Virginia (VA) homeowners insurance
Don’t let cost keep you from purchasing the protection your home needs.
Stretching from the Chesapeake Bay to the stunning Appalachian Mountains, Virginia is one of the oldest states in the nation. With a strong job market, low crime rates and a healthy economy, it’s no surprise that so many residents choose to spend most of their lives in this state. Homeownership rates are higher than the national average, with the latest statistics showing 67% of the residents are homeowners. With Virginia homeowners insurance, you can protect your family’s home.
While there are many reasons to settle down in Virginia, the state has a higher cost of living, which is 2% more than the national average. It’s the 14th most expensive state in the nation to live in, and this is due to high state taxes, housing costs and gas prices that are often higher than the national average. Housing is the biggest expense for residents, with the median home cost at $258,400. However, where you choose to live determines housing affordability. If you live in Great Falls, the average home value is $1.2 million.
Homeowners enjoy appreciation on their home’s value, but the risks threatening each home are costly and could potentially destroy your investment. While Virginia does not require residents to have homeowners insurance, lenders use coverage requirements to protect their investments. Fortunately, Virginia residents can secure low insurance rates using the tools from VIU by HUB, helping make coverage for their dwellings more affordable.
On average, insurance premiums in Virginia for a standard policy providing $250,000 in coverage are $1,100 a year. This is about 20% less expensive than the national average for homeowners insurance. You may be able to get a lower premium, depending on your insurer and qualifying factors.
Keep in mind that you have some control over rates, regardless of where you live. VIU by HUB offers the tools you need to compare insurance quotes that factor in your credit score, policy type and more. Residents living near the Virginia coast have greater risks for damage from natural disasters, which could mean purchasing supplemental coverage. Addressing specific risks with insurance coverage will also increase the cost of your policy.
Most homeowners insurance policies provide a package of coverages. The main types of coverage are described below:
· Dwelling Coverage: Pays for damage to your house and to structures attached to your house such as an attached garage or attached barn. This includes damage to fixtures, such as plumbing, electrical wiring, heating and permanently installed air-conditioning systems.
· Other Structures: Pays for damage to fences, sheds, freestanding garages, guest cottages and other structures that are not attached to your house.
· Personal Property: Reimburses you for the value of your possessions, including furniture, electronics, appliances and clothing that become damaged or lost even when they aren’t on your property, such as those at an off-site storage locker or with your child away at college.
· Loss of Use: Pays some of your additional living expenses if your home is uninhabitable while it is being repaired.
· Personal Liability: Covers your financial loss if you are sued and found legally responsible for injuries to someone else or for damage to another person’s property.
· Medical Payments: Pays medical bills for people injured while on your property.
Most homeowners policies do not provide flood coverage. Separate Flood Insurance is available in a policy from an insurance company or from the National Flood Insurance Program.
Basic homeowners covered perils usually include hail, wind, vandalism, theft, fire or lightning strike damage. Broader policy forms like Broad, Special and Comprehensive are available to cover more insured perils.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
