Condo insurance is a must-have for condo owners. Even if you have the protection offered by your association, it may not cover the things inside of your condo like furniture and personal belongings. Therefore, purchasing condo insurance is a necessity.
Finding the best condo insurance in Virginia is no easy task. There are many factors to consider when looking for condo insurance and it can be difficult to know which company will provide you with the best coverage at a fair rate.
In this guide we'll provide a list of the best companies in Virginia, how much condo insurance costs and condo insurance rates by companies.
- The residents of Virginia pay an average of $525 per year for condo insurance for a coverage level of $600,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
- Based on the analysis by Insurance.com, American Family is the top pick for the best condo insurance company in Virginia.
- Universal Insurance Holding offers the cheapest condo insurance in Virginia at an average of $299 per year.
Best condo insurance companies in Virginia
In Virginia, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction rating of all the major insurers across Virginia. Below are the best condo insurance companies in Virginia based on Insurance.com's analysis.
| Company | Average rating(out of 5) |
|---|---|
| American Family | 4.4 |
| State Farm | 4.3 |
| Erie Insurance | 3.9 |
| Allstate | 3.9 |
| Nationwide | 3.3 |
| Progressive | 3.3 |
| Farmers | 2.6 |
| Travelers | 2.6 |
Compare best condo insurance companies in Virginia
American Family is our top pick for the best condo insurance company in Virginia, based on Insurance.com's rate analysis. It has earned 4.4 scores out of 1000 from J.D. Power and AM Best awarded it A rating.
State Farm and Erie Insurance are other top performers on our list. All these providers have a strong reputation and offer competitive rates. Compare the carriers using their J.D. Power score and AM Best rating mentioned in the table below.
| Company | J.D. Power Score | AM Best Rating |
|---|---|---|
| State Farm | 829 | A++ |
| Travelers | 794 | A++ |
| Nationwide | 816 | A+ |
| Erie Insurance | 827 | A+ |
| American Family | 842 | A |
| Allstate | 815 | A+ |
| Progressive | 801 | A+ |
| Farmers | 792 | A |
Average cost of condo insurance in Virginia
Virginia residents pay an average of $525 annually or $44 per month for condo insurance. The recommended coverage level for condo insurance is $40,000 for personal property, $100,000 for liability protection with $1000 deductible.
Your particular condominium insurance cost will depend on the coverage level, the value of your condo, your location and the deductible amount you choose among other factors.
| Average Annual Premium | Average Monthly Premium |
|---|---|
| $525 | $44 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in VIRGINIA
AVERAGE RATE: $616
Most & least expensive zip codes for condo insurance in Virginia
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 23651 | Fort Monroe | $993 |
| 23457 | Virginia Beach | $981 |
| 23324 | Chesapeake | $967 |
| 23664 | Hampton | $957 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 24476 | Spottswood | $532 |
| 24435 | Fairfield | $536 |
| 24416 | Buena Vista | $538 |
| 24472 | Raphine | $538 |
Condo insurance rates by companies in Virginia
Universal Insurance Holding offer the cheapest condo insurance rate in Virginia at an average of $299 annually, among the carriers surveyed. Condo insurance rates vary between companies for the same policy. So, if you don't shop around, you will not know which insurer offers the most affordable rates.
Below you will find the average annual premium of major condo insurance companies in Virginia.
| Company | Average Annual Rate |
|---|---|
| Universal Insurance Holding | $299 |
| American Family | $327 |
| Allstate | $379 |
| IAT Insurance Group | $388 |
| State Farm | $508 |
| Erie Insurance | $519 |
| Progressive | $524 |
| Farmers | $610 |
| Nationwide | $714 |
| Travelers | $983 |
Condo insurance rates in Virginia by city
Methodology
Insurance.com compared condo insurance rates in 2022 provided by Quadrant Data Solutions for $60,000 personal property coverage with a $1000 deductible and $300,000 liability coverage for all available ZIP codes. ZIP codes were ranked based on the average rates for personal property coverage of $60,000, liability coverage of $300,000, and a $1,000 deductible and included good credit ratings. Content was updated in 2023.
