Homeowners Insurance in Norfolk, VA
Protect your investment and get peace of mind with a comprehensive home insurance policy.
Norfolk is home to roughly 235,000 people. making it one of the largest cities in Virginia. Its amazing list of attractions includes historical tours of Fort Norfolk authorized by George Washington, the Hampton Roads Naval Museum, and the Armed Forces Memorial. Fishing and scenic waterway cruises are perfect for folks who crave more nautical adventures.
Approximately 43.5% of Norfolk residents own their own home in this amazing city. The average value of an owner-occupied home in the city is $223,300. Keep in mind that the cost to repair or replace a home may be higher, so it is a good idea to discuss your coverage needs with a VIU by HUB broker when comparing rates for homeowners insurance in Norfolk.
Burglaries and arson rates are lower in Norfolk than in the rest of the state, which helps mitigate insurance costs. However, other unique risks of living in a coastal community directly impact how much you will pay for home insurance in Norfolk.
Where you live plays a big role in how much you pay for adequate home insurance. The average cost for home insurance in Norfolk is $1705 per year or $142 per month. This is slightly higher than the state average of $1,190 but slightly less than the national average of $1,820.
Some factors that impact home insurance costs in Norlk include:
As in most other states, the law in Norfolk, VA, does not require home insurance. However, lenders often require coverage. Even if it is not a legal requirement, homeowners insurance in Norfolk is an excellent way to protect your investment in your coastal Virginia home. A basic home policy includes the following coverages:
Unique risks to the Norfolk area may make it a good idea to invest in additional protection. For example, flood insurance can help cover the costs associated with increased flooding in coastal areas. Most home policies exclude this type of damage, and you must purchase it separately. According to Risk Factor, 54% of homes in Norfolk are at major risk of flooding over the next 30 years, with the city as a whole considered high risk.
Additionally, the severe risk of wind damage from hurricanes and other coastal storms makes hurricane coverage an attractive investment. Discuss coverage options with our brokers at VIU by HUB to compare quotes from different insurers and build a customized policy based on your home's unique risks.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
