- How much is home insurance in Lynchburg, VA?
- Home insurance rates in Lynchburg by deductible
- Cheapest homeowners insurance companies in Lynchburg
- Homeowners insurance cost in Lynchburg by credit rating
- How can you save on homeowners insurance in Lynchburg?
- Methodology
- Compare homeowners insurance rates by city in Virginia
How much is home insurance in Lynchburg, VA?
The average cost of homeowners insurance in Lynchburg varies depending on the coverage level you choose. Homeowners insurance costs $1,457 per year for dwelling coverage of $200,000 and $1,901 for $300,000 of dwelling coverage.
Below are the average annual and monthly Lynchburg home insurance rates for different amounts of dwelling coverage.
| Coverage level (Dwelling) | Average annual rate | Average monthly rate |
|---|---|---|
| $200,000 | $1,457 | $121 |
| $300,000 | $1,901 | $158 |
| $400,000 | $2,415 | $201 |
| $600,000 | $3,575 | $298 |
| $1,000,000 | $5,977 | $498 |
Note: For the above rates, the deductible amount is $1,000 and liability protection is $100,000.
Home insurance rates in Lynchburg by deductible
Home insurance rates in Lynchburg vary based on the deductible you choose. If you pick a higher deductible, your monthly insurance premium will be lower, while a lower deductible, means lower premiums because the insurance company will pay more if you file a claim, and the odds of you filing a smaller claim are higher.
The table below lists the home insurance rates by deductible in Lynchburg.
| Deductible | Company | Average annual premium | Average monthly premium |
|---|---|---|---|
| $1,000 | American Family | $584 | $49 |
| $1,000 | Virginia Farm Bureau | $1,038 | $87 |
| $1,000 | Allstate | $1,360 | $113 |
| $1,000 | Progressive | $1,384 | $115 |
| $1,000 | Nationwide | $1,443 | $120 |
| $1,000 | State Farm | $1,451 | $121 |
| $1,000 | Erie Insurance | $1,645 | $137 |
| $1,000 | Farmers Insurance | $2,672 | $223 |
| $1,000 | Travelers | $4,028 | $336 |
| $500 | American Family | $628 | $52 |
| $500 | Virginia Farm Bureau | $1,234 | $103 |
| $500 | Progressive | $1,409 | $117 |
| $500 | Allstate | $1,463 | $122 |
| $500 | Nationwide | $1,513 | $126 |
| $500 | Erie Insurance | $1,758 | $147 |
| $500 | Farmers Insurance | $2,871 | $239 |
| $500 | Travelers | $4,191 | $349 |
| $2,000 | American Family | $553 | $46 |
| $2,000 | Virginia Farm Bureau | $856 | $71 |
| $2,000 | Allstate | $1,209 | $101 |
| $2,000 | Nationwide | $1,283 | $107 |
| $2,000 | State Farm | $1,299 | $108 |
| $2,000 | Progressive | $1,314 | $110 |
| $2,000 | Erie Insurance | $1,544 | $129 |
| $2,000 | Farmers Insurance | $2,508 | $209 |
| $2,000 | Travelers | $3,748 | $312 |
| $2,500 | American Family | $553 | $46 |
| $2,500 | Virginia Farm Bureau | $809 | $67 |
| $2,500 | Allstate | $1,157 | $96 |
| $2,500 | State Farm | $1,257 | $105 |
| $2,500 | Progressive | $1,279 | $107 |
| $2,500 | Nationwide | $1,283 | $107 |
| $2,500 | Erie Insurance | $1,488 | $124 |
| $2,500 | Farmers Insurance | $2,508 | $209 |
| $2,500 | Travelers | $3,568 | $297 |
| $3,000 | American Family | $553 | $46 |
| $3,000 | Virginia Farm Bureau | $809 | $67 |
| $3,000 | Allstate | $1,115 | $93 |
| $3,000 | State Farm | $1,205 | $100 |
| $3,000 | Progressive | $1,279 | $107 |
| $3,000 | Nationwide | $1,283 | $107 |
| $3,000 | Erie Insurance | $1,463 | $122 |
| $3,000 | Farmers Insurance | $2,495 | $208 |
| $3,000 | Travelers | $3,591 | $299 |
| $4,000 | American Family | $495 | $41 |
| $4,000 | Virginia Farm Bureau | $709 | $59 |
| $4,000 | Allstate | $1,001 | $83 |
| $4,000 | Nationwide | $1,091 | $91 |
| $4,000 | State Farm | $1,154 | $96 |
| $4,000 | Progressive | $1,254 | $105 |
| $4,000 | Erie Insurance | $1,400 | $117 |
| $4,000 | Farmers Insurance | $2,436 | $203 |
| $4,000 | Travelers | $3,090 | $258 |
| $5,000 | American Family | $495 | $41 |
| $5,000 | Virginia Farm Bureau | $709 | $59 |
| $5,000 | Allstate | $1,001 | $83 |
| $5,000 | Nationwide | $1,091 | $91 |
| $5,000 | State Farm | $1,154 | $96 |
| $5,000 | Progressive | $1,254 | $105 |
| $5,000 | Erie Insurance | $1,342 | $112 |
| $5,000 | Farmers Insurance | $2,423 | $202 |
| $5,000 | Travelers | $3,090 | $258 |
Cheapest homeowners insurance companies in Lynchburg
According to our analysis, American Family is the most affordable home insurance provider in Lynchburg, with an average yearly cost of $490.
Price is a big factor when choosing home insurance, and costs in Lynchburg can vary a lot between companies. While saving money is important, it’s also a good idea to consider each company's reputation before making a decision.
The table below lists the cheapest home insurance companies in Lynchburg.
| Company | Average annual cost |
|---|---|
| American Family | $490 |
| Virginia Farm Bureau | $745 |
| State Farm | $1,043 |
| Erie Insurance | $1,053 |
| Nationwide | $1,056 |
| Progressive | $1,067 |
| Allstate | $1,573 |
| Farmers | $2,002 |
| Travelers | $3,537 |
Homeowners insurance cost in Lynchburg by credit rating
Insurance companies in Lynchburg can use credit information as one of the factors affecting the cost of your policy.
The average home insurance cost for homeowners with an excellent credit score is $937; that’s $3,298 less expensive than the average cost of the same insurance for policyholders with a poor credit score. The table below shows the average annual insurance cost for homeowners with different credit levels.
| Credit score | Average annual cost |
|---|---|
| Excellent | $937 |
| Fair | $2,182 |
| Good | $1,457 |
| Poor | $4,235 |
How can you save on homeowners insurance in Lynchburg?
If you’re looking to save on your homeowners insurance, the best way is comparing quotes from multiple insurers. Homeowners insurance companies offer a variety of different discounts to help you lower insurance costs. Here are a few common ones.
Home and auto bundle discount (multi-policy)
One of the easiest ways to get cheaper home insurance in Lynchburg is the multi-policy discount, also known as bundling. If you purchase your home and auto insurance from the same company, you can save an average of $199 a year.
“It’s not always the better option, but more times than not it is because if you bundle usually, you get a 10-20% discount on both policies,” says Josiah Hatch, owner and CEO at Bender Hatch Insurance in Boston.
Loyalty discount
Staying with the same insurance company can earn you a loyalty discount, which could save you around $76 annually on your home insurance in Lynchburg.
Security equipment discounts
Insurance companies offer discounts to homeowners for installing safety and security equipment, like a fire alarm or burglar alarm. If you install a fire alarm at your home, you can get a discount of $79 a year on average from your insurer.
New home discount
If you buy new construction, you can get a new home discount of $895 a year on average in Lynchburg.
Methodology
Insurance.com compared homeowners insurance rates provided by Quadrant Information Services in 2023 for around 29,000 cities in all states and Washington D.C for $200,000 and $300,000 in dwelling coverage with $100,000 in liability and a $1,000 deductible. The rates were analyzed for almost 34,000 ZIP codes for those with good credit ratings. Content has been updated in 2024.
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