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Cheap Homeowners Insurance in Virginia

Homeowners insurance can give you peace of mind knowing that your loved ones and property are protected. Mercury makes it easy to get best-in-class coverage at an affordable rate, whether you own a single-family home in Richmond or oceanfront property in Virginia Beach. Learn more about our Virginia homeowners insurance and get a fast, free quote today.

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What Virginia Homeowners Insurance Covers

Virginia, known for its diverse landscapes and varying weather conditions, requires homeowners to be mindful of certain factors that may impact their insurance needs. Mercury Insurance understands these unique requirements and provides comprehensive coverage to ensure your home is safeguarded in various situations.

  • Dwelling protection: This coverage protects your home's structure from covered losses, such as fire, windstorms, and other potential hazards.
  • Personal property: This coverage safeguards your personal property, helping you replace or repair items such as furniture, electronics, and clothing in the event of covered incidents like theft or damage.
  • Extended replacement cost: This option ensures that you receive adequate compensation to rebuild your home, even if the construction costs exceed the initially estimated amount.
  • Additional living expenses: If your home becomes uninhabitable due to a covered loss, this coverage helps pay for additional living expenses, such as hotel accommodations and meals.
  • Personal liability protection: If you’re found responsible for injuring someone or damaging their property, this coverage provides financial protection.
  • Guest medical protection: This coverage helps pay for your guest’s medical expenses if they injure themselves on your property.
  • Green Home: If you suffer property damage from a covered loss, this coverage option provides up to an additional 10% of replacement costs for choosing environmentally friendly alternatives or construction methods.
  • Extended siding and roofing protection: If a portion of your roofing or siding gets damaged and the original materials are unavailable, this coverage helps pay the cost of replacing the undamaged roofing or siding to ensure a consistent look.
  • Refrigerated product protection: This coverage offers up to $1,000 if your food spoils due to a blackout or mechanical failure.

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What Factors Determine Your Homeowners Insurance Rate?

In Virginia, insurance companies assess various factors to formulate your risk profile. Generally, a heightened risk profile often correlates with a higher homeowners insurance rate. Here's a rundown of some of the factors insurers consider when establishing your rate:

  • Age and condition — Insurance companies take note of the age and condition of your home, particularly focusing on older homes with outdated plumbing, electrical, or HVAC systems. Given the state's rich history, older homes may present additional challenges in terms of maintenance and repair, influencing insurance rates.
  • Replacement cost — The replacement cost of your home is a key factor in determining your insurance rate. The replacement cost of your home is a key factor in determining your insurance rate. Whether your home is a historic gem or a modern house, insurers assess the potential cost of replacement, factoring in Virginia's construction requirements and materials.
  • Location — Insurance rates are influenced by your home's location, with particular attention to crime rates and susceptibility to natural disasters. Coastal regions, for example, may face increased risks from hurricanes, impacting insurance rates for homeowners in these areas.
  • High-risk home features — High–risk features, such as swimming pools, wood-burning stoves, and trampolines, can increase insurance rates due to the potential for accidents or liabilities.
  • Credit history — Insurers often perceive a poor credit score as an indicator of potential late payments and an increased likelihood of filing claims. You may face higher insurance rates if you have a poor credit history.
  • Dog breed — Insurers may assess the ownership of "aggressive breeds," such as Rottweilers, German shepherds, or pit bulls, as potentially increasing liability risks. You may encounter higher insurance rates due to the perceived risk associated with certain dog breeds.

How to Reduce Your Homeowners Insurance Rate

Navigating homeowners insurance in Virginia where the average cost is around $1,277 per year1, allows you to optimize your coverage and savings. While Virginia's rates are already below the national average, Mercury recognizes the importance of maximizing savings in the Old Dominion. Here are a specific strategies to help lower your homeowners insurance rate2:

  • Raise your deductible — Choosing a higher deductible generally translates to a lower premium. However, be mindful of potential out-of-pocket costs and ensure you can afford the deductible if you have to file a claim.
  • Improve your credit score — A good credit score can lead to lower premiums and interest rates on loans and credit cards. Paying bills on time, disputing errors on your credit report, and managing revolving account balances are strategies you can implement to improve your credit.
  • Talk with your local insurance agent — Your local agent is your ally in securing the right coverage at an affordable price. They understand Virginia's unique considerations and will work tirelessly to ensure you receive the coverage you truly need.
  • Consider home improvements — Tackling home improvements can positively impact your insurance premiums. For instance, upgrading your home's electrical, plumbing, or heating systems enhances your living space and can mitigate risks, lowering the likelihood of damage and the need to file a claim.
  • Review your policy regularly — Review your insurance policy regularly, ensuring it continues aligning with your evolving needs. Life changes may necessitate adjustments to your coverage, and consistent reviews offer the opportunity to identify potential discounts or changes that could impact your insurance rate.

Mercury offers affordable homeowners insurance without sacrificing quality support and service. Talk with an agent today to help you find cheap homeowners insurance.

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*Individual savings may vary.

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Save More with Discounts

Mercury Insurance offers not only best-in-class coverage but also several discounts to help you save even more on your homeowners insurance. Here are some of the discounts you may be eligible for:

  • Home safety discounts — You can lower your insurance rate by installing protective devices such as smoke detectors, burglar alarms, and leak detectors in your home.
  • Homeowners association discount — If your property is part of a homeowners association, you might be eligible for a discount.
  • Newer home discount — You may qualify for a discount if your home was constructed less than 10 years before the effective date of your policy.
  • Wildfire mitigation discount — If your residence is in an area susceptible to wildfires, you might be eligible for this discount if you take proactive steps to mitigate your risk.
  • Multi-policy discount — Bundle home and auto policies together and enjoy additional savings, as well as the convenience of consolidating your coverage.
  • Green Home - If your home holds a Green certification from the U.S. Green Building Council LEED rating system or meets the National Association of Home Builders Green Building Guidelines (NAHB), you may be eligible for a discount.
  • Updated Home - If your home is over 20 years old and has undergone permitted renovations, you might receive a discount.
  • Good Payer - Homeowner policyholders who consistently make timely payments for a specified period may be eligible for a discount.

Mercury Insurance offers excellent coverage at an affordable price for your Virginia home. Talk with an agent today for a fast, free quote!

Your Questions About Cheap Virginia Home Insurance Answered

What is the cheapest homeowners insurance in Virginia?

While we at Mercury Insurance can't speak for other providers, we're committed to offering competitive rates tailored to your needs in Virginia. Our focus is on providing comprehensive coverage at affordable prices, ensuring that you receive value for your homeowners insurance. Talk to a local agent today to discover the specific rates available to you and explore how Mercury can be the right fit for your budget.

How to get Virginia home insurance?

To get best-in-class homeowners insurance at an affordable rate, call Mercury at (866) 889-5012 or start your free quote online.

What Mercury Insurance products are available to Virginia residents?

What is the average cost of homeowners insurance in Virginia?

According to Policy Genius, the average cost of homeowners insurance in Virginia is around $1,277 per year.

Do you need home insurance in Virginia?

While homeowners insurance is not required by law in Virginia, many mortgage lenders require you to have coverage in order to obtain a loan.