Virginia Condo Insurance
Get a complete analysis of Virginia condo insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Condo Insurance Rates & Companies in Virginia
Condominium living is a great option for many Virginians, particularly first-time homebuyers and retirees looking to downsize. If you own a condo in Virginia, you can cover your personal property and protect your finances with a condo insurance policy. Without this coverage, you could risk hefty financial losses after an unexpected lawsuit or an incident of vandalism.
Fortunately, a local independent insurance agent in Virginia can help you find the right condo insurance policy ASAP. Your agent knows exactly where to find the best coverage for you at an affordable rate. But first, here's a closer look at Virginia condominium insurance requirements, average rates, and more.
Best Condo Insurance Companies in Virginia
Virginia has no shortage of condo insurance carriers. But when you're looking for the best coverage around, you want to know exactly where to find it. Here are some of our top recommendations for the best Virginia condo insurance companies to start you off on the right foot.
- Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers is a longstanding carrier in the industry, has excellent ratings from the Better Business Bureau (BBB) and AM Best alike, and offers many discounts.
- Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has outstanding ratings from AM Best and the BBB, offers many discounts, and provides 24/7 claims reporting.
- Encova: This carrier sells condo insurance and many other types of personal and business insurance. Encova has great ratings from AM Best and the BBB and provides 24/7 claims reporting.
An independent insurance agent in Virginia can provide quotes and policy options from each of these top-rated carriers and any others you're interested in comparing.
What's the Difference Between HO3 and HO6 Insurance?
Another form of homeowners insurance, condo insurance, is often referred to as HO6 coverage. Condo or HO6 insurance covers your personal property and liability as well as additional living expenses.
While home insurance or HO3 policies include all of these coverages, they also protect the home's structure or dwelling and its foundation. A condo insurance policy doesn't include this coverage because it's typically a part of the homeowners association's master policy.
Is Condo Insurance Required in Virginia?
State law in Virginia doesn't mandate condo insurance, but coverage is often still required. Many mortgage lenders and condo associations make condo insurance a required part of their contracts.
Regardless, having condo insurance can be a wise choice in most cases. Without a policy, you could be stuck paying for an expensive lawsuit or property disaster all on your own.
What Does Condo Insurance Cover in Virginia?
Condo insurance includes three major forms of protection. In Virginia, condo insurance typically includes the following:
- Liability coverage: This covers lawsuit costs like attorney and court expenses if a third party sues you for bodily injury or personal property damage.
- Loss of use coverage: This covers certain temporary living expenses (e.g., lodging and meals) if your unit is uninhabitable after a covered loss such as a fire.
- Contents coverage: This covers theft, destruction, or damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, etc.
The contents coverage in Virginia condo insurance often covers damage and destruction caused by:
- Theft and vandalism
- Explosions
- Fire and smoke
- Wind, lightning, and hail
- Burst pipes
Your Virginia independent insurance agent can help you build a complete condo insurance policy.
What's Not Covered by Virginia Condo Insurance?
Condo insurance doesn't cover just anything. In Virginia, condo insurance typically excludes the following disasters and expenses:
- Routine maintenance
- Malicious or intentional acts against third parties
- Insect damage and infestation
- Flood damage
- Sewer backup damage
In many cases, you can add water or sewer backup endorsements to your condo insurance policy if you're concerned about these potential disasters. You can also buy a separate flood insurance policy if you're in an area prone to natural flooding.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
How Much Does Condo Insurance Cost in Virginia?
The average annual condominium insurance cost in Virginia is $365. This is quite a bit below the current national average cost of condo insurance, which is $455 per year. However, keep in mind that the cost of your specific policy can vary based on the following factors:
- The coverage options, limits, and deductible you choose
- The coverage provided by the association's master policy
- Your personal claims history
- The crime and weather risks in your ZIP code
- The value of your condo and personal property
Adding any Virginia condo insurance discounts you qualify for can help you potentially save on your coverage as well.
Popular Questions about Virginia Condo Insurance
Virginia state law doesn't mandate condo insurance. However, coverage is often required by many mortgage lenders and condo associations.
The current average cost of condo insurance in Virginia is about $365 annually. This breaks down to around $30 monthly.
Our finding is that Travelers is the best condo insurance company in Virginia. Travelers has great official ratings, discount options, and rates.
Virginia independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Richmond or wherever you reside.
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