On average, a homeowners insurance policy in Norfolk, Virginia costs $1,550 per year for $250,000 in dwelling coverage. This is significantly higher than the average home insurance premium in Virginia as a whole, which is $1,013 per year. When shopping for home insurance, Norkfolk residents may want to consider several factors of an insurance company before making a choice.
Bankrate partnered with Quadrant Information Services to obtain current premium information for the insurance carriers in the Norfolk area. We then reviewed each company based on average premiums, financial strength, coverage offerings and available discounts. This information could help you to make a more informed decision about your homeowners insurance.
Best cheap home insurance companies Norfolk
Along with reviewing average premiums, it can be helpful to review a company’s customer service ratings when shopping for home insurance. These ratings can give insight into the average customer experience that a company provides.
After reviewing several aspects of each company, Bankrate’s editorial team determined that these are the best cheap home insurance companies in Norfolk:
|Home insurance company
||Average annual premium for $250K dwelling coverage
||J.D. Power score
||797 / 1,000
||829 / 1,000
||808 / 1,000
||839 / 1,000
||843 / 1,000
Based on our research, Progressive offers the lowest average annual premium for homeowners insurance in Norfolk. On top of its low average premium, Progressive offers a range of discounts that might help you lower your premium even more. While the company has the lowest J.D. Power customer satisfaction score on our list, it did receive an A+ (Superior) financial strength rating from AM Best. This is an indication that the company is financially sound. Progressive makes it convenient for shoppers to get homeowners quotes online, but you can also rely on a local agent for assistance.
State Farm has an above-industry-average rating from J.D. Power as well as the second-lowest average premium on our list. State Farm sells its products through a network of local agents, which may mean that your agent is more likely to understand the specific needs of homeowners in Norfolk. However, the policies are relatively basic, with only a few optional coverages available. State Farm does sell numerous insurance products and provides banking services as well. If you are looking for a company to handle several of your financial needs, State Farm could be a good choice.
Nationwide may be a good choice for consumers looking for robust online and mobile resources. The company’s website allows you to see all your Nationwide policies in one place, make changes, pay bills and file claims. Nationwide offers several optional coverages that may interest Norfolk residents, including coverage for jewelry and valuables, identity theft coverage, water backup coverage and earthquake coverage.
Erie is a regional insurance company offering coverage in just 12 states, including Virginia. The company received the second-highest J.D. Power score on our list and has an A+ (Superior) financial strength rating from AM Best. Erie claims that its basic homeowners insurance policy provides better coverage than the standard policies of its competitors. Like State Farm, Erie’s coverage is sold through local agents, so this may be a good choice for you if you prefer face-to-face interactions.
Auto-Owners is another regional carrier; it offers coverage in 26 states. The company received the highest J.D. Power score on our list of carriers and the third-highest overall in the entire study, indicating that its policyholders are usually satisfied with its service. If you are looking for specialty coverages, you may want to get a quote from Auto-Owners. The company offers several optional endorsements, including equipment breakdown coverage, guaranteed home replacement coverage, special personal property coverage and identity theft coverage.
Home insurance coverage options in Norfolk
Homeowners insurance is not legally required in Virginia, but if you have a mortgage or other home loan your lender will likely require that you have a home insurance policy. Even if you are not required to buy a home insurance policy, you may want to consider one for the financial protection it provides. Many policies offer standard coverages to protect the structure of your home, your belongings and your liability exposure. There are also often optional endorsements you can add for additional coverage.
- Dwelling coverage: This coverage protects the actual structure of your home and is one of the basic coverages of homeowners insurance.
- Liability coverage: If someone is injured on your property and you are found at fault, your liability coverage may cover the cost of their medical bills and other fees like pain and suffering. Liability may also provide coverage if you are found at fault for damaging someone else’s property. Liability is included on most homeowners insurance policies.
- Personal property coverage: This coverage provides financial protection for your belongings, like your furniture, clothing and some electronics. It is also one of the most basic coverages of a home insurance policy.
- Water backup coverage: If your sump pump fails or water backs up in a drain or sewer line, this coverage is designed to pay for the damage. This is an endorsement that must be added to your policy and may not be offered in all areas.
- Flood insurance: A standard home insurance policy does not usually cover damage caused by floods. Many parts of Virginia are at risk for flooding, and the National Flood Insurance Program (NFIP) reports that the average claim payment in Virginia is $19,000. Flood insurance is typically purchased as a separate policy.
Insurance is a customized purchase that is tailored to your specific needs. Talking to a licensed agent may be the best way to assess what coverages are right for you.
Home insurance discounts in Norfolk
Although cost is not the only consideration when it comes to home insurance, finding a cheap policy is often high on many shoppers’ lists. Most companies offer discounts to their policyholders to help them control the cost of their insurance. Some common discounts in Norfolk include:
- Home and auto discount: This discount is often applied if you insure both your home and auto policies with the same company.
- Loyalty discount: After being insured with the same company for a certain number of years, you may qualify for a loyalty discount.
- Claims-free discount: If you have not filed a home insurance claim in the last several years, you could be eligible for this discount.
- Home safety discount: If you have a smoke alarm, security alarm or other type of safety devices in your home, you may get a discount.
Every company offers a different suite of discounts. You may be able to review discounts online, but you could also talk to a representative from your insurance company to see if you are taking advantage of as many discounts as possible.
Frequently asked questions
What is the best home insurance company?
This best home insurance company is different for everyone due to their individual rating factors. These include your claims history, the specific details of your home, how much coverage you need and how many discounts you qualify for. Researching and comparing companies might help you decide which is the best for you.
How much home insurance do I need in Norfolk?
Several factors go into choosing the amount of coverage for your home insurance policy. You may want to consider how much it will cost to rebuild your home if it is destroyed completely, as well as how much personal property and liability coverage you need. If you have a home loan, your lender may require you to carry at least a minimum amount of coverage. Working with a licensed agent might help you decide how much home insurance to purchase.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.