Homeowners Insurance in Virginia

What factors influence my home insurance rate?

The cost of home insurance in Virginia is influenced by the state's propensity for natural disasters like hurricanes, tornadoes, and winter storms. However, your actual premium will depend on several factors specific to your home and situation. 

Some common factors that influence how much home insurance is in Virginia include:

• Home age and condition. Older homes in poor condition may be more expensive to insure in VA because they’re more likely to suffer damage after a storm.
• Location. Your Virginia zip code can also influence your home insurance rate, especially if you’re in an area more prone to natural disasters or crime.
• Roof age and material. Many roofs in Virginia are made out of asphalt shingles, architectural shingles, or metal, which are durable and made to last. Generally, newer, more durable roofs are less likely to get damaged, so they're cheaper to insure.
• Home size. Living in a larger home or one with more upscale features (like marble floors and high-end appliances) will increase your homeowners insurance rates in Virginia.
• Claims history. If you've filed multiple claims in the past, insurers may view you as high risk and make your VA home insurance more expensive.
• Credit score. In Virginia, insurers can use your credit score to determine your premium. Having a higher credit score can help keep premiums low. 
• Deductible. A deductible is a fixed amount you pay each policy year before insurance will pay a claim. Higher deductibles will lower your insurance rates, while lower deductibles will increase your premiums. 
• Insurance company. Who you get your policy from matters, as some home insurance companies in Virginia may charge you extra for protection that other companies (like us) add to some policies for free. For instance, many of our policies come with free home care services, including maintenance advice for how to keep your home in tip top shape.

Common insurance discounts in Virginia

As you shop for homeowners insurance quotes in Virginia, it’s important to look at what discounts each company offers. Home insurance discounts are one of the easiest ways to help you save money because they reward you for being a safe homeowner. 

Some common home insurance discounts for Virginia homeowners include:

• Multi-policy discount. If you have multiple insurance policies with the same company, you may qualify for a bundling discount. At Hippo, we offer a Companion Policy Discount when you bundle your Hippo home policy with at least one other Hippo-distributed auto policy.
• Smart home discount. Installing smart home devices—like a water leak detector or humidity sensor—can lead to a discount on your premium. Here at Hippo, we provide free smart home kits with many policies and give a discount when you activate them.
• New home buyer discount. If you recently built or purchased your home within the past year, you may be eligible for a discount.
• Theft protection discount. Many insurers (including Hippo) will give you a discount if you have theft prevention devices, like a 24/7 monitored theft alarm or if you live in a community with security staff.
• HOA discount. Need condo insurance in Virginia? Hippo customers may qualify for an HOA Discount when their home is located in a qualifying homeowners association.
• Claims-free discount. If you haven't filed any claims in the past three to five years, you may qualify for a discount.

Tips for lowering home insurance rates

In addition to discounts, you can use these tips to save even more on your Virginia homeowners insurance policy: 

• Stay on top of home maintenance. Keeping up with seasonal home maintenance tasks can help prevent damage and show insurers that you're a responsible homeowner. It can also help you avoid problems that could cause premiums to increase down the road.
• Upgrade crucial features. When necessary, upgrade important features like roofs, windows, or HVAC units. Newer, well-maintained features are less likely to cause problems, which can result in lower insurance rates in Virginia.
• Increase your deductible. You can also lower your monthly premiums by choosing a higher deductible when buying your Virginia home insurance policy. Just make sure to keep enough in savings to cover your deductible amount if you need to file a claim.
• Shop around. Don't settle for the first home insurance company in Virginia you stumble upon. Compare quotes from at least three providers (including Hippo!) to see who offers the best rates and discounts for your situation.
• Improve your credit score. In most states, including Virginia, insurers can use your credit score to determine your premium. Keeping a good credit score can help lower your home insurance costs in Virginia.

What does Virginia home insurance cover?

Just like the 100+ mermaid statues that cover the city of Norfolk, your Virginia home insurance should be vast and plentiful. A typical homeowners insurance policy in Virginia will cover these five items:

• Physical structure. Dwelling coverage is for the structure of your home and any attached structures, like a garage or deck. It usually covers you against perils like fire, lightning, wind, hail, theft and the weight of ice and snow.
• Additional structures. Other structures coverage is for any detached structures on your property, like a shed, shop, greenhouse, barn, garage or gazebo. 
• Personal possessions. All the stuff you own (like clothes, furniture, laptops, gear, and appliances) is also protected against covered perils through your personal property coverage—even when they're not inside your home.
• Living expenses. If you can’t live in your home after a covered event, loss of use coverage can help pay for temporary living expenses, like hotel stays and meals.
• Liability protection. Liability coverage has your back if someone is injured on your property or you're found responsible for damage to someone else's property. It can help pay for legal fees and damages.

Additional Virginia insurance coverage options

In addition to standard coverage options, Virginia homeowners may want to add supplemental home insurance coverage to their policies for added protection. Some additional coverage options include:

• Flood insurance. There haven’t been major floods in Virginia since the mid-‘90s, but the coastal state is still prone to thunderstorms, severe rain and hurricanes that can cause water damage. Because of this, you may want to purchase flood insurance in Virginia through the National Flood Insurance Policy (NFIP) or a private insurer.
• Earthquake insurance. Seismic activity isn’t as common in Virginia as it is in other parts of the country, but earthquakes can still happen. Earthquake insurance is a relatively inexpensive way to cover damage to your home and belongings caused by an earthquake.
• Sewer or water backup coverage. Riders for water backup coverage help cover the cost of cleaning up and repairing water damage caused by a sewer or drain backup. These items aren’t typically covered by standard home insurance in Virginia.
• Valuable items coverage. If you have any high-value items like jewelry, art, or electronics, you may want scheduled property coverage. This provides extra coverage for these items beyond the limits of your standard personal property policy.
• Mold insurance. Virginia's humid climate can create ideal conditions for toxic mold to potentially sprout. Mold insurance can help cover the cost of removing mold and repairing any damage it causes.

What coverage is recommended in Virginia?

You should get at least enough VA homeowners insurance to cover 100% of the replacement cost of your home. This is how much it would cost to rebuild your home if it were completely destroyed. 

If it’s estimated that you would need at least $400,000 to rebuild your home from scratch (including labor costs and building materials), your dwelling coverage should be at least this much. 

Beyond this, make an inventory list of all your belongings and how much they’re worth. This will help you determine how much personal property coverage you need. Don’t forget to “schedule” high-value items like jewelry and electronics if your standard policy limits aren’t enough to cover them. 

Insuring your home in Virginia

The easiest way to get home insurance in Virginia is to grab at least three quotes from providers in your area. Getting quotes can take as little as 60 seconds (this is how long it takes to get a Virginia home insurance quote through Hippo). 

Once you have all your options laid out, you can choose the policy that best fits your budget and coverage needs. Then, follow the provider’s steps to purchase and finalize your policy. (You can usually do this online.)

Having trouble getting home insurance in Virginia? You may need a Fair Access to Insurance Requirements Plan (FAIR), which is run by the Virginia Property Insurance Association. 

As long as you have at least three unsuccessful attempts to acquire coverage under your belt, you’ll qualify for FAIR. But the plan is pretty limited, so consider it a last resort.

Given that West Virginia is known to be Almost Heaven (according to John Denver, at least), Virginia has to be pretty close as well. With beautiful landscapes, great food and plenty of trails to hike or bike, what more could you ask for? A properly protected home, maybe? Call us, and we can get you a Virginia condo or homeowners insurance policy for less than you’d think.

Is Virginia homeowners insurance required by law?

Virginia home insurance is not required by law—but you need a policy if you have a mortgage. Lenders require home insurance to protect their investment in your property. If a natural disaster happens and you can no longer pay your mortgage, home insurance can help your lender recoup its costs. 

If you don’t have a mortgage, home insurance in Virginia is totally optional. But considering the average home costs $396,331 in VA, it’s important to ask yourself—could you pay to rebuild your home from scratch and replace all of your belongings if you experienced a total loss? For many families, the answer is no.