How much is home insurance in Norfolk?
Homeowners in Norfolk pay an average of $2,678 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible. Several factors influence your premium, including the home’s age and construction type, proximity to the coast, your claims history and credit history, and the type of coverage you choose.5
Homes in flood-prone or wind-exposed areas usually cost more to insure due to increased risk.
Cost of home insurance by dwelling coverage in Virginia
As your dwelling coverage increases, so does the cost of your homeowners insurance. That’s because higher coverage limits mean your insurance company would have to pay more to rebuild your home after a total loss.
The table below shows the average cost of home insurance for different levels of dwelling coverage in Virginia. This can give you an idea of how much your insurance might cost based on your home’s replacement cost.
Cost of homeowners insurance by deductible amount
Your deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in after a claim.6 Choosing a lower deductible means paying a higher premium in exchange for your insurance company covering more.
On the other hand, opting for a higher deductible lowers your premium but increases your out-of-pocket costs if you file a claim. It’s a trade-off between up-front cost and financial risk.
The following table shows the averages for different deductibles for a $300,000 dwelling coverage policy in Norfolk, Virginia.
Average cost of home insurance in other cities in Virginia
Home insurance rates vary by city — and even by ZIP code within the same city — due to factors like home construction type, proximity to hydrants and fire stations, and storm exposure. In Virginia, homeowners in coastal cities like Norfolk and Virginia Beach tend to pay more for home insurance than those in inland areas like Charlottesville and Fredericksburg due to the increased threat of hurricanes.
The table below shows average annual premiums for $300,000 in dwelling coverage with a $1,000 deductible in several Virginia cities.
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