- Best condo insurance companies in Virginia
- Average condo insurance cost in Virginia
- Condo insurance rates in Virginia by company and coverage level
- Condo insurance rates by company in Virginia
- Compare condo insurance rates by city in Virginia
- Methodology
- FAQ
- Compare Virginia condo insurance rates with other states
Best condo insurance companies in Virginia
Based on our analysis, State Farm is the best condo insurance company in Virginia among many options. Our insurance experts evaluated pricing and ratings from trusted sources, including the National Association of Insurance Commissioners (NAIC) and AM Best.
Here are the best condo insurance companies in Virginia, based on our research.
| Company | Annual annual premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $403 | A+ | 1.15 | |
| Progressive | $570 | A+ | 1.5 | |
| American Family | $429 | A | 1.07 | |
| Erie Insurance | $627 | A | 0.46 | |
| Travelers | $1,051 | A++ | 0.91 | |
| Nationwide | $733 | A | 1.34 | |
| Farmers | $833 | A | 0.89 | |
| Allstate | $1,026 | A+ | 1.26 |
Average condo insurance cost in Virginia
The average cost of condo insurance in Virginia is $655 per year, or $55 per month. This is based on a policy with $60,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible. Your actual annual premium will vary depending on:
- Where you live
- Coverage limits and deductible
- Age of the building and construction materials
- Your claims history and credit score
To secure the lowest rate, compare quotes from multiple insurance providers and choose the policy that best meets your needs.
| Average annual premium | $655 |
| Average monthly premium | $55 |
Condo insurance rates in Virginia by company and coverage level
Universal Insurance Holding offers the lowest condo insurance rates in Virginia for coverage limits of $60,000 for personal property and $300,000 for liability with a $1,000 deductible.
The second most affordable option is State Farm, with an annual rate of $403. However, your rates will vary based on the coverage level you select.
The table below presents condo insurance rates from top companies at various coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| Universal Insurance Holding | $262 | $279 | $318 | $335 | $364 | $381 | $410 | $426 |
| State Farm | $338 | $343 | $398 | $403 | $444 | $449 | $488 | $493 |
| IAT Insurance Group | $322 | $326 | $419 | $423 | $511 | $515 | $593 | $596 |
| American Family | $297 | $300 | $426 | $429 | $565 | $570 | $703 | $709 |
| Progressive | $481 | $488 | $563 | $570 | $624 | $631 | $684 | $691 |
| Erie Insurance | $422 | $480 | $549 | $627 | $646 | $739 | $744 | $855 |
| Nationwide | $696 | $703 | $726 | $733 | $750 | $758 | $771 | $780 |
| Farmers | $691 | $700 | $824 | $833 | $957 | $967 | $1,091 | $1,100 |
| Allstate | $847 | $868 | $1,005 | $1,026 | $1,141 | $1,162 | $1,267 | $1,288 |
| Travelers | $983 | $1,008 | $1,143 | $1,173 | $1,278 | $1,312 | $1,456 | $1,497 |
Condo insurance rates by company in Virginia
The cheapest option is Universal Insurance Holding, followed by State Farm and IAT Insurance Group as the second and third most affordable choices. However, condo insurance rates in Virginia vary by company, so it's a good idea to shop around and compare quotes.
The table below shows condo insurance rates from major companies in Virginia.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| Universal Insurance Holding | $335 | $28 |
| State Farm | $403 | $34 |
| IAT Insurance Group | $423 | $35 |
| American Family | $429 | $36 |
| Progressive | $570 | $47 |
| Erie Insurance | $627 | $52 |
| Nationwide | $733 | $61 |
| Farmers | $833 | $69 |
| Allstate | $1,026 | $85 |
| Travelers | $1,173 | $98 |
Compare condo insurance rates by city in Virginia
Condo insurance rates vary by city. Factors like weather, crime rates and property values all play a role in pricing. To find the cheapest and best condo insurance in your city in Virginia, consider these factors and compare quotes from different insurance companies.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Information Services across all 50 states and Washington, D.C.
Average condo insurance rates are based on:
- $60,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Rates were also fielded at varying personal property and liability coverage levels for comparison.
FAQ
Is condo insurance required in Virginia?
No, condo insurance is not require by law in Virginia, but your mortgage company will require it.
What does condo insurance typically cover in Virginia?
Condo insurance covers your personal property, the interior of your unit, loss of use and personal liability.
How can I lower my condo insurance premium in Virginia?
To lower your rates, shop around, ask about discounts and bundle your condo and auto insurance.
