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How to find affordable homeowners insurance in Norfolk

Among the most important aspects of owning a home is homeowners insurance. Along with your personal property, homeowners insurance covers your dwelling against many perils, including wind damage, fire, and vandalism. Given the relatively frequent occurrence of these incidents and the substantial cost of replacing a home, having a home insurance policy is a solid investment.  The average homeowners policy costs $195 per month in Norfolk, Virginia. This is well over national average monthly cost of home insurance.

What you pay for homeowners insurance is dependent on a number of factors. These include your dwelling's value, the value of your personal belongings, and the cost of the materials used to build your home. The location of your home also contributes to the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance rates may be higher to account for the extra risk. Learn more about the specifics of home insurance coverage.

If you want to find cheap home insurance in Norfolk, start with shopping around and comparing different policies. Take a look at the summary below showing average home insurance rates in Norfolk to help you get as much information as possible when you start your search for homeowners insurance. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.

 
Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings

 

Norfolk home insurance by company

Norfolk homeowners insurance rates will vary depending on which insurance company you choose. The most inexpensive home insurance in Norfolk comes from Nationwide, which offers average annual rates of just $1,030 per year. This is more favorable than the city’s average home insurance premium of $1,822.

Begin your search for a home insurance policy by reviewing the cheapest home carriers in Norfolk, Virginia, listed below. Then, see our guide listing the best homeowners insurance companies based on customer satisfaction and other factors.

 
AFFORDABLE HOME INSURERS IN NORFOLK
Company Average Annual Rate
Nationwide $1,030
State Farm $1,067
Erie $1,596
Safeco $1,658
Allstate $1,960

 

Norfolk homeowners insurance prices by coverage level

Your chosen level of homeowners coverage impacts the insurance premiums you pay . Homeowners in Norfolk who carry $200K in dwelling coverage pay an average of $1,350 per year, while those with coverage up to $400K pay around $2,340 per year.

 
POPULAR COVERAGE LIMITS IN NORFOLK
Coverage Level Average Annual Rate
$100,000 Dwelling $804
$200,000 Dwelling $1,350
$250,000 Dwelling $1,548
$400,000 Dwelling $2,340

 

Norfolk home insurance rates by ZIP code

Not every area of Norfolk has equal home insurance premiums. The amount of claims filed in your local area can be a factor in determining the price of your policy. Put simply, your home's location could have a huge impact in what you pay for homeowners coverage.

To find the most affordable home insurance rates in Norfolk, look no further than 23505. In the 23505 area, homeowners coverage usually costs just $1,705 per year — a full $117 less than the Norfolk average. The below table shows the best places to live in Norfolk if you’re looking for affordable homeowners insurance.

 
AFFORDABLE HOME INSURANCE AREAS IN NORFOLK
ZIP Code Average Annual Home Insurance Rate
23505 $1,705
23510 $1,741
23523 $1,751

On the other hand, some areas of Norfolk face higher homeowners insurance costs, on average. These parts of town could be more prone to perils such as theft, severe weather, or fires that present more risk for insurance companies. One of the costliest ZIP codes for homeowners insurance in Norfolk is 23519, with an annual average rate of $1,970.

 
EXPENSIVE HOME INSURANCE AREAS IN NORFOLK
ZIP Code Average Annual Home Insurance Rate
23519 $1,970
23518 $1,932
23520 $1,896
 

Norfolk homeowners insurance deductibles

One of the decisions to be made when shopping for homeowners policies is how high to set your deductible. A homeowners deductible is the amount you must pay out of pocket toward a covered loss. Choosing your deductible is a major determiner of how much you pay for your coverage.

In general, choosing a low deductible means that your insurance premiums will be higher. This means that those aiming for lower home insurance costs will want to seriously consider a higher deductible. Bear in mind that your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.

The chart below reveals the typical premiums associated with most deductibles.

 
HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN NORFOLK
Deductible Level Average Annual Homeowners Insurance Rate
$500 $1,650
$1,000 $1,548
$1,500 $1,470
$2,000 $1,399
$5,000 $1,221

 

Home and auto insurance bundling in Norfolk

You might want to consider purchasing your auto and homeowners policies through the same company if you are searching for the best overall prices. Bundling home and auto insurance is one way to save substantially on your monthly car insurance premiums. By bundling your policies, Norfolk homeowners could see annual savings of 7% on average.

 
CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN NORFOLK
Company Avg. Annual Auto Insurance Rate (With Bundle)
Erie $822
GEICO $860
USAA $880
State Farm $905
Nationwide $943

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About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.