Home Insurance in Chesapeake, VA

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Life in Chesapeake, Virginia

Chesapeake is the second largest city in Virginia, behind only Virginia Beach. With 252,488 residents calling the city home, it is a bustling area with 22 miles of waterways to explore, world-class entertainment and a wealth of historical attractions. Nearly 73% of homes in the city are owner-occupied, with an average value of almost $300,000.

Life in Chesapeake may seem idyllic, but there are some risks. Its coastal location makes it a target for storms, including the occasional hurricane or nor-easter that brings damaging winds. Flooding can also be a problem, although most city infrastructure is considered safe from severe events.

Luckily, crime rates in the city remain lower than the state average for most types of crimes. In 2020, there were only 19 reported arsons and 388 burglaries. Additionally, most crime rates have seen decreases, indicating reduced risks of living in the city. That's good news for homeowners looking for affordable home insurance in Chesapeake. You can compare rates with VIU by HUB.

Home Insurance Coverage in Chesapeake

Home insurance is designed to provide coverage for the unexpected, and your Chesapeake policy should have the following components to do that:

Liability insurance: This pays for costs associated with injuries or property damage that occurs to others while on your property. It typically covers medical care for accidents related to negligence and legal bills from claims.
Medical payments: Smaller medical bills are usually paid for by your medical payments liability insurance, regardless of who is at fault.
Dwelling coverage: This portion of your policy pays for repairs to or rebuilding of your home after a covered loss. Coverage limits are established when you purchase a policy, and they are based on either the value of your home or its estimated replacement cost.
Additional structures: This coverage pays for repairs to outbuildings, such as a shed or a detached garage.
Personal property coverage: All of your possessions, including those temporarily in storage or in a vehicle, are covered by your personal property coverage. You can add special riders for specific high-value items.

You may also opt to include extras, such as insurance that pays for temporary housing and meals if you are unable to live in your home after a covered loss. Many homeowners also choose to add flood and hurricane coverage to their home insurance in Chesapeake.

A typical home policy provides coverage for many types of damage, such as fire, vandalism, and some natural disasters. However, flooding and hurricane damage are often excluded. Check your policy to determine if you need these extras to provide comprehensive coverage.

Costs of Home Insurance in Chesapeake, VA

Home insurance in Chesapeake costs an average of $2,546.00 per year for $350,000 in dwelling coverage. That's significantly more than the average Virginia home policy with $350,000 in coverage, which costs $1,519.87. Risks unique to the city, such as an increased danger of wind and flood damage, contribute to the increased cost.

It is important to remember that average rates are for a specific amount of insurance coverage for an individual with a specific risk profile. Your premium may be higher or lower based on individual factors, including the age, size and location of your home, your credit history and any previous home claims you have filed.

Let VIU by HUB help you compare rates to find affordable home insurance in Chesapeake that gives you peace of mind,

This information is intended for general informational purposes only and is not intended to constitute legal advice.