How much is homeowners insurance in Markham,VA

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As per Insure.com’s rate data analysis, the average cost of homeowners insurance in Markham is $1,744 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), It’s $760 less than the national average of $2,504 .

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Markham depend on several factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

American Family is the cheapest homeowners insurance company in Markham with an average annual premium of $1,744 per year.

This guide covers everything from available coverage options to companies with the cheapest homeowners insurance rates in Markham. Keep reading to learn about the monthly cost of homeowners insurance in Markham, the cost for different dwelling coverage levels, and discover which companies provide the most affordable home insurance in Markham.

Key takeaways

Homeowners insurance costs $1,744 per year in Markham.
At $535 per year, American Family offers the cheapest homeowners insurance in Markham.
Your home insurance rates increase by $395 more annually if you increase your dwelling coverage from $200,000 to $300,000.

How much is homeowners insurance in Markham per month

Markham homeowners pay an average of $145 a month, based on our rate analysis. It’s $33 less than the state average of $178 and $64 less than the national average for home insurance across the United States. The price of your homeowners insurance policy in Markham may vary depending on where you live, the value of your home, and the coverage you choose.

How much is homeowners insurance for a $200,000 house in Markham

In Markham, VA, homeowners pay an average of $1,349 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality.

Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance.

How much is homeowners insurance for a $300,000 house in Markham

According to a rate analysis by Insure.com, homeowners in Markham pay an average of $1,744 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $395 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Markham by company

Among the carriers analyzed, American Family is the most affordable homeowners insurance company in Markham. It’s average annual rate for homeowners in Markham is $535.

Virginia Farm Bureau, ranks second and State Farm makes it to the third spot with an average annual home insurance rate of $1,392.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Markham and compiled a list of the most affordable home insurance companies.

Below are details of Markham home insurance companies and their average annual premiums.

Home insurance company	Annual rate
American Family	$535
Virginia Farm Bureau	$875
State Farm	$1,392
Nationwide	$1,477
Progressive	$1,539
Allstate	$1,589
Erie Insurance	$1,673
Farmers	$2,055
Travelers	$4,246

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Markham for $300,000 dwelling coverage, $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.