Study finds Virginia’s home insurance rates have significantly increased in the last decade
Virginia saw a 41% increase in home insurance rates between 2007 and 2016.
Despite what may seem like a sharp increase, Virginia ranked 34 out of all states and D.C. for its rate increase, based on a report published by QuoteWizard.
Rankings are based on states that experienced the largest dollar increase in their average home insurance rate from 2007 to 2016. The premiums increased $283 during that time period.
QuoteWizard allows consumers to compare insurance quotes online and on the phone. The organization used data from the National Association of Insurance Commissioners to find the percent change in home insurance rates. It found that these rate increases were primarily driven by natural disasters.
The report also said that 11 out of the top 15 states were in Tornado Alley boundaries. Oklahoma came in first with a 78% increase in home insurance rates, which amounts to an extra $821 paid each year. Western states had the lowest rate increases in the country. Nevada was ranked 51 with only a 7% or $47 increase.