Jan 3, 2025 - News
Virginians' homeowners insurance costs are climbing
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About 8% of Virginia homeowners with a mortgage were paying at least $3,000 a year for home insurance as of 2023, according to new census data.
Why it matters: Home insurance costs are up considerably over the last few years — even to the point of quietly driving up inflation.
The big picture: Most homeowners — around 58% — are paying less than $1,500 a year for their coverage, according to the 2023 American Community Survey.
- In Virginia, it's even higher 66% of homeowners pay less than $1,500 a year for coverage.
Yes, but: It's a much different story in states like Florida (where 36.5% of homeowners are paying $3,000 or more for insurance), Louisiana (32.8%) and Texas (25.6%).
- Coverage in those states is getting especially costly due to the threat of climate-related disasters like hurricanes, as well as legal issues.