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Virginia Home Insurance

When you buy a home in Virginia, mortgage lenders usually require you carry Virginia home insurance for the duration of the loan. Virginia homeowners insurance provides the necessary property damage coverage for your home. When you review which policy you’ll need, keep in mind that there are two main policies for single family homes. The basic HO-2 policy covers damages caused by fire, smoke, vehicles, aircraft, water overflow from water heaters and air conditioners, theft, vandalism, explosions, and riots. The broad and more popular HO-3 policy offers bodily injury liability coverage, as well as additional property damage coverage.

Virginia Home Insurance Coverage

Virginia homeowners have to be worried about various perils. Thunderstorms, hailstorms, hurricanes, heavy winds, theft, vandalism, can all drive costs up in this state. If you live next to a rivers, stream, or lake, you may consider purchasing flood insurance, since the Virginia home insurance does not offer protection against flood damages. Homeowners can review the “exclusions” section of their policy to see what may not be covered.

Virginia Home Insurance Rates

Virginia home insurance fell below the national average in 2003. Homeowners paid an average of $560 for an annual premium, compared to the $668 national average in 2003. The average rates for Virginia home insurance rose 38.6% from 2001 to 2003. The rates can rise dramatically like that due to disasters in areas, heavy storm damage, and increased claims. The cost to do business in the state also affects how much rates rise from year to year.

Virginia Home Insurance Premiums

When many homeowners purchase a policy, they realize it can be a burden to pay the premium. For this reason, they seek out ways to reduce their Virginia home insurance premium. Homeowners can receive discounts from the insurance companies by purchasing more than one policy through them. Also, they may increase their security and safety by installing an alarm system, deadbolts, and smoke detectors to receive a discount. Of course, it is always good to shop around before buying Virginia home insurance.

Virginia Bureau of Insurance

Street Address:
Tyler Building
1300 E. Main St.
Richmond, Virginia 23219

Mailing Address:
P.O. Box 1157
Richmond, Virginia 23218

Toll Free Phone: (Virginia Only) 1-800-552-7945


For other Virginia Insurance Resources, See:


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