For property owners in Virginia, home insurance is something that you shouldn't go without. While those who are still paying off their houses will be required by their lenders to have home insurance, Virginia residents living in houses they own outright should still be very wary of going without an insurance policy. Of course, in cases where you're still paying on a mortgage, the minimum amount of coverage you carry will be set by your lender; however, having more than the minimum is often very beneficial. In most cases, it is price that dictates how much more than the minimum you carry. For Old Dominion residents who want more coverage or are looking to pay less for the coverage they already have, Virginia homeowners insurance quotes are likely to help.
Average Virginia Home Insurance Costs
From the Chesapeake Bay to the Cumberland Mountains, the Mother of Presidents has plenty of different landscapes for its residents to call home. However, no matter what kind of terrain your property overlooks in Virginia, home insurance is relatively reasonable when compared to rates in other states. According to the National Association of Insurance Commissioners, the average cost of Virginia home insurance is $662 a year. When you compare this to the national average of $804, the statewide rates seem pretty palatable. If the amount you pay for your homeowners insurance is much lower than the rate statewide, all we can say is "Congratulations." If, on the other hand, the average home insurance rate is well under what you're paying each year, there is not only an explanation, but something you can do about it.
How Virginia Homeowners Insurance Rates Are Determined
If you live in any of Virginia's metropolitan areas or have a particularly expensive house, don't be surprised if your annual rates are well above the statewide average. Insurance companies determine your premiums according to how much they are likely to pay out for your policy over its lifetime; since city homes and very expensive houses are more costly to repair, the higher rates given for such properties are there to make sure the insurance companies don't spend more than they take in.
High assessment values and densely populated areas aren't the only things that drive up the cost of home insurance. Virginia residents who have a poor credit rating, a history of making frequent claims on their policies, or who live in an area where damage caused by wind, fire, or snow is common will also have to pay more.
Lowering the Cost of Virginia Home Insurance
The good news is: Discounts and reduced rates can be had from any insurance provider in Virginia. Homeowners insurance is not only negatively affected by risk, but positively affected by a lack of risk. Installing fire safety equipment, alarm systems, and fire-resistant materials all reduce the risk for your insurance provider, and can often make you eligible for discounts. Other tactics like raising your credit score, remaining claim-free for a number of years, taking out multiple policies with the same provider, and upgrading older plumbing and electrical systems can also qualify you for discounts and rate reductions.
If you don't qualify for any discounts and if your lender and/or wallet allows, you can also reduce your amount of coverage, lower your limits, or increase your deductible in order to lower your yearly homeowners insurance costs, but since each of these could end up costing you plenty out-of-pocket, getting quotes is often a safer path to rate reductions.
Save Money with Virginia Home Insurance Quotes
For every resident of Virginia, home insurance quotes are free for the asking; and not taking advantage of these useful tools is a terrible mistake. Insurance companies want to give you quotes so you can see the savings you'll get if you use them as a provider, and because each company is likely to give you a different estimate for the same amount of coverage, examining the cost differences can sometimes lead to hundreds of dollars in savings every year. NetQuote makes getting home insurance quotes a snap; fill out a brief online form, and NetQuote will quickly match you with quotes from local insurance providers. Though not every homeowner will get quotes that are hundreds of dollars lower than their current rates, the fact is: Many do, and you could, too.