Virginia homeowners pay an average of $1,600 per year for home insurance coverage, which is far below the national average cost of $2,377. 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.

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.

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

Best insurer for manufactured homes: Alfa

Best insurer for tornado coverage: Cincinnati Insurance

Best insurer for older homes: Mercury

Cheapest home insurance in Virginia

Armed Forces Insurance Exchange offers the cheapest homeowners insurance in Virginia. Remember, it limits eligibility to military members and their families, so you might not be eligible for coverage. Here’s a look at other options to consider and their average premiums.

Cost of homeowners insurance in Virginia

In Virginia, the average home insurance premium is $1,600 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.

Cost of homeowners insurance by deductible

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.

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.

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: