Getting a Condo Insurance Quote in Virginia
Many Virginia residents choose the ease of living in a condo but deciding on the right condo insurance can be confusing. We are here to assist you providing the points that you should keep in mind when negotiating the final price of your condo insurance. The ideal coverage for your needs at the best price is our goal. There are many factors that will influence the cost of the quote for yearly Virginia condo insurance. Our focus is to make the condo insurance buying process as trouble free as possible.
Virginia Condo Insurance Statistics at a Glance
A range of factors can impact the price of condo insurance. As property values are on the upswing, Virginia condo insurance policies can be more on the expensive side. Virginia is ranked the 28th most expensive state in the nation for condo insurance. Virginia residents pay an average of $89 a month or $1,070 per year in insurance premiums. Even though Virginians are spending more on condo insurance, data shows that prices are coming down. Most cities in Virginia have similar average monthly prices, but Arlington, VA was shown to be the lowest priced city in the state at $41.46 per month or $497.50 per year. Alternately, Virginia Beach, VA has the highest condo insurance rates in the state at $86.38 per month or $1,036.50 per year. Insurance companies have a range of differences in rates, so it is very important to shop around to find the best condo insurance for you.
$535
Average Annual Cost of Condo Insurance in Virginia
The average cost of condo insurance in Virginia on an annual basis is $535.
$45
Average Monthly Cost of Condo Insurance in Virginia
The cost of condo insurance in Virginia is roughly $45 per month.
31%
Percentage of Income on Ownership for Condos in Virginia
Residents of Virginia spend an average of 31% of their income on condo ownership.
27 years
Median Age of a Property Which Requires Virginia Condo Insurance
The average age of a property requiring condo insurance in Virginia is roughly 27 years.
What Affects the Costs of Your Condo Insurance in Virginia
Finding the best insurance for your condo in Virginia is essential. But it is important for you to understand that the price can vary from one company to the next. There are several variables that cause insurance policies in Virginia to differ. These factors are important and are used by insurance companies to calculate your individual risk and coverage requirements, and to then provide you with a precise insurance quote. Some factors that will influence the cost of your insurance are outside of your control. These can include the location of the condo, when the condo was built, and the quality in the construction of the condo. The insurance companies can also determine if you are eligible for any discounts. There are some factors within your control, however. These can help or harm the final prices offered by insurance companies for your condo. Your credit history, any background of claims made with other condo insurers, your driving record, the total cost of personal items in your condo, any others who reside in your condo, and if you rent or own the condo can all impact the price of your insurance. To ensure accurate and timely insurance quotes we suggest you have all this information readily available before requesting a quote for condo insurance on your Virginia property.
Average Cost of Condo Insurance in Virginia by City
The most typical kind of condo insurance in Virginia is an HO6 insurance plan. This applies to every region in the state. You will probably require H06 insurance whether you live in a city such as Virginia Beach or Norfolk or own a condo in a bigger town like Christiansburg. We have provided a full list of projected condo insurance quotes for regions in the state. This will give you a better idea of how much it will cost to insure your condo. These averages are based on all insurance prices for different towns and cities in Virginia, therefore depending on where your condo is specifically located in your area, your final price could differ from what is quoted below.
| City in Virginia | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Alexandria, VA | $42 | $499 |
| Annandale, VA | $43 | $512 |
| Arlington, VA | $41 | $498 |
| Ashburn, VA | $44 | $529 |
| Bailey's Crossroads, VA | $42 | $508 |
| Blacksburg, VA | $48 | $571 |
| Burke, VA | $44 | $523 |
| Cave Spring, VA | $47 | $564 |
| Centreville, VA | $43 | $520 |
| Chantilly, VA | $44 | $527 |
| Charlottesville, VA | $45 | $543 |
| Chesapeake, VA | $76 | $908 |
| Chester, VA | $52 | $623 |
| Christiansburg, VA | $48 | $575 |
| Dale City, VA | $47 | $558 |
| Danville, VA | $56 | $671 |
| Fair Oaks, VA | $43 | $522 |
| Fairfax, VA | $43 | $516 |
| Franconia, VA | $43 | $521 |
| Fredericksburg, VA | $46 | $549 |
| Hampton, VA | $75 | $902 |
| Harrisonburg, VA | $45 | $538 |
| Herndon, VA | $43 | $518 |
| Hopewell, VA | $58 | $696 |
| Lake Ridge, VA | $46 | $552 |
| Leesburg, VA | $43 | $518 |
| Lincolnia, VA | $43 | $518 |
| Linton Hall, VA | $46 | $552 |
| Lorton, VA | $44 | $526 |
| Lynchburg, VA | $49 | $591 |
| Manassas, VA | $47 | $568 |
| Marumsco, VA | $46 | $553 |
| McLean, VA | $42 | $504 |
| McNair, VA | $43 | $517 |
| Mechanicsville, VA | $48 | $573 |
| Montclair, VA | $47 | $559 |
| Newport News, VA | $70 | $836 |
| Norfolk, VA | $80 | $955 |
| Oakton, VA | $43 | $514 |
| Petersburg, VA | $58 | $695 |
| Portsmouth, VA | $77 | $920 |
| Reston, VA | $43 | $517 |
| Richmond, VA | $53 | $630 |
| Roanoke, VA | $48 | $582 |
| Rose Hill, VA | $47 | $566 |
| Salem, VA | $47 | $562 |
| Short Pump, VA | $48 | $579 |
| South Riding, VA | $44 | $522 |
| Springfield, VA | $43 | $517 |
| Staunton, VA | $48 | $578 |
| Sterling, VA | $44 | $529 |
| Suffolk, VA | $68 | $811 |
| Tuckahoe, VA | $53 | $639 |
| Tysons Corner, VA | $42 | $505 |
| Virginia Beach, VA | $86 | $1,037 |
| Waynesboro, VA | $48 | $576 |
| West Falls Church, VA | $44 | $522 |
| West Springfield, VA | $43 | $518 |
| Winchester, VA | $48 | $581 |
| Woodlawn, VA | $49 | $585 |
Choosing the Best Condo Insurance Company in Virginia for Your Needs
Make certain you put in the time and effort when choosing the best insurance provider for your condo in Virginia. The provider should offer coverage that fits your requirements. This extra effort will provide you with peace of mind in the long term. Remember you are not just insuring your condo, but also yourself, and the items in the condo. Take the extra time to find the best insurance for all your needs. Do not settle for insurance just because it is the cheapest available. It might not cover everything you need. Set aside the time to research and compare several businesses prior to making any decisions on which insurance provider fulfills all your requirements. A reputable company will not force you into making a decision immediately or insist you pay for coverage that you do not need. Additionally, look for condo insurance businesses that benefit their long-term customers with discounts, loyalty rewards or provide package insurance reductions. Lastly, make certain your provider is accredited. Visit the Virginia Department of Insurance website to find out the company’s licensing status, financial stability and any complaint history.
The Top Rated Condo Insurance Companies in Virginia Based off Consumer Ratings
State Farm retains the top place at being the largest condo insurance provider in the USA for more than 5 decades. A J.D. Power study showed that State Farm in Virginia was scored a 0.2 out of a 5 (lower than average) from the policy offerings, charging and payment, customer service and claims. State Farm also received a NAIC complaint ratio of 0.2. State Farm, as with other insurance providers, offers premium discounts on condos that were made or renovated to better withstand any natural disasters that may occur in The Old Dominion State. In Virginia, pure metrics of condo insurance companies show that American Family Insurance has the greatest JD Power rating in the country at 0.68 while Virginia Farm Bureau has the cheapest at 0. Travelers has the cheapest NAIC complaint ratio in Virginia at 0.09 while American Family Insurance has the highest NAIC complaint ratio at 0.68.
| Virginia Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| USAA Ratings for Condo Insurance in Virginia | 0.15 | 0.15 |
| State Farm Ratings for Condo Insurance in Virginia | 0.2 | 0.2 |
| Allstate Ratings for Condo Insurance in Virginia | 0.31 | 0.31 |
| Travelers Ratings for Condo Insurance in Virginia | 0.09 | 0.09 |
| Nationwide Ratings for Condo Insurance in Virginia | 0.31 | 0.31 |
| Liberty Mutual Ratings for Condo Insurance in Virginia | 0.53 | 0.53 |
| Erie Ratings for Condo Insurance in Virginia | 0.17 | 0.17 |
| American Family Insurance Ratings for Condo Insurance in Virginia | 0.68 | 0.68 |
| Farmers Ratings for Condo Insurance in Virginia | 0.39 | 0.39 |
| Virginia Farm Bureau Ratings for Condo Insurance in Virginia | 0 | 0 |
| Chubb Ratings for Condo Insurance in Virginia | 0.14 | 0.14 |
Virginia Condo Insurance Requirements
Under the Virginia Condominium Act, a condo unit owner can buy insurance for his or her own benefit but is not required to do so. If at the time of reduction the unit owner has an insurance policy that covers the risk equally as the policy of the association, the Act states that the association must provide the insurance that is key and will take precedence over the owner’s insurance. It is required by Virginia law that condominium associations have insurance for condominium construction as a whole. Individual condo unit owners however might want to buy their own insurance to cover their accountability, possessions, any improvements that they personally make to the condo, or any reduction or event not insured by the policy of the association.
What's Covered with Your Condo Insurance in Virginia
Most condo insurance providers in Virginia will provide standard coverage. Standard coverage can include construction property coverage, personal property coverage, loss of use coverage and liability coverage. The explanation of these types of coverage are as follows. Building property coverage protects you financially when there is damage to the interior of your condo (floors, walls, tiles) and reduction of permanent fixtures resulting from a covered event, such as a fire. Personal property coverage protects your personal belongings, such as clothing, furniture, and electronic equipment, that are lost due to a covered event. If you are held legally responsible for injury or property damage then liability coverage will provide protection for you. As a rule, a condo insurance policy from Virginia will cover $100,000 in liability compensation. Finally, with lack of use coverage, if your condo in Virginia becomes uninhabitable and you need to live elsewhere due to a covered event and are paying more than you would if you were living in your condo then this attribute will cover you for the increased living expenses.
| Average Costs of Condo Insurance in Virginia by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Virginia Beach city, VA | $86.00 | $1,037.00 |
| Norfolk city, VA | $80.00 | $955.00 |
| Chesapeake city, VA | $76.00 | $908.00 |
| Richmond city, VA | $53.00 | $630.00 |
| Newport News city, VA | $70.00 | $836.00 |
| Alexandria city, VA | $42.00 | $499.00 |
| Hampton city, VA | $75.00 | $902.00 |
| Roanoke city, VA | $48.00 | $582.00 |
| Portsmouth city, VA | $77.00 | $920.00 |
| Suffolk city, VA | $68.00 | $811.00 |
| Lynchburg city, VA | $49.00 | $591.00 |
| Montgomery County, VA | $48.00 | $573.00 |
| Harrisonburg city, VA | $45.00 | $538.00 |
| Loudoun County, VA | $43.00 | $518.00 |
| Charlottesville city, VA | $45.00 | $543.00 |
| Manassas city, VA | $47.00 | $568.00 |
| Danville city, VA | $56.00 | $671.00 |
| Petersburg city, VA | $58.00 | $695.00 |
| Fredericksburg city, VA | $46.00 | $549.00 |
| Winchester city, VA | $48.00 | $581.00 |
| Salem city, VA | $47.00 | $562.00 |
| Staunton city, VA | $48.00 | $578.00 |
| Fairfax city, VA | $43.00 | $516.00 |
| Fairfax County, VA | $43.00 | $518.00 |
| Waynesboro city, VA | $48.00 | $576.00 |
| Hopewell city, VA | $58.00 | $696.00 |
How to Get Virginia Condo Insurance Discounts
Every insurance company in the state of Virginia has its own discount or loyalty program. It is important to ask about any discounts available to you or your family members when you are researching insurance coverage. Usually, you will find many discounts available in Virginia condo insurance policies. Some of the discounts to inquire about are bundled and multi-policy discounts, customer discounts, loyalty discounts and paid-in-full discounts.
| Condo Insurance Deductible | Average Virginia Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $84 |
| $1,000 | $76 |
| $1,500 | $72 |
| $2,000 | $67 |
| $5,000 | $56 |
Getting the Best Virginia Condo Insurance Rates
You want the best condo insurance rate possible for your Virginia condo. Spend the time shopping around and researching different insurance companies. This is critical in finding the most savings on your condo insurance policy. Call us and we will see if any other insurance companies can beat what you are currently paying. There are often savings that you might not be aware of. You might also ask a friend to refer you to their condo insurance provider. This might result in a referral discount. Consider increasing your deductible. You could save money as the higher your deductible, the lower the cost of your insurance. Ensure though that your deductible is not too high. In the event of a loss you are responsible for paying any sum up. Many insurance companies offer discounts to clients who package their insurance policies. Ask if you can package multiple types of insurance policies. As an example, contact your car insurance provider and see if they can decrease your premium if you get condo insurance from them as well. Companies might also provide reduced rates if you stay with them for many years. Some of these discounts can save you up to 10% on your premiums. Lastly, your credit rating is very important in determining how much you pay in insurance. Keep it as high as possible and keep track of it. Insurance providers take your credit score into consideration when calculating your condo insurance premium. The better your credit score the better your premium cost.