Cheapest home insurance in Virginia (2024)

Cincinnati Insurance, Farm Bureau Insurance, and Universal Property all make our list of the cheapest home insurance companies in Virginia.

Headshot of Rachael Brennan

By

Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Published|2 min read

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

Cincinnati Insurance is the cheapest home insurance company in Virginia, with rates as low as $873 per year — nearly $1,000 cheaper than the national average of $1,724 annually.

Check home insurance rates in Virginia

Cheapest homeowners insurance companies in Virginia

Based on our analysis, Cincinnati Insurance, Farm Bureau Insurance, and Universal Property are the three cheapest home insurance companies in Virginia, with statewide average premiums ranging from $873 to $966 per year. Farmers also earned a spot on both of our lists of the most affordable and best home insurance companies in Virginia.

Company

Average annual cost

Cincinnati Insurance

$873

Farm Bureau Insurance

$913

Universal Property

$966

Farmers

$1,064

Foremost

$1,084

Chubb

$1,212

Auto-Owners Insurance

$1,251

State Farm

$1,330

Erie

$1,371

Donegal Insurance

$1,374

Nationwide

$1,428

Progressive

$1,512

IAT Insurance

$1,625

Allstate

$1,674

Travelers

$3,431

Collapse table
Methodology & why you can trust our rates

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

Learn more >> Our complete guide to home insurance in Virginia

Cheapest home insurance rates with a history of claims

One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.

Here's the cheapest home insurance companies in Virginia for a homeowner with three claims within a five-year period.

Company

Average annual cost

Farm Bureau Insurance

$1,084

Auto-Owners Insurance

$1,308

Universal Property

$1,561

State Farm

$1,564

Cincinnati Insurance

$1,618

Donegal Insurance

$1,815

Progressive

$1,938

Farmers

$2,161

Chubb

$2,279

Erie

$2,370

Foremost

$2,388

Allstate

$2,691

Nationwide

$2,838

IAT Insurance

$3,294

Travelers

$8,212

Collapse table

Check home insurance rates in Virginia

Cheapest home insurance rates if you have poor credit

Your credit score also plays a role in your home insurance premiums. Homeowners with lower credit scores generally see higher rates, since insurers consider you more likely to file a claim.

Here are the average insurance rates for homeowners with poor credit.

Company

Average annual cost

Universal Property

$966

Chubb

$1,212

Cincinnati Insurance

$1,299

Donegal Insurance

$1,487

Farm Bureau Insurance

$1,791

Foremost

$1,944

Nationwide

$1,972

Progressive

$1,997

State Farm

$2,282

Farmers

$2,397

Allstate

$2,594

Erie

$3,838

IAT Insurance

$4,156

Auto-Owners Insurance

$11,454

Travelers

$12,495

Collapse table

Cheapest home insurance rates if you have an older home

Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.

Here's the cheapest home insurance in Virginia for a 50-year-old home.

Company

Average annual cost

Cincinnati Insurance

$873

Farm Bureau Insurance

$913

Foremost

$997

Universal Property

$1,056

Chubb

$1,100

Farmers

$1,230

Auto-Owners Insurance

$1,280

State Farm

$1,374

Progressive

$1,447

Nationwide

$1,464

Donegal Insurance

$1,472

Erie

$1,519

Allstate

$1,606

IAT Insurance

$1,973

Travelers

$5,229

Collapse table

Learn more >> Best homeowners insurance for older homes

Common home insurance discounts in Virginia

Many insurance companies offer discounts for bundling home and auto insurance, paying your premium up front, not filing claims, and more. These are just some of the discounts that can add up to big savings on your policy:

  • Bundling discount

  • Claims-free discount

  • Affiliation discount

  • Protective devices discount

  • New construction discount

Learn more >> 13 homeowners insurance discounts

How to lower the cost of home insurance in Virginia

You can save on the cost of home insurance in Virginia by taking advantage of available discounts and maintaining a good credit score. Other ways to lower your homeowners insurance rates are shopping around for home insurance in Virginia and opting for a higher deductible. Just keep in mind a higher deductible means you’ll have to pay more money out of pocket when you file a claim.

Check home insurance rates in Virginia

Author

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Editor

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Questions about this page? Email us at .