Glen Allen, VA Home Insurance Quotes!
If you move to Glen Allen, VA, you will join the already 229,425 people that call this beautiful town home. Families in Glen Allen have an average of 3 people and they live in one of the 12,411 housing units that line the streets of Glen Allen.
In our fair city, the majority of households are earning about $99,655, which is the median income in Glen Allen. One of the very best things about calling Glen Allen home is the fact that you can buy a house for the average price of $350,371, which makes it a very affordable community.
How much does home insurance cost in Glen Allen?
Once you have purchased a home, you will need to protect it with a homeowners policy. Lucky for you, Glen Allen is a very affordable town with an average homeowners insurance premium of $556 per year compared to the city average of $806/yr. Glen Allen homeowners in more expensive homes with a heated square footage of more than 2,500 sq. ft. are paying around $1,106 a year because the dwelling coverage is more expensive to replace.
Coverage Guide for Glen Allen Homeowners
One thing to consider when buying home insurance is the type of policy you need. There are different policy types that are each designed for the specific type of home that you may own. For example do you own or rent the home? Is the home a single family home, duplex or condo? These are all imporant questions that change the coverage level of the policy you may need to get the right coverage. Here is a brief description of each of the different homeowner policy types that are available to you:
- Homeowners 3 (HO-3): The most common of all homeowner insurance types is the HO-3 policy. The majority of homeowners in Glen Allen are most likely carrying this policy type. It protects your home against every peril except ones that are excluded specifically in the policy.
It should be noted that all HO-3 policies exclude earthquake and flooding damage. - Homeowners 4 (HO-4): You probably know this policy type by its more familiar name, “renters insurance.” This will cover the personal property in the apartment as well as offering liability coverage for you in the event that some trips and fall or is otherwise injured in your apartment.
- Homeowners 5 (HO-5): This policy type is an upgraded HO-3. While more expensive than an HO-3 policy it also offers more coverage. These policies are not available on all homes, they are usually reserved for newer houses that fall in higher price brackets.
One of the major differences with this policy type is that your personal property is covered by all perils that are not named as exclusions. An HO-3 policy on the other hand only protects your personal property against a certain list of perils.
The majority of these policies also offer replacement value as standard coverage on personal property compared to fair market value which takes deprecation into account when calculating the value of your damaged or destroyed property.
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Glen Allen, 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 Glen Allen, 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 Glen Allen home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Glen Allen
Are you looking for homeowners insurance in a city near Glen Allen? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Glen Allen, VA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Glen Allen.
Glen Allen, VA Home Insurance Average Premiums
$556 /yr.
For the city of Glen Allen, 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) | $556 /yr. |
| Average Coverage: | $806 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1106 /yr. |
What is the average home insurance cost for a home in Glen Allen, VA?
- • The average homeowners insurance premium paid annually for a home in Glen Allen is around $806 per year.
What does it cost on average per month for home insurance in Glen Allen, VA?
- • Homeowners in Glen Allen pay an average cost per month around $67.00 for insurance coverage.
Glen Allen, VA Coastal Wind, Hail & Flood Information
Glen Allen is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Glen Allen is know for it's beautiful beaches and waterways. Because Henrico County (FIPS: 51087) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Glen Allen, VA.
Glen Allen, VA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $418,446 | $407,791 |
| February | $419,888 | $413,415 |
| March | $423,536 | $419,427 |
| April | $426,192 | $423,887 |
Homeowners insurance will help cover the cost to repair or replace your Glen Allen 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 Glen Allen
- 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 Glen Allen, VA homeowners insurance rates all in one place! |
Saving Money Tips on Glen Allen Home Insurance
A great way to save money on Glen Allen 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 Glen Allen 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 |
|---|---|---|
| 257 ft. | This is the average home elevation in Glen Allen, VA | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Glen Allen, Virginia. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Glen Allen, 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 Henrico County.
Virginia Homeowners Insurance News & Information
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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 […]
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Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024
A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase. Currently, a Broward commissioner is asking Congress to pass legislation he claims […]
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North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024
North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]
Glen Allen, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Glen Allen 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 Glen Allen, VA?
- The average square footage in Glen Allen is around 2,150 Sq. Ft. which would cost you around $350,371 to replace the home if you base the home on the price to build per square foot of $163.
Minimum Replacement Cost Total: $350,371
Location: Glen Allen, Virginia (Henrico County)
Average Building Cost Per Square Foot in Glen Allen: $163 (low end)
Average Square Footage in Glen Allen: 2,150 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $163 | $350,371 |
| Some Additional Upgrades | $204 | $437,964 |
| Major Home Updates or Advancements | $245 | $525,557 |
The dwelling coverage is calculated by the average cost per square foot ($163) in Glen Allen, 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.