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.
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 |
|---|---|
$873 | |
$913 | |
Universal Property | $966 |
$1,064 | |
$1,084 | |
$1,212 | |
$1,251 | |
$1,330 | |
$1,371 | |
Donegal Insurance | $1,374 |
$1,428 | |
$1,512 | |
IAT Insurance | $1,625 |
$1,674 | |
$3,431 |
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 |
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 |
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 |
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.
