Salem, VA Homeowners Insurance Rate Quotes!
Homeowners have recently discovered a quick and easy ways to compare homeowners insurance rates in Salem from the comfort of their own home. GetHomeInsuranceQuotes.com (GHIQ) has professional agents standing by to help you find the best policy for your needs. Our fast quoting process is simple and has been used successfully by thousands of homeowners just like you who want to quickly compare insurance rates and buy a policy without any hassle. On average, rates are around $66 per month, shop now to save on Salem homeowners insurance.
We will provide premium quotes from up to 12 or more insurers so you can compare the cost and coverage of your new policy. All of the insurers we work with are national companies that are highly rated A+ by A.M. Best so you can be confident they will be there to help if you need to make a claim.
Average Salem Home Insurance Rates
For homeowners in the Salem area, the average home insurance premium is around $789 per year. Most HO-3 homeowners policies are paid annually for insurance coverage on a single-family home. For smaller homes rates can be as low as $539 per year. More expensive homes that are larger in square footage cost more to rebuild so the replacement cost value is higher which makes the premium higher, so rates for more expensive homes are around $1,089 per year or more.
Best Way to Shop Home Insurance
When we work with new customers at GHIQ we take the time to investigate your needs and discuss all of the available policy options. We will search for additional discounts and examine your coverage levels to make sure you are fully protected. In many cases, we can help you save up to 40 percent on your current rates, all from the comfort of your own home.
What does a policy cover?
All of our homeowner policies not only cover your Salem home and your possessions but any detached structures on your property as well. This includes detached garages, sheds, barns and other outbuildings. In addition, all of our standard policies offer loss of use coverage which will help cover your day to day living costs if you are forced out of your home due to a covered peril. Liability and medical costs are also standard coverages.
We will make sure that you have a complete understanding of your policy before you sign on the dotted line and are always available to answer any questions you have. Our agents will guide you through the entire process and evaluate your current coverage to make sure you are fully protected against all risks including flooding or earthquake damage. We will also do a full discount review to make sure you are receiving all available discounts.
For additional help, please visit our homeowners insurance blog for helpful articles, tips and customer related questions.
Compare Homeowners Insurance Rates in Salem, VA!
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Salem, 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 Salem, 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 Salem home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Salem
Are you looking for homeowners insurance in a city near Salem? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
Home Insurance Rates by Zipcode in Salem, VA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Salem.
Salem, VA Home Insurance Average Premiums
$539 /yr.
For the city of Salem, 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) | $539 /yr. |
| Average Coverage: | $789 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1089 /yr. |
What is the average home insurance cost for a home in Salem, VA?
- • The average homeowners insurance premium paid annually for a home in Salem is around $789 per year.
What does it cost on average per month for home insurance in Salem, VA?
- • Homeowners in Salem pay an average cost per month around $66.00 for insurance coverage.
Salem, VA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $263,376 | $236,185 |
| February | $264,233 | $239,755 |
| March | $265,889 | $244,451 |
| April | $267,750 | $249,161 |
Homeowners insurance will help cover the cost to repair or replace your Salem 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 Salem
- 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 Salem, VA homeowners insurance rates all in one place! |
Saving Money Tips on Salem Home Insurance
A great way to save money on Salem 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 Salem 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 |
|---|---|---|
| 1127 ft. | This is the average home elevation in Salem, 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 Salem, 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 Salem 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 […]
Salem, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Salem 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 Salem, VA?
- The average square footage in Salem is around 1,169 Sq. Ft. which would cost you around $190,500 to replace the home if you base the home on the price to build per square foot of $163.
Minimum Replacement Cost Total: $190,500
Location: Salem, Virginia (Salem County)
Average Building Cost Per Square Foot in Salem: $163 (low end)
Average Square Footage in Salem: 1,169 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $163 | $190,500 |
| Some Additional Upgrades | $204 | $238,125 |
| Major Home Updates or Advancements | $245 | $285,750 |
The dwelling coverage is calculated by the average cost per square foot ($163) in Salem, 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.