Virginia Home Insurance
Virginia home insurance rates will rise again this year, but you can avoid high premiums! InsureMe, an insurance online shopping network, can find you up to five free quotes from Virginia agents who carry low-priced, high quality homeowners' insurance. Ask for your quotes today!
Facts and Information about Virginia Home Insurance
Your Virginia homeowner's insurance should be affordable! Unfortunately, home insurance costs are not predicted to drop anytime in the next few years.
Often times, homeowners—like yourself—feel forced into buying high-priced policies with mediocre coverage. If you're shopping for cheaper Virginia home insurance, make sure you know what kinds of policies are available.
Never be bullied into choosing a policy that doesn't fit your finances! Virginia insurance is to protect your investments, not drain their value.
Two Types of Perils
Basically, the amount of coverage you choose depends on the amount of money you're willing to pay out-of-pocket. The more you pay now, the less deductible you'll pay later.
Virginia homeowners' insurance companies define perils as the causes—natural or man-made—that create damage and/or loss to your property. The state of Virginia has two policy types that determine which perils insurance companies must cover.
Ask any homeowner's insurance agent what the price difference will be between an open perils policy and a named perils policy. The open perils policy price may be slightly higher, but the extra coverage will be worth it when you file a claim!
Open perils policies pay for damage to your home and other outbuildings in all circumstances not listed in the exclusion clause, according to the Virginia Bureau of Insurance (VBI).
Named perils policies only cover losses to your property that are literally named in the policy. Any damage or losses from unnamed causes are excluded. The VBI encourages everyone to understand the coverage completely—"If your property is damaged due to a peril not listed in the policy, your insurance company will not pay for the damage."
Know Your Home Options
If you own your home, you need specific Virginia homeowner's insurance.
Consider:
- Broad Form or Named Peril HO-2 — the less expensive home policy with coverage for named perils only
- Special Form HO-3 — a policy with a combination of open perils and named perils
- Comprehensive Form HO-5 — another combination policy with HO-3 coverage plus a provision to cover your personal property
- Market Value or Older Homes Forms — coverage for older homes at lower limits or the current market value; your property loss will be replaced with modern common materials, rather than original or period materials.
Similar to an owner's broad form, condominiums require Condominium Unit Owners or HO-6 policies. You'll insure your personal property and any additions you make to the condo. The building itself and any liability on common property should be insured by the condominium association.
And if you rent, you need Renters or Contents Broad Form HO-4. This coverage includes replacement costs for your personal belongings, any additional living expenses resulting from the damage, liability and medical costs.
Of course, you'll need separate Virginia home insurance policies for those excluded perils: a hurricane, an earthquake, a flood or any acts of war. Your insurance agent will have the complete list.
The Most for Your Money
Before you purchase a policy, make a home inventory—an up-to-date, detailed list of your personal property. A camera or video camera can provide solid documentation for your list. Your home inventory will help you choose the right amount of coverage to cover your losses. And you'll have proof of your belongings for your insurance claims.
Buy Adequate Home Coverage
The majority of Virginia homeowners don't have enough home insurance coverage. Don't let yourself fall into this category! Your home replacement costs will be based on the depreciation of your property at the time of the claim. How much of the bill do you want to absorb?
Virginia home insurance companies only have to grant partial payments for a claim—when you don't have coverage at the time of the claim that is "equal to or greater than 80 percent of the replacement cost of your home," according to a consumer's guide pamphlet from the VBI.
What does this mean for you? The VBI explains Virginia home insurance companies may give you either the actual cash value or a "prorated value" based on the amount of coverage you should have purchased and your actual coverage amount.
The actual cash value is the dollar amount for replacement minus depreciation of your home. In some instances, you may be able to avoid the actual cash value clause by purchasing coverage for full replacement costs. Check with your agent to be sure.
Either way you'll pay more to replace or repair the property than you should have! Be smart—purchase a policy that will cover at least 80 percent of the replacement cost for your home, and update this coverage regularly.
Your Know-How Equals Savings
Your home investments matter—why else would you shop so carefully? A quality Virginia home insurance policy will protect your pocketbook when disaster hits your home. To get the best insurance quotes, know your Virginia insurance options!
Fill out our "Get a Free Quote" box for your free Virginia home insurance quotes! Count on InsureMe's shopping service for top-of-the-line service and speedy quotes!
