Condo insurance isn’t required by law in Virginia, but your mortgage company likely requires it. Condo insurance is a home insurance policy that covers everything inside your condo, while the homeowners association’s insurance covers the outside of your building and common areas.
Depending on your HOA’s rules, your condo insurance may cover not only personal property, but also provides dwelling coverage known as building property coverage, for the interior of the structure. Make sure you know how much condo insurance you need before you buy condo insurance.
To find the best condo insurance in Virginia, we’ve gathered data on the top companies. Below you’ll find a list of the best condo insurance companies in Virginia with average annual rates.
Key takeaways
- The residents of Virginia pay an average of $525 per year for condo insurance for a coverage level of $60,000 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 ratings of major insurers in Virginia. Below are the best condo insurance companies in Virginia based on Insurance.com’s analysis.
| Company | J.D. Power Score | AM Best Rating | Average rating (out of 5) |
|---|---|---|---|
| American Family | 842 | A | |
| State Farm | 829 | A++ | |
| Erie Insurance | 827 | A+ | |
| Allstate | 815 | A+ | |
| Nationwide | 816 | A+ | |
| Progressive | 801 | A+ | |
| Travelers | 794 | A++ | |
| Farmers | 792 | A |
Average cost of condo insurance in Virginia
The average cost of condo insurance in Virginia is $525 a year or $44 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors.
To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.
| 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 company in Virginia
Rates for condo insurance by company in Virginia vary. It’s important to shop around and compare quotes to find the best price.
In the table given below, you’ll see condo insurance rates for major companies in Virginia. The cheapest company for condo insurance in Virginia is Universal Insurance Holding. American Family, and Allstate, are the second and third cheapest options.
| 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 |
Compare condo insurance rates by city in Virginia
Condo insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on condo insurance for your specific city in Virginia.
| City | Annual insurance premium |
|---|---|
Fort Belvoir | $393 |
Fredericksburg | $397 |
Hampton | $645 |
Norfolk | $584 |
Purcellville | $395 |
Reston | $406 |
Richmond | $446 |
Roanoke | $384 |
Virginia Beach | $616 |
Washington | $395 |
Compare condo insurance rates with other states
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2022 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2023.
Helpful home insurance tools and calculators
You might also be interested in
