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What type of insurance do you need?
On average, American homeowners pay about $1,211 a year for their home insurance coverage. However, in Virginia, the average annual cost is significantly lower at $999 a year. This can be attributed in part to the relatively low risk of severe weather events in this state.
Homeowners insurance is vitally important because hazards like severe storms, fires, and property crimes can cause expensive losses to Virginia homeowners who are not insured.
Your home insurance gives you peace of mind if disaster strikes your neighborhood. Whether it's a fire, tropical storm, tornado, or a rash of burglaries, you can rest assured knowing that your homeowners insurance can be compensate you for your losses.
Here are some of the ways that your home insurance policy can safeguard your finances:
We can’t be 100% certain, but in 2016 alone, insurance companies paid out more than $1.2 billion in home insurance claims just in the state of Virginia. That's a lot of unfortunate events happening to Virginia homeowners.
Homeowners insurance companies calculate their costs based on the value of your property and the likelihood that something bad will happen to it. The more likely it is that a harmful event will occur, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Virginia is compared to the rest of the country.
The burglary rate in Virginia is significantly lower than the national average. This is one of the many reasons that rates are so affordable in this state.
Of course, there are still some high-crime areas in this state. If your home is located in one of them, you can take steps to protect your property with preventive measures like deadbolt locks and home security systems. Doing so can often result in reduced prices on your homeowners insurance.
For the most part, the climate in Virginia is rather mild. However, this state is susceptible to occasional severe weather events, particularly during hurricane season when damaging storms can strike along the Atlantic Coast.
Be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property if a major disaster strikes.
Keep in mind that while homeowners insurance covers against hurricanes and storms, it will not cover flood damage even if the flood is the direct result of these storms. Fortunately, a local independent agent can help you purchase an affordable flood insurance policy to supplement your home coverage.
The size and value of your home will play a large role in how much your home insurance costs. In Virginia, the average home value is much higher than the national average.
You will want to be certain that your policy’s dwelling coverage is high enough to enable you to rebuild a house of comparable size in the even that your house is completely destroyed by a disaster like a tornado or a fire.
When it comes to homeowners insurance, there is no single insurance company that is “best” for everyone. The policy that provides the best value to you may not be the right choice for your neighbor. That is why independent agents compare policies and rates from multiple companies to find you the coverage that is best able to meet your specific needs.
Yes! There are currently 463 independent insurance agents in Virginia who are ready to help.
Independent insurance agents work for you, not for a particular insurance company, so they can work with several different providers to find you the coverage you need at the most competitive price. That way, you can be sure that you are not overpaying for your coverage.
Talk to an independent insurance agent near you to get started.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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