Cloverdale, VA Homeowners Insurance Rate Quotes!
In Cloverdale there are over 932 people living in a variety of different styles of construction type housing and require different types of homeowners insurance coverage. While there are roughly 425 housing units in the Cloverdale area, many of the ones that are currently occupied are in need of cheaper or lower rates. In the majority of these Cloverdale neighborhoods, the average family size is around 3 residents living per house.
The average household income in Cloverdale is about $50,634. While this is a fairly high number, it is slightly below the national median. Luckily, the cost of housing in Cloverdale is fairly reasonable, the average listing price is around $204,900.
Finding Cheaper Home Insurance Rates in Cloverdale
In Cloverdale, homeowners are finding affordable home insurance rates in the range of $849 per year. With discounts applied and the right coverage options, homes around the 1,800 square footage size are seeing rates around $599 per year. More expensive homes that require high replacement cost value are seeing rates around the $1,149 per year range. It is important to know which coverage type you need for your home. Let us shop the best rates and coverages while appling all the discounts needed to help you save the most on your new homeowners insurance policy.
Below are some of the most common insurance types for homeowners in the city of Cloverdale:
What is an HO-3 policy include if you live in Cloverdale?
The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.
Do I need an HO-6 policy for my condo in Cloverdale, VA?
Yes, HO-6 policies are fitted for covering condos. Condos are becoming a popular housing option in Cloverdale and if you have one, then you need an HO-6 coverage type. In addition to covering your condo, this type of policy also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.
I live in the historical district of downtown Cloverdale, what type of coverage do I need?
Cloverdale is lucky to have a fair number of historical homes and if you own one, you may need a HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. The replacement cost may be higher because of the additional work and material needed to restore the home to it's historical detail and value.
These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.
I am renting a home in Cloverdale, what type of coverage do I need?
An HO-4 policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.
Compare Homeowners Insurance Rates in Cloverdale, VA!
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Cloverdale, VA Home Insurance Companies
With over 20+ years of Virginia homeowners insurance coverage and quoting experience, we enjoy helping customer find the best price and coverage options for your home in Cloverdale, VA. Our new carrier platform includes quick rates from the very best insurance companies, like Liberty Mutual, Safeco Insurance, Tower Hill, ShoreOne, Kind Group Underwriting, AIG, Chubb, Travelers, National General and Heritage Insurance. Getting the best insurance rates with the right insurance company is key to protecing your Cloverdale home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Cloverdale
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Home Insurance Rates by Zipcode in Cloverdale, VA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Cloverdale.
Cloverdale, VA Home Insurance Average Premiums
$599 /yr.
For the city of Cloverdale, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $599 /yr. |
| Average Coverage: | $849 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1149 /yr. |
What is the average home insurance cost for a home in Cloverdale, VA?
- • The average homeowners insurance premium paid annually for a home in Cloverdale is around $849 per year.
What does it cost on average per month for home insurance in Cloverdale, VA?
- • Homeowners in Cloverdale pay an average cost per month around $71.00 for insurance coverage.
Cloverdale, VA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $259,227 | $240,916 |
| February | $258,230 | $243,736 |
| March | $257,809 | $247,784 |
| April | $257,929 | $252,241 |
Homeowners insurance will help cover the cost to repair or replace your Cloverdale home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Cloverdale
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Cloverdale, VA homeowners insurance rates all in one place! |
Saving Money Tips on Cloverdale Home Insurance
A great way to save money on Cloverdale homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Cloverdale area? Check out what homeowners are paying on average for Virginia homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 1163 ft. | This is the average home elevation in Cloverdale, VA | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local Virginia flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Cloverdale, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Botetourt County.
Virginia Homeowners Insurance News & Information
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Should I raise my deductible to $10,000 to help offset the cost of rising premiums? Posted on Wednesday 15th May, 2024
According to industry reports, homeowners are raising their deductibles to $5,000 to $10,000 to help offset the cost of rising premiums. While raising a deductible into the stratosphere will absolutely lower your homeowner insurance premium, it does mean that you will have to cover your deductible amount in the event you have to make a […]
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Should I choose the minimum or maximum homeowners insurance coverage? Posted on Monday 13th May, 2024
As homeowner insurance rates rise across the country, some homeowners are opting for policies that offer minimal coverage to keep their premiums affordable. Unfortunately, this choice will leave them at higher risk and in a position where they may have to pay more out of pocket if they have to make a claim on their […]
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Texas is Seeing Major Increases in the Cost of Homeowners Insurance Posted on Tuesday 7th May, 2024
Like much of the rest of the country, Texas is seeing major increases in the cost of homeowners insurance. According to an article in Austin American-Stateman, residents of Texas have seen their insurance rates go up 50.9% on average which is the largest increase in the country for that time period. Unfortunately, experts are predicting […]
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Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024
While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states. In most states, insurers are allowed to consider credit scores when setting […]
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The Best Way to Check the Financial Strength of Home Insurance Companies Posted on Wednesday 3rd April, 2024
If you are switching insurance companies, you should always check the financial strength of any insurer you are seriously considering. While an affordable premium is always a plus, if your insurance company cannot afford to pay when you file a claim, the savings will certainly not be worth it. A.M. Best is a credit rating […]
Cloverdale, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Cloverdale so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Cloverdale, VA?
- The average square footage in Cloverdale is around 1,257 Sq. Ft. which would cost you around $204,900 to replace the home if you base the home on the price to build per square foot of $163.
Minimum Replacement Cost Total: $204,900
Location: Cloverdale, Virginia (Botetourt County)
Average Building Cost Per Square Foot in Cloverdale: $163 (low end)
Average Square Footage in Cloverdale: 1,257 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $163 | $204,900 |
| Some Additional Upgrades | $204 | $256,125 |
| Major Home Updates or Advancements | $245 | $307,350 |
The dwelling coverage is calculated by the average cost per square foot ($163) in Cloverdale, Virginia times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $509,375 (Media price to build of $204 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.