The Inside Scoop on Virginia House Insurance Rates

Virginians live pretty well. You get the four seasons every year without getting an extreme at either end of the thermometer. And no matter where you live you're usually within a few hours of immersing yourself in a totally different environment: Virginia Beach, the Blue Ridge Mountains, historic Williamsburg, or the urban feel of Richmond. The last thing you want to think about is insurance. But it's part of living and you're here for that reason. So let's look at how you can save on Virginia home insurance rates.

Things You Should Know About Virginia House Insurance
A typical Virginia home insurance policy covers the following areas at varying amounts:

1. Property Damage- protects the dwelling and personal property (PP) if damaged by certain events or perils. PP is typically insured at 50% of the dwelling amount.
2. Liability- pays if someone is injured on your property or if you damage someone's property.
3. Medical payments- pay medical bills for someone injured on your property or in some cases away from your home.
4. Additional living expenses- pay for living expenses if your home becomes unlivable due to damage that is covered under your policy.

Property Replacement Value- this is what it would cost to rebuild or replace your home and is based on today's construction prices usually expressed as "cost per square foot." It doesn't consider your land and is not the market value.

Actual cost value (ACV) vs. Replacement Cost- ACV usually applies to personal property coverage and takes depreciation (age, wear, tear) into consideration when calculating for a loss. Replacement cost–usually purchased at a higher premium–replaces, repairs, or rebuilds using the same or similar materials without considering depreciation.

Named Perils vs. Open Perils- In named perils policies, only the perils (fire, theft, windstorm, etc.) listed specifically are covered. Open perils will cover any peril unless otherwise excluded in writing. The open policy is more comprehensive but still has its limitations.

Market Value (MV)- is a term used for older homes insured for lower limits. The minimum is usually 80% on the property and the MV is below this. This rebuilds or replaces a home to serviceable condition rather than original condition.

Scheduled Personal Property Endorsement- this is a special "rider" that increases coverage on your valuables like jewelry, firearms, collectibles, antiques, etc. These items are usually limited to certain amounts under personal property.

Hurricane/Wind Deductible- If live you on the Virginia coast, you'll most likely have a separate deductible for hurricanes often expressed as a percentage of the dwelling coverage (e.g. 2% of $200,000 dwelling coverage= $4,000).

Alexandria Sample: $125,000 coverage for a masonry home; Liability coverage of $100,000;
Medical payments coverage of $1000; $250 all perils deductible.
Rates range from $234 to $1,119.

Roanoke Sample: $125,000 coverage for a masonry home; Liability coverage of $100,000;
Medical payments coverage of $1000; $250 all perils deductible.
Rates range from $244 to $1,473.

Richmond Sample: $125,000 coverage for a frame home; Liability coverage of $100,000;
Medical payments coverage of $1000; $250 all perils deductible.
Rates range from $271 to $1,689.

Shopping for Virginia House Insurance Rates
Big differences in rates. That's why it's important to shop around for your Virginia home insurance rates. And with LocalInsurance it's easy. Fill out one form and within seconds you'll get pricing from a handful of agents in your area. It's quick, easy and takes the edge off shopping. Now let's get started.

If you are interested in learning more about Virginia home insurance, there are a number of resources that are offered by the state. Virginia has a Department of Insurance which can help ensure that you have the appropriate coverage for your home and provide you with useful information when selecting a homeowners insurance policy.

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