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.
- Average number of burglaries per 1,000 homes in VA: 1.83
- Average number of burglaries per 1,000 homes in the US: 3.76
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.
- Number of federally declared disasters since 1953: 69
- Most common causes of disasters in the state: Severe storms, hurricanes, and floods
- Average number of tornadoes per year in the state: 17.7
- Amount paid in home insurance claims in VA in 2016: $1,269,321,000
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.
- Average home value in VA: $273,400
- Average home value in the US: $188,900
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.