Best & Cheapest Homeowners Insurance in Chesapeake, VA May, 2024
For homeowners in Chesapeake, State Farm provides the most affordable home insurance option, with an average annual quote of $1,327.
In our thorough assessment of home insurance providers in Chesapeake, Virginia, State Farm emerges as the most budget-friendly option, with an average yearly rate of $1,327. However, it’s essential to recognize that the best insurer for you may vary based on your specific circumstances and needs.
For example, if you own a newly constructed home, Nationwide offers the most cost-effective solution at $876 per year. Conversely, if you have an older home, Chubb still provides competitive rates of $1,230 annually along with comprehensive coverage.
Moreover, if your credit score has been negatively impacted, Chubb presents the most economical choice with an average annual premium of $1,680. For individuals with a history of claims, State Farm offers an affordable and accommodating option at $1,620 per year.
Additionally, if you have valuable personal belongings requiring protection, State Farm once again proves to be the top choice, offering extensive coverage at a reasonable rate of $1,446 per year.
Our detailed analysis at Insuranceopedia aims to assist you in finding the perfect match for your home insurance needs. By comparing customer ratings, evaluating personal experiences, and providing comparison charts, we strive to provide you with all the information necessary to make a well-informed decision.
How much is homeowners insurance in Chesapeake, VA?
In Chesapeake, Virginia, State Farm provides the most affordable homeowners insurance rate, priced at $1,327 per year.
| Area | Average Monthly Rate |
| National | $1,820 |
| Virginia | $2,062 |
| Chesapeake | $2,084 |
It’s important to understand that insurance rates are not consistent and can vary significantly based on several factors.
Cheapest Homeowners Insurance in Chesapeake, VA
Our Methodology
To find the most affordable home insurance rates in Chesapeake, we analyzed data from multiple home insurance review platforms. Some of these platforms assessed rates sourced from public filings obtained by Quadrant Information Services. We calculated an average of these rates for our review. However, it's important to note that rates from each company can change regularly and may vary based on your individual circumstances. Furthermore, our comprehensive rating includes my subjective opinion, drawn from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest Homeowners Insurance in Chesapeake, VA
State Farm is the most budget-friendly option for homeowners insurance in Chesapeake, Virginia, with an average annual rate of $1,327.
| Company | Annual Premium |
| State Farm | $1,327 |
| Chubb | $1,680 |
| Allstate | $1,979 |
| Farmers | $1,356 |
| Auto-Owners | $6,290 |
Your insurance policy’s price is affected by different factors like your location, home value, and claims history. State Farm provides a mix of affordability and comprehensive coverage, which strikes a balance suitable for homeowners’ needs.
Cheapest Homeowners Insurance If You Have an Older Home
Chubb offers the most affordable rates for older homes, averaging $1,230 per year.
| Insurance Company | Average Annual Premium |
| Chubb | $1,230 |
| State Farm | $1,385 |
| Nationwide | $1,475 |
| Allstate | $1,621 |
| Travelers | $5,239 |
Older homes often come with unique risks and maintenance challenges, potentially resulting in higher insurance costs. However, Chubb provides competitive rates and comprehensive coverage tailored to address the specific needs of older homes.
Cheapest Homeowners Insurance for Newly Constructed Homes
Nationwide provides the most cost-effective option for newly constructed homes, with an average annual rate of $876.
| Insurance Company | Average Annual Premium |
| Nationwide | $876 |
| State Farm | $960 |
| Chubb | $1,204 |
| Allstate | $1,416 |
| Farmers | $2,678 |
Newly constructed homes often demand distinct coverage compared to older ones, and Nationwide is recognized for providing affordable policies customized to meet these specific requirements.
Cheapest Homeowners Insurance If You Have Poor Credit
If you have a poor credit score, Chubb provides the most affordable solution, with an average annual rate of $1,680.
| Insurance Company | Average Annual Premium |
| Chubb | $1,680 |
| State Farm | $3,010 |
| Erie | $3,245 |
| Travelers | $3,347 |
| Allstate | $3,670 |
Your credit score is a significant factor in determining your insurance rates as insurers use it to evaluate risk. Chubb recognizes the importance of offering fair coverage to all individuals, regardless of their financial background.
Cheapest Home Insurance for a History of Claims
| Insurance Company | Average Annual Premium |
| State Farm | $1,620 |
| Progressive | $1,940 |
| Chubb | $2,284 |
| Allstate | $2,698 |
| Nationwide | $2,850 |
Cheapest Home Insurance Rates for Lots of Personal Property
If you own a substantial amount of personal property, State Farm provides the most affordable rates, averaging $1,446 annually.
| Insurance Company | Average Annual Premium |
| State Farm | $1,446 |
| Chubb | $1,899 |
| Travelers | $2,144 |
| Allstate | $4,067 |
| Farmers | $7,013 |
As your personal property increases, your coverage needs may also increase, potentially resulting in higher premiums. However, State Farm offers comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.
Best Homeowners Insurance Companies in Chesapeake, VA
Selecting the right homeowners insurance isn’t just necessary; it’s a strategic decision. With Chesapeake’s rich history, its homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.
To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Chesapeake, VA. These companies have been evaluated based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to find the perfect match for your home insurance needs.
| Company | Annual Premium | |
| 1. | State Farm | $1,327 |
| 2. | Chubb | $1,680 |
| 3. | Allstate | $1,979 |
| 4. | Farmers | $1,356 |
| 5. | Auto-Owners | $6,290 |
| 6. | MetLife | $1,043 |
| 7. | Universal Property | $1,270 |
| 8. | Erie | $1,492 |
| 9. | Travelers | $1,764 |
Average Home Insurance Rates by Zip Codes
Homeowners insurance costs in Chesapeake, VA can vary significantly based on the zip code. Below are tables showing rates for different zip codes in Chesapeake, including the cheapest and most expensive zip codes in the area for annual home insurance premiums.
| ZIP Code | Average Insurance Premium (Annual) |
| 23320 | $1,618 |
| 23322 | $1,684 |
| 23321 | $1,640 |
| 23323 | $1,717 |
| 23325 | $1,730 |
Cheapest Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 23320 | $1,618 |
| 23322 | $1,684 |
| 23321 | $1,640 |
Most Expensive Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 23323 | $1,717 |
| 23325 | $1,730 |
| 23324 | $1,707 |
Average Home Insurance Rates in Chesapeake, VA by Deductible Amount
The deductible amount chosen for a homeowners insurance policy has a notable impact on premium rates in Chesapeake, Virginia. Here’s a breakdown of how average home insurance rates vary depending on different deductible amounts:
| Deductible Amount | Average Annual Premium |
| $500 | $1,517 |
| $1,000 | $1,424 |
| $1,500 | $1,352 |
| $2,000 | $1,287 |
Average Home Insurance Rates in Chesapeake, VA By Coverage Amount
An essential factor influencing your premium is the dwelling coverage amount, which signifies the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.
Here is a comparison chart illustrating the average annual homeowners insurance premiums for various dwelling coverage amounts.
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $1,171 |
| $250,000 | $1,424 |
| $300,000 | $1,658 |
| $350,000 | $1,892 |
| $400,000 | $2,145 |
Average Home Insurance Rates in Chesapeake, VA by Company
Here is a comparison of yearly premiums from leading insurance providers in Chesapeake.
| Company | Annual Premium |
| State Farm | $1,327 |
| Chubb | $1,680 |
| Allstate | $1,979 |
| Farmers | $1,356 |
| Auto-Owners | $6,290 |
| MetLife | $1,043 |
| Universal Property | $1,270 |
| Erie | $1,492 |
| Travelers | $1,764 |
How Much is Homeowners Insurance for Other Cities in Virginia?
Below is a detailed comparison chart showing the most cost-effective annual premiums across various cities in Virginia.
| City | Annual Premium |
| Virginia Beach | $2,247 |
| Norfolk | $2,262 |
| Richmond | $1,397 |
| Fairfax | $1,020 |
Getting Online Homeowners Insurance Quotes in Virginia
With informative platforms like Insuranceopedia, finding the perfect coverage for your specific needs is just a few clicks away. By offering quick online quotes from a variety of top-rated insurers, Insuranceopedia allows you to effortlessly compare rates.
Simply enter your information, and let us handle the rest by presenting you with a range of options tailored to your needs. This empowers you to confidently choose a policy that provides the best value, striking the right balance between cost and comprehensive coverage.
FAQs
Who has the cheapest home insurance in Chesapeake, VA?
State Farm offers the most cost-effective home insurance option in Chesapeake, Virginia, with an annual premium of $1,327.
What is the average cost of home insurance in Chesapeake, VA?
On average, homeowners insurance in Chesapeake, Virginia typically costs approximately $2,084 annually.
Sources
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