3 tips for shopping for home insurance in Virginia
When looking at how much each home insurance company charges for different coverage levels and risks, you should also be aware of what your policy does and doesn’t cover.
Before you buy homeowners insurance in Virginia, you should be sure you're protected against the state's severe weather and flooding.
Consider buying guaranteed replacement cost coverage
You should be sure that your home is fully protected from the strong winds and storms that can accompany storms in Virginia.
While most home insurance policies do cover wind and hail damage, you may want to add guaranteed replacement cost coverage to your policy, which pays to fully rebuild your home no matter how much dwelling coverage you have.
Consider buying flood insurance
If you live in one of Virginia's low-lying areas, you'll want to consider flood insurance. Homeowners insurance policies don’t cover flood damage, and while only 7% of the homes in Virginia have flood insurance, about 13% of the state's homes face a severe risk of flooding.
Virginia homeowners can compare private flood insurance rates with Policygenius, or choose a policy through the government-backed National Flood Insurance Program (NFIP).
Learn more >> How much is flood insurance in Virginia?
Look into specialty home insurance
Virginia residents who need specialty home insurance should make sure they have the right type of coverage for their needs. If you own a high-value home, a mobile or manufactured home, a vacation home, or rental home, you’ll need a home insurance policy that is specifically designed for your situation.
How to buy homeowners insurance in Virginia
The cost of home insurance in Virginia is above the national average, so comparing quotes from multiple companies is an excellent way to make sure you’re getting the best coverage at the lowest possible rate.
Here are a few steps to follow as you shop for homeowners insurance in Virginia:
1. Reach out to a licensed Policygenius insurance agent.
Our team of licensed insurance experts can help you figure out how much coverage you need and what company offers it at the best price. Our agents do this for free with no impact to your credit score.
2. Ask about the specific concerns you have.
Every situation is different, so you need to have an insurance policy that specifically addresses your unique needs. For example, if you have a swimming pool or certain dog breeds deemed “dangerous,”make sure to mention these things to your agent so they can help you find the right coverage for your needs.
3. If you’re unable to find homeowners insurance on the private market, ask about E&S insurers.
Excess and surplus insurance is designed for homes that are considered too high risk to insure on the standard market. This coverage tends to be more expensive than standard homeowners insurance and isn’t backed by the state, which means the company isn’t obligated to comply with insurance regulations in your state. This can be risky, but there are some situations where E&S insurance coverage may be your best option.
4. If you’re still struggling to find coverage, ask about your state’s FAIR Plan.
The Virginia FAIR Plan is designed to be a last-resort coverage option for homeowners who are not able to secure insurance on the private market. The Virginia FAIR Plan does not compete on the private market, and homeowners must have two denials from other insurance companies to qualify for coverage.
5. Figure out how high of a deductible you can afford.
You’ll want to set your deductible to an amount you can afford to pay in the event you need to file a claim due to loss or damage. The higher your deductible, the lower your home insurance rates — and vice versa.
6. Compare quotes from a Policygenius agent.
Once you’ve nailed down your coverage needs, limits, and deductibles, a Policygenius agent can walk you through your quotes to help you find the best policy for your coverage and budget needs.
7. Choose your policy, sign it, and pay your first premium.
After you’ve chosen the policy you want, your Policygenius agent will complete all of the paperwork for you, including canceling your old policy, if you had one. The only thing left to do is sign your new policy and pay your first premium.
What if I can’t find home insurance coverage in Virginia?
You have a few options to consider if you can’t find coverage in Virginia:
Use an insurance marketplace. Insurance marketplaces like Policygenius partner with dozens of home insurance companies, including E&S insurers that specialize in offering coverage to homeowners who were denied coverage on the private market. One of our licensed agents can help you compare quotes from different insurers to find one who is willing to offer you coverage.
Ask if you can make home renovations to mitigate risk. If your insurance company is still writing policies in your area, but their underwriting requirements are stricter, ask if there are improvements you can make to your home that will make you more insurable. This might mean installing fire-resistant roofing or wind-resistant storm shutters to better protect your home against extreme weather.
Talk to your neighbors. If you live in an area at high risk of storm damage, odds are your neighbors are also having trouble finding coverage. Ask around to see if anyone had success with a specific insurance company.
Apply for home insurance through the Virginia FAIR Plan. As a last resort, you’ll likely be able to get a policy through the Virginia FAIR Plan. While it offers less coverage and is more expensive than traditional policies, it’s a good stop-gap until you’re able to find coverage on the traditional market.
