Average Costs and Cheapest Homeowners Insurance Companies in Virginia

Depending on your individual needs, home insurance rates will fluctuate. For homeowners with either new or expensive homes, Nationwide offers the cheapest policies. If you have poor credit, the cheapest insurer is Universal Property. MoneyGeek gathered thousands of quotes from various providers to help you find an insurer that best fits your needs.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Virginia.

MoneyGeek analyzed thousands of quotes to help you find the cheapest homeowners insurance in Virginia. We found that Nationwide offers the most affordable policies for $250,000 in baseline dwelling coverage and costs $826 per year. Nationwide is also the top option for homes that need $100,000 and $500,000 in dwelling coverage.

The replacement cost of your home will determine how much dwelling coverage you need. A high-value home requires more coverage. You can toggle the below table to see costs for the dwelling coverage that suits your individual needs and preferences.

The cost of your home insurance can vary depending on the dwelling coverage you purchase. The average cost of homeowners insurance in Virginia for the baseline dwelling coverage of $250,000 is $2,058 per year.

You get more protection with higher coverage levels. However, you’ll need to pay higher premiums. For example, the lowest dwelling coverage amount of $100,000 costs an average of $1,136 per year. Comparatively, the highest dwelling coverage amount of $3 million has an average annual cost of $9,692. Those with higher value homes pay about $8,556 more per year in homeowners insurance.

Factors that can significantly impact your homeowners insurance costs include the age of your home, your frequency of past claims and your proximity to the nearest fire station.

To see how the average cost of homeowners insurance in Virginia will change depending on your needs, you can adjust your dwelling coverage limits, deductible and other limits.

MoneyGeek compiled thousands of quotes from different providers to find the most affordable policies for different dwelling coverages.

On average, the providers offering the cheapest policies to homeowners looking for $2 million in dwelling coverage are:

• Nationwide: $4,671 per year
• Universal Property: $6,814 per year

For homeowners with expensive homes, rates can change significantly depending on coverage limits and insurance provider. To find the best rates, shop around and compare quotes from different insurers.

Since it’s cheaper to replace materials for a new home, premiums are typically lower. MoneyGeek used a sample home built in 2015 that needs $250,000 in dwelling coverage.

On average, the most affordable homeowners insurance providers in Virginia are:

• Nationwide: $588 per year
• ASI: $843 per year

The age of your home influences your insurance premiums. In Virginia, homes built in 2015 are $426 cheaper than homes built in 2000. Keep in mind that the numbers for homes built in 2000 differ from the first section due to a different ZIP code collection process.

In Virginia, the average cost to insure a new home that needs 250,000 in dwelling coverage costs $1,385 per year. Meanwhile, houses that were built in 2000 cost an average of $1,811 per year.

It’s more expensive to replace and repair older homes as older materials are less resistant to weather. The years of wear and tear on an older house increase the risk of insuring the property. Insurance providers also estimate that more claims will be filed on an older home.

Having a pool will increase the value of your home and premiums. For homeowners with a pool, the cheapest providers in Virginia, on average, are:

• Nationwide: $886 per year
• State Farm: $1,149 per year

Insurance providers consider pools an attractive nuisance and liability hazard. Pools also cost more to replace. Keep in mind that pools are considered an additional “structure” in your home, and insurance companies may require additional coverage.

For homeowners with a pool and $250,000 in dwelling coverage limits, policies cost an average of $1,811 per year. However, without a pool, the same coverage limit costs an average of $2,058 per year. Premiums can vary based on several factors like your location, the age of your house and dwelling coverage limit.

For homeowners with poor credit, MoneyGeek averaged thousands of quotes to find the cheapest provider in Virginia.

On average, the top options for Virginia homeowners with poor credit and $250,000 in dwelling coverage are:

• Universal Property: $1,167 per year
• Nationwide: $1,520 per year

Your home insurance costs will increase if you have bad credit. When determining premiums, providers assess an individual’s risk and how likely they are to file claims.

When calculating insurance rates for homeowners, companies consider your credit background. Generally, individuals with poor credit have higher premiums than those with good or excellent credit.

For an individual with good credit, the average cost of homeowners insurance in Virginia is $2,129 per year. Meanwhile, someone with poor credit may pay $1,551 more at an average of $3,680 per year.

Insurance rates for homeowners also depend on your location. MoneyGeek determined the average annual rate in Richmond with Universal Property at $1,384 per year and in Norfolk with Nationwide at $2,252 per year.

Across Virginia, the cheapest homeowners insurance providers are Nationwide and Universal Property. Select your city to learn more about the cost and rates for homeowners insurance.

To get a quote from your preferred provider, you need to share information like your name, address, phone number and social security number. You also need to disclose your home’s value, age, details of security measures and home additions, including materials used. This information helps the home insurance provider calculate a personalized quote for you.

Using MoneyGeek’s Virginia home insurance calculator, which compiles thousands of quotes from different providers, you can get an anonymous home insurance estimate.

MoneyGeek analyzed homeowners insurance premiums from 11 of the top insurance companies in Virginia that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Virginia. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.