Whether you’re buying a new or existing home or want to best protect the property you currently own, it’s important to have sufficient homeowners insurance coverage in place. But these policies can get expensive, depending on your coverage inclusions and level.
Charter Oak Fire provides the cheapest homeowners insurance with an average cost of $1,431 per year.
To help you save money on homeowners insurance, we’ve researched the industry and can suggest three particular insurers with the most affordable coverage on average in Virginia. Read on for our recommendations and tips for shopping around and saving money on homeowners insurance.
Key Takeaways
- At $119 per month, Charter Oak Fire offers the cheapest homeowners insurance in Virginia with $300,000 dwelling coverage, $300,000 liability protection and $1,000 deductible.
- After Charter Oak Fire, Travco and Erie Insurance offer cheaper homeowners insurance in Virginia.
- Amongst all the large cities surveyed by Insure.com in Virginia, the city with zip code 22746 offers the cheapest homeowners insurance at $131 per month or $1,572 annually.
Cheap homeowners insurance companies in Virginia
Charter Oak Fire, Travco and Erie Insurance have the lowest average home insurance rates with $300,000 dwelling and $300,000 liability coverage with a $1,000 deductible.
Here are the average Virginia homeowners insurance rates by company. You may wonder: How much is homeowners insurance a month in Virginia? We included those averages, too:
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| Charter Oak Fire | $1,431 | $119 |
| Travco | $1,465 | $122 |
| Erie Insurance | $1,597 | $133 |
| Nationwide | $1,665 | $139 |
| Allstate | $1,760 | $147 |
| Mid Century | $1,801 | $150 |
| Safeco | $2,031 | $169 |
| State Farm | $2,213 | $184 |
| LM Insurance | $3,341 | $278 |
| Liberty Mutual | $3,455 | $288 |
| First Liberty | $3,615 | $301 |
| Farmers | $5,237 | $436 |
Compare cheap homeowners insurance in Virginia by ratings
It’s always wise to shop around and compare prices before you buy your home insurance. There are many factors that go into deciding the best homeowners insurance company. We have compared the insurers in Virginia using their J.D. Power score and AM Best rating and put together a list of the cheap homeowners insurance companies.
| Company | J.D. Power score | AM Best rating |
|---|---|---|
| Erie Insurance | 835 | A+ |
| State Farm | 835 | A++ |
| Allstate | 829 | A+ |
| Farmers | 813 | A |
| Nationwide | 812 | A+ |
| Safeco | 810 | A |
| Liberty Mutual | 806 | A |
How much is home insurance in Virginia
The average Virginia homeowners insurance is $1,956 for a policy with $300,000 dwelling coverage and $300,000 liability with a $1,000 deductible. Experts recommend at least $300,000 liability coverage to protect your home against lawsuits. The average Virginia home insurance costs are $349 less than the national average.
Actual home insurance costs vary depending on multiple metrics, including location, claims history and discounts, such as auto and home bundling.
For instance, home insurance premiums are partially based on the home’s claims history (even from before you bought the property) and your neighbor’s claims history.
Homeowners insurance companies decide upon rates based on risks. If your neighborhood has seen many claims over the past few years, you can expect to pay higher home insurance rates than an area with few to no claims. Your credit score can also play a role in your home insurance costs.
| Average annual premium | Average monthly premium |
|---|---|
| $1,956 | $163 |
Cheapest homeowners insurance in Virginia by ZIP code
Not every city in Virginia have the same home insurance costs. The price of homeowners insurance depends on a lot of different factors and one of them is your zip code. The least expensive zip code for home insurance in Virginia is 22746 with an average annual premium of $1,572 per year.
Find below the homeowners insurance annual and monthly rate for your zip code.
| ZIP code | Average annual premium | Average monthly premium |
|---|---|---|
| 22746 | $1,572 | $131 |
| 22724 | $1,586 | $132 |
| 22902 | $1,596 | $133 |
| 20147 | $1,598 | $133 |
| 22901 | $1,599 | $133 |
| 22718 | $1,600 | $133 |
| 22903 | $1,603 | $134 |
| 22737 | $1,605 | $134 |
| 22935 | $1,608 | $134 |
| 22741 | $1,610 | $134 |
| 24153 | $1,611 | $134 |
| 24059 | $1,617 | $135 |
| 24019 | $1,620 | $135 |
| 24011 | $1,622 | $135 |
| 24087 | $1,626 | $136 |
