $6,183 |
Insuring a new construction home in Virginia typically costs less than an older home, reflecting the benefits of modern materials and adherence to current building standards. The average annual premium for a new home in the state is $983. This is $857 lower than the $1,840 average for homes built around the year 2000. The table below illustrates the differences in premiums for new versus existing construction, allowing you to adjust the filter for the coverage amount you need.
| Existing Construction (2000) | $1,840 |
| New Construction (2023) | $983 |
In Virginia, homeowners who have maintained a claim-free record for over five years can expect an annual premium of approximately $1,840 for their homeowners insurance. In contrast, premiums rise for those with claims filed within the past five years, reaching about $2,239 for one claim and $2,498 for two claims. This represents an increase of $399 and $658, respectively, from the average premium for claim-free homeowners.
| Claim free for 5+ years | $1,840 |
| 1 claim in past 5 years | $2,239 |
| 2 claims in past 5 years | $2,498 |
In Virginia, tornadoes and riverine flooding are the top risks for homeowners. Tornado damage is usually covered by standard homeowners insurance policies, because it falls under windstorm damage. Hurricanes — Virginia's third most costly event — are also usually covered by homeowners insurance But the accompanying riverine flooding is not typically covered and requires separate flood insurance.
For the cities we analyzed, we found annual premiums ranging from $1,296 to $2,798. In Alexandria, homeowners might pay around $1,296, whereas Virginia Beach residents could see rates as high as $2,798 per year.
Location impacts insurance costs due to factors like crime rates and weather risks. City-based pricing variations are significant but influenced by other factors like coverage amount and home features.
| Alexandria | $1,296 |
| Arlington | $1,318 |
| Chesapeake | $2,216 |
| Hampton | $2,305 |
| Newport News | $2,149 |
| Norfolk | $2,328 |
| Richmond | $1,530 |
| Virginia Beach | $2,798 |
Getting a good homeowners insurance policy in Virginia doesn't have to be a chore. You can find a plan that fits your needs and budget with our guide:
Ask about bundles and discounts.
Pick a reputable insurance provider.
Choose a deductible that fits your budget.
Purchase your policy and stay protected.
Homeowners can enjoy an average of 13% savings on their insurance costs by opting for a multipolicy bundle in Virginia that combines home and auto coverage reveals that while the lower savings amount clocks in at $183, the maximum savings potential can reach up to $403 per year. This strategy not only simplifies your insurance management by consolidating policies but also unlocks bundle discounts.
In Virginia, homeowners can capitalize on various insurance discounts to lower their premiums.
To maximize savings, inquire about all available discounts when requesting a quote.
The cheapest insurer in Virginia is Main Street America Insurance, with premiums as low as $741 per year. More options may be found with cheap national providers.
Homeowners insurance typically covers tornado damage.
Credit rating is the biggest factor, with a difference of $9,010 between the highest and lowest premiums based on credit.
On average, bundling your home and auto insurance can save up to $403 per year.
For those interested in diving deeper into homeowners insurance in the Old Dominion, the following resources provide valuable information and tools for Virginia homeowners:
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
