Home Insurance in Virginia

There are few things more important to you and your family than your home, so protecting it with a comprehensive insurance policy should be your number one priority. Obrella makes shopping for and choosing a home insurance policy easier than ever before. When you use Obrella, you can connect with insurance experts. In one easy phone call, they can answer your questions and explain the options available from multiple providers in your area. With their grasp of Virginia home insurance options, experts can help you find the perfect policy. They can even bind your policy over the phone!

Homeowners in Virginia

Home insurance is an investment worth making. Home insurance premiums in Virginia average $843 per year. Compared to the national average of $1,034 annually, Virginians pay almost $200 less. That makes Virginia the 20th lowest state for average insurance premiums.

Median Home Value: 265,800

Household Income: 66,155

% of Income on Home Ownership: 29.40%

What percentage of income do Virginians spend on homeownership?

In Virginia, the median home value is $244,600, and these houses are home to an average of 2.6 people. Thanks to affordable housing costs and a median household income of $62,666, Virginia is the 25th most affordable place to own a home in the country, when it comes to the costs of home ownership. On average, Virginia residents spend just over 29% percent of their total household income on home ownership costs.

If you own a home in Virginia, you understand how important it is to have the right homeowners insurance policy in place. An insurance expert can help you identify your specific needs and find the best policy for your Virginia home.

How are home insurance premiums determined in Virginia?

There are many factors at play when companies calculate the cost of homeowners insurance premiums. They start with information about your home and your area, including local building costs, crime rates, the size of your home, and the year it was built. If you live in an area that has a history of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. A range of other factors can also impact your insurance premiums like whether you have a swimming pool or guest house and even your credit score.

Why are all of these details relevant? Each of these factors contributes to the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium. You do have some control over these risks, however. For instance, installing extra security measures like motion-sensor lights, security systems, or surveillance cameras can result in a lower premium because there is less of a chance that your insurance company will have to pay for stolen property.

Many homeowners insurance companies also offer discounts for customers who bundle policies together, such as homeowners and auto insurance.

Make sure to get an insurance quote from multiple companies before committing to a policy so you know you’re getting the best deal possible.

What kind of homeowners insurance is available in Virginia?

Most Virginia homeowners insurance companies offer a range of coverage options; some of which are defined below:

• HO-1: Limited Coverage
  • While an HO-1 policy will cover your home in the event of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption this type of policy is no longer available for purchase in most states.
• HO-2: Basic Policy
  • HO-2 policies are designed to insure your home if it’s damaged by any of the 16 classified disasters.
• HO-3: Standard, most popular
  • With very few exceptions, this policy offers comprehensive coverage, making it pretty much standard among Virginia customers.
• HO-8: Older Home
  • As your home ages, its market value may be less than the cost of major repairs. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Moreover, older houses may not be eligible for plans that cover the full replacement cost of the home in the event of a total loss.

What is Covered By Standard Virginia Homeowners Insurance?

If you don’t know the details of your insurance coverage, you could be more at risk than you think. Home insurance coverage will typically only reimburse you if the damage to your home or the personal injury of another on your property occurs as part of a situation specifically outlined in your policy. So, if an earthquake caused part of your home to collapse and you didn’t have earthquake coverage listed on your policy, you would have to pay for repairs on your own. Check out the definitions of some of the most common coverages on a standard homeowners insurance policy below:

• Coverage A – Dwelling
  • Dwelling coverage insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
• Coverage B – Other Structures
  • Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
• Coverage C – Personal Property
  • Personal Property coverage pays back homeowners in the event that a personal possession like clothes, furniture, or electronic equipment is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property meaning items kept in a storage facility, for example, are still protected.
• Coverage D – Loss of Use
  • During an extensive home repair, Loss of Use coverage will pay for living expenses.
• Coverage E – Personal Liability
  • In the event of a lawsuit in which the homeowner is deemed accountable for another person’s injuries or sustained damages, Personal Liability coverage will cover the homeowner’s monetary losses.
• Coverage F – Medical Payments to Others
  • Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.

The standard policy is not enough for everyone. If you live in a high-risk area or have a high-value home or expensive items in your home, you may require additional coverage. For instance, if you live in an area prone to flooding, you may need a separate policy for flood insurance to have your damages covered. You don’t want to wait until after you’ve filed a homeowners claim to learn you don’t have the right coverage and the water damage in your home won’t be paid for. As your homeowners insurance company about the exclusions on your policy and your insurance coverage options.

What additional Virginia insurance resources are available?

The Virginia Bureau of Insurance regulates, licenses, and investigates insurance agencies, companies, and agents throughout the state. The bureau also examines, investigates, and registers real estate settlement agents and agencies. As a Virginia homeowner, you can receive assistance with home insurance questions, claims, or issues by contacting the bureau at: