Homeowners in Virginia Beach, Virginia, pay an average home insurance rate of $965. vHome Insurance analyzed home insurance trends in Virginia Beach and listed out the factors that homeowners should be aware of in order to choose the cheapest Virginia Beach home insurance company.
To determine insurance rates, home insurance companies consider different factors such as the coverage amount, home value, size of the home, locality, and deductibles the homeowners opt for. The quotes provided by home insurance companies differ from one company to another. Virginia Beach homeowners should also make sure that their coverage value for the quoted home insurance rate should be enough to replace/repair the damages of their homes.
Deductibles Vs. Home Insurance Rates
The cost of home insurance varies widely depending on the deductible that homeowners opt to pay. Paying a high deductible lowers home insurance rates. On the other hand, opting for a low deductible increases home insurance rates. For example, Virginia Beach residents pay an average home insurance rate of $953 on a deductible of $500. The average cost of home insurance for deductibles of $2,000 and $2,500 is $737 and $692, respectively. Virginia Beach homeowners are advised to choose the company that offers the lowest home insurance quotes for the deductible they opt to pay.
Home insurance companies offer additional policies besides the standard home insurance policy. The add-on policies include flood insurance, earthquake insurance, pet insurance, and collectible insurance. Home insurance agents work with homeowners to understand their requirements and customize policies accordingly. Virginia Beach homeowners should go with the service provider that offers the cheapest quotes according to their coverage needs.
Home insurance companies offer multiple discounts to homeowners based on certain factors. Virginia Beach homes constructed using sturdy materials receive considerable amounts of discounts on home insurance. Newly constructed Virginia Beach homes can avail of discounts of up to $222 on home insurance rates. Furthermore, homes equipped with enhanced safety features also attract discounts from home insurance companies.
Claims History of Homeowners
Home insurance companies consider the claims history of homeowners to determine home insurance rates. Virginia Beach homeowners with a claims-free history can avail of discounts on home insurance rates. On the other hand, home insurance costs can increase by up to $405 based on the nature and number of claims.