Virginia Beach homeowners pay an average of $2,448 annually for $300,000 in dwelling coverage with a $1,000 deductible. This is higher than the state average of $1,600 per year for the same coverage.
As a coastal city, Virginia Beach experiences its share of hurricanes and storms, which can result in flooding and wind damage. While a standard home insurance policy covers wind damage in many cases, it doesn’t cover flooding. Homeowners in high-risk flood zones can access flood insurance through the National Flood Insurance Program (NFIP) or private insurers.1
Here’s what you should know about comparing quotes and finding home insurance in Virginia Beach.
Best home insurance companies in Virginia Beach
If you’re searching for home insurance in Virginia Beach, you have plenty of quality insurance companies to choose from. Comparing multiple insurance companies will help you find the best home insurance for your needs and budget.
The table below highlights some of the best home insurance companies in Virginia Beach.
Cheapest rates: Homeowners of America
Homeowners of America Insurance Company (HOAIC) got its start in 2005 in Delaware and has continued to expand into 22 states. HOAIC sells a variety of insurance products, including flood, landlord/dwelling fire, renters, and home insurance. But only homeowners and landlord/dwelling fire insurance are available in Virginia. If you want a policy with HOAIC, you’ll have to work with an independent insurance agent, as online quotes aren’t available.
Best insurer for active and retired military: Armed Forces Insurance
Military leaders founded Armed Forces Insurance (AFI) in 1887 with the goal of protecting those who protect the nation. Today, the company offers a wide range of insurance products, including life, auto, flood, pet health, mobile home, condo, and homeowners. These products are available to active-duty, retired, and honorably discharged members of all branches of the U.S. military, including the National Guard, Reserves, and Coast Guard.
With one of the largest populations of service members in the U.S., many Virginia residents might find AFI to be a good fit.
Best insurer for high-value homes: Cincinnati Insurance
Best insurer for customer satisfaction: State Farm
Cheapest home insurance in Virginia Beach
A range of factors influence the cost of home insurance, including where you live, the age of your home, your credit history, and the type of coverage you choose.3 Homeowners of America offers the cheapest rates to homeowners in Virginia Beach, at an average monthly cost of $101 for $300,000 of dwelling coverage.
The following table provides other cheap home insurance options in Virginia Beach.
Cost of homeowners insurance in Virginia Beach
The average cost of homeowners insurance in Virginia Beach is $2,448 per year, or $204 per month, for a policy with a $1,000 deductible and $300,000 in dwelling coverage.
Some factors that can affect home insurance premiums include the age of your home, the size of your deductible, and your claims history. Your ZIP code can also influence the cost of insurance if your area has higher rates of theft or is prone to natural disasters.
Living in a coastal area like Virginia Beach can often result in higher insurance premiums due to a higher level of risk.
Cost of homeowners insurance by dwelling coverage amount
Dwelling insurance covers your home’s structure, including attached structures like a garage or deck. The amount of dwelling insurance you need depends on how much it would cost to replace your home. Some lenders require you to be insured for at least 80% of your home’s replacement cost. You may want to purchase more to ensure you have enough protection.
Take a look at the average annual premiums for different dwelling coverage limits in Virginia for policies with a $1,000 deductible.
Cost of homeowners insurance by deductible
After you submit a claim, your deductible is the amount you have to cover, so insurers usually deduct it from your claim payout. Generally, having a higher deductible results in a lower monthly insurance premium.
Increasing your deductible is one way to lower the cost of home insurance, but you want to make sure you can afford the deductible if you have to file a claim.
The following table shows how the deductible you choose can affect your average annual premium in Virginia Beach for policies with $300,000 in dwelling coverage.
How to get cheap homeowners insurance in Virginia Beach
If you’re looking for the cheapest homeowners insurance in Virginia Beach, here are a few things you can do to lower your premiums:4
Compare multiple homeowners insurance companies. Different insurance companies offer different premiums. Taking the time to compare multiple insurers can help you find the best coverage to meet your needs and budget.
Increase your home security. Many insurers offer discounts for home security. For instance, adding a smoke detector or deadbolt locks can result in a discount of at least 5%. Installing a sprinkler system or security system that automatically notifies the authorities can save you 15%–20%.
Improve your credit. Insurance companies in Virginia can take your credit history into account when calculating insurance premiums. Maintaining good credit can help cut your home insurance costs.
Bundle your home and auto policies. Purchasing multiple insurance policies, such as your home and auto coverage, from the same company can help you save 5%–15% off your premium.
Look for other discounts. In addition to bundling discounts, home insurers offer a range of other discounts to help you save. Examples include discounts for new homes, disaster preparedness, new roofs, military members, seniors, and being claims-free. When comparing insurers, ask which discounts are available.
Increase your deductible. Raising your deductible from $500 to $1,000 may save you up to 25% on home insurance. Living in Virginia Beach means you might also have to consider a separate deductible for wind or hurricane losses.
Virginia homeowners insurance rates by city
Homeowners insurance rates in Virginia can vary between cities and different ZIP codes within a city. Factors like proximity to a fire station, crime rates, and extreme weather events can influence the cost of home insurance.
For example, homeowners in coastal areas like Virginia Beach pay higher premiums than homeowners in non-coastal cities like Charlottesville because coastal cities face higher risks from severe storms and tropical cyclones.
How much homeowners insurance do you need in Virginia Beach?
If you take out a mortgage on your home, your lender will require you to purchase a home insurance policy. The most common mistake people make when buying homeowners insurance coverage is not buying enough.5
To make sure you have adequate coverage, consider how much it would cost to rebuild your home if it were totally destroyed. Then, take inventory of all your personal belongings and estimate what they’re worth. This will give you a good idea of how much insurance coverage you need.
Before purchasing a policy, make sure you understand exactly what it covers so you feel confident you have enough insurance.
What are some of the biggest risks when owning a home in Virginia Beach?
With miles of sandy beaches, cultural centers, and a vibrant financial district, it’s no wonder people want to live in Virginia Beach. But as a coastal city, it poses a number of risks to homeowners, which can drive up the cost of homeowners insurance. Some of the most common perils in Virginia Beach include: