The average cost of Virginia home insurance is $2,245 per year, according to the latest data available from the Consumer Federation for America. That makes Virginia one of the more affordable parts of the United States on average for home insurance, and 32% less expensive than the national average of $3,303. However, your home’s premiums and risks depend on its location and other characteristics, so the best way to see if you can save is to get a quote.

Both personal and property factors can affect the rate of home insurance in Virginia. These include:

• The replacement cost value of your home. This refers to the cost of rebuilding your house to its prior state before the loss, including labor and building materials. The higher your replacement cost, the more you’ll pay for coverage. 
• The age of your home. Newer homes are often cheaper to insure than older ones. 
• Your roof’s age. If you have an older roof or one in poor condition, your premium may reflect the increased risk of damage. 
• Your weather-related risks. If you live in an area that experiences frequent natural disasters, such as hurricanes, your premium will likely be higher as your property is more vulnerable to weather-related damage. 
• Location risks. If you live in an area that has a high claims rate due to frequent home break-ins or vandalism, you may see higher premiums.
• Your claims history. Frequent claims can result in more expensive coverage, especially if they occur over a relatively short timespan, such as 3 to 5 years. You may also see higher rates if your property has a recent history of claims, even if you didn't live there at the time.
• Your credit history. Virginia insurance laws permit the use of your credit-based insurance score when setting your rate. If you have poor credit, you may see higher rates.  
• Your policy details. The higher your policy limits or the more types of coverage you carry, the more you’ll pay for your policy.
• Your deductible amount. The higher your deductible, the lower your premium. However, keep in mind that this will lead to higher out-of-pocket expenses after a claim.

Standard home insurance in Virginia does not cover every type of incident (called a peril in industry terms) that can damage your property. Home insurance does not cover:

• Earthquakes
• Landslides
• Flood damage, including heavy rainfall, storm surges, and overflows from bodies of water
• Mudflow
• Sinkholes
• Gradual wear and tear
• Pest infestations
• Most instances of mold and rot
• Intentional damage

Depending on the insurance company and where you live in Virginia, you may have to pay a separate deductible for wind and hail damage. This may be set at a flat-dollar amount or a percentage of your dwelling coverage limit.

Home insurance is not legally required in Virginia; however, if you have a mortgage, your lender will likely require you to have a policy in place for the duration of your loan. 

Even if you aren’t required to carry coverage, it’s wise to purchase a policy. If you don’t have home insurance and your property is destroyed, you’ll likely be responsible for rebuilding your property and replacing your belongings.

Likewise, a standard home insurance policy typically includes personal liability insurance, which can provide financial protection, including legal fees, if a third party is injured on your property or if you or a covered household member damages another individual’s property.  

How much home insurance you need will depend on several factors, including where you live, risks unique to your property, and your desired level of financial protection. Keep the following in mind: 

• Dwelling coverage. You should have 100% of the cost to rebuild your home to its original state if it were destroyed.

• Other structures coverage. Other structures coverage is often set to at least 10% of your dwelling coverage limit. If the value of the detached structures on your property exceeds this limit, consider purchasing more coverage. 

• Personal property coverage. Typically, coverage limits are set to at least 50% of your dwelling coverage limit. Consider the total cost of your belongings when setting your personal contents coverage limit. 

• Loss of use coverage. Usually set at 20% of your dwelling coverage limit, this pays for additional living expenses like a hotel, pet boarding, and restaurant meals while your home is temporarily uninhabitable. 

• Medical payments coverage. Ranges from $1,000 to $5,000 and pays for a guest's medical expenses if they’re injured on your property, regardless of whose fault it was. 

• Liability coverage. You should typically carry at least $100,000 to $300,000 in liability coverage, though you may need more based on the value of your assets and any unique risks associated with your property. 

Virginia homeowners may want to purchase additional coverage due to the state’s severe thunderstorms, heavy rainfall, wind, hail, and hurricane risks. 

• Flood insurance. Home insurance never covers flood damage. You may be able to add a flood coverage endorsement to your policy or purchase separate flood insurance. 
• Extended replacement cost coverage. If rebuild costs exceed your dwelling coverage limit, this endorsement can cover the remaining costs by as much as 25%. When a hurricane or other natural disaster strikes a particular area, the demand for building materials and labor can cause prices to surge, leaving many individuals underinsured. 
• Ordinance or law coverage. If a covered peril damages your property and you find major systems, like electrical or plumbing, aren’t up to code, standard coverage won’t pay to bring your property up to local building codes. This endorsement helps cover any additional costs required to bring your property up to code. 
• Water backup coverage. Water damage caused by a sump pump malfunction or a sewer backup isn’t typically covered by your standard policy. Waterback coverage can bridge the gap and enhance your policy protections.