Virginia Home Insurance

Virginians cherish their homes, especially with real estate and property values increasing every year. A good insurance policy is crucial to keeping your investment – and the roof over your head – secure. So The Simple Dollar has compiled some great resources to help consumers better understand their home insurance coverage and make the most out of their policy options. Read onwards to start your crash course on Virginia homeowners insurance.

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Stats in Your State

Getting the full picture on the Virginia housing market and insurance industry is much easier with a handful of graphs to illustrate things. So that’s what we’ve done, with useful graphs and charts to visualize the various elements that affect the home insurance industry in Virginia.

Homeowner Insurance Premiums

From 1999 through 2008, Virginia’s home insurance rates compared favorably with the U.S. average, remaining roughly $120 below the national average rate across the decade. Virginia’s relatively stable economy and low risk of natural disaster contributes to stable and low-cost insurance options.

Renter Insurance Premiums

While Virginia renters insurance premiums have roughly parallelled the ups and downs of the U.S. average during the 2000’s, Virginia’s rates consistently stayed about $40 lower. A stable marketplace and relatively low crime and natural disaster rates contribute to the low rental insurance rates.

Existing Home Sales

Right in line with the national market, Virginia’s existing home sales climbed steadily through 2004 before dropping by approximately 45% through the second half of the decade, reaching a decade-low in 2010. The overall condition was both a contributor to and symptom of the national market crisis of the late 2000’s.

Flood Insurance in Region

Almost 3,400 flood insurance claims were filed by Virginia residents in 2011 and 2012 for a total of $41.6 million in damages. Among South Atlantic states, Virginia was only behind North Carolina in terms of number and cost of flood claims filed that year.

Homes Built

According to the U.S. Census Bureau, Virginia has shown relatively steady housing development from 1930 onwards. The bulk of Virginia’s homes were constructed following 1970, indicating steady economic growth through the latter half of the 20th century and early 21st century.

Rules in Your State

Fortunately for Virginia residents, the state legislature has defined specific unfair practices, which insurers are prohibited from using when handling claims. These specific regulations are accessible through the links below, as are a whole other host of insurance rules.

Representatives & Resources in Your State

Here readers will find essential links to government resources where they can learn more about homeowners insurance and different types of policies available in Virginia. Use the links below to get started on learning more, or to reach out to your local government for consumer advocacy on difficult insurance issues.

Virginia Bureau of Insurance
P.O. Box 1157
Richmond, Virginia 23218-1157
(804) 371-9741
Contact Information
Complaint Resource
Consumer Guides and Brochures
The Bureau of Insurance has published numerous guides for consumers to better understand their options for coverage in Virginia, and they can be found at the link above.

Federal Emergency Management Administration: Region 3
FEMA’s regional offices provide both support to Virginia residents in times of disaster, and also provide tips and strategies for staying prepared in advance of a catastrophe. Contact FEMA to find out more about the services they offer Virginia residents.