Homeowner Insurance in Virginia
Homeowner insurance coverage in Virginia for condominiums, town houses, and manufactured homes is among the lowest average home insurance rates in the United States, with rates ranging from a low of $553 to a high of $662 according to Homeinsurance.com. This is because the Virginia State Insurance Department has very strict laws and regulations to protect consumers needing homeowners insurance.
One such law requires that homeowners who plan to get a loan to buy an existing house or to build their own homes should obtain a home insurance first before their loan could be approved by the lender.
A homeowner insurance policy in Virginia exists in two forms:
· HO-2 Policy – covers damages caused by fire and smoke, vehicles, aircraft, water damage resulting from busted water heaters or air conditioners, vandalism and theft, riots, or explosions.
· HO-3 Policy – includes the coverage in HO-2 Policy, but has an additional coverage for property damage and bodily injury.
Please note that Virginia insurance laws state that these options must be revealed to the consumer by the insurance agent and/or company.
Exclusions in the Coverage
Even more important than the coverage being offered by the policy are the exclusions. Flood insurance is not included in Virginia basic insurance policies. This is surprising considering that the state experiences occasional hurricanes and hailstorms. It would help to have flood insurance added to the basic policy at an extra cost or the homeowner may purchase the insurance directly from the National Flood Insurance Program.
How to Save Money
Although it is among the 14 states in the U.S. that has low annual insurance premiums, some Virginia residents may find it difficult to keep up with the monthly payments. One could get discounts on their premiums by taking the following necessary steps:
· Explore all insurance options available. Insurance companies have different rates and offer different deductibles, so it would be best to check out the various insurance companies in your area to be certain that you are getting a good insurance policy at a lower cost.
· Have only one insurance company to see to all your insurance needs. Large discounts are being given by companies to homeowners who also purchase car insurance and health insurance from them.
· Get even more discounts by taking the initiative of putting protective devices in your home. These would include installing deadbolts to doors and windows as an anti-theft and robbery measure, putting up a smoke detection and alarm system, and installing automatic sprinklers.
· Smoking is considered a fire hazard. Discounts will be given if the homeowner and the members of your family do not smoke.
Virginia State Insurance laws strongly encourage interactions between homeowners and their insurance agencies as well as with the state insurance department. Insurance laws change from time to time, so that homeowners must inquire with the agency or the insurance department on how these law changes would affect their policy. Equally important is that the homeowner should be aware of any changes in the terms of their policies. That is why homeowners must review their policies yearly and discuss any changes that the agency may have implemented. It would also be important to discuss if additional coverage would be necessary and how much would be its cost.
It is always best to remember that the Virginia State Insurance Department has in mind the best interests of consumers. For any concerns and issues regarding homeowner insurance in Virginia, consumers are advised to consult with them.
Find homeowner insurance rates in each of these Virginia cities:
Abingdon – Alexandria – Annandale – Aquia Harbour – Arlington – Ashland – Bailey’s Crossroads – Bedford – Belle Haven – Blacksburg – Bon Air – Bristol – Buena Vista – Bull Run – Burke – Cave Spring – Centreville – Chantilly – Charlottesville – Chesapeake – Chester – Christiansburg – Collinsville – Colonial Heights – Covington – Culpeper – Dale City – Danville – Dumbarton – Dunn Loring – East Highland Park – Fairfax – Falls Church – Farmville – Forest – Fort Belvoir – Fort Hunt – Fort Lee – Franconia – Franklin – Fredericksburg – Front Royal – Galax – Glen Allen – Gloucester Point – Great Falls – Groveton – Hampton – Harrisonburg – Herndon – Highland Springs – Hollins – Hopewell – Huntington – Hybla Valley – Idylwood – Jefferson – Lake Barcroft – Lake Monticello – Lake Ridge – Lakeside – Laurel – Leesburg – Lexington – Lincolnia – Linton Hall – Lorton – Lynchburg – Madison Heights – Manassas – Manassas Park – Mantua – Marion – Martinsville – McLean – Mechanicsville – Merrifield – Montclair – Montrose – Mount Vernon – Newington – Newport News – Norfolk – North Springfield – Oakton – Petersburg – Pimmit Hills – Poquoson – Portsmouth – Pulaski – Quantico Station – Radford – Reston – Richmond – Roanoke – Rose Hill – Salem – Seven Corners – Smithfield – South Boston – Springfield – Staunton – Stuarts Draft – Sudley – Suffolk – Timberlake – Tuckahoe – Tysons Corner – Vienna – Vinton – Virginia Beach – Warrenton – Waynesboro – West Gate – West Springfield – Williamsburg – Winchester – Wolf Trap – Woodbridge – Wyndham – Wytheville – Yorkshire