Ararat, VA Home Insurance Quotes!
Ararat is a great town to live with only 2,715 people living within the city limits. While the popluation size may be consider small, Ararat packs a big punch with roughly 1,179 households per zip code making this area very competitive for home insurance companies. The average number of residents living within the occupied homes is around 3, but that number can vary depending on the housing construction and property type.
Ararat really shines when it comes to the average household income, our median income recently hit the $40,333 mark, which puts it pretty close to the national average. This amount of income goes a long way in the Ararat housing market since the median house price is $124,700.
We Also Have Cheap Homeowners Insurance in Ararat
The residents of Ararat are very lucky when it comes to the cost of homeowners insurance. Recent data indicates that the average policy cost homeowners in Ararat, $1,107 per year. Did you know the national average is $1,311. At GetHomeInsuranceQuotes.com, we shop the best rates and coverage options, homeowners in Ararat pay a much cheaper rate as low as $553 per year. Average rates for homeowners living in a 1,850 square foot home or bigger usually pay around $803 for a standard HO-3 policy. Large homes with much higher heated square footage pay around $1103 per year. Enter your zip code to start shopping quotes with us or give us a call now at 855-976-2656!
What are the insurance coverage types for homes in Ararat?
The thing about Ararat homeowners insurance that many people don't know is that it comes in a variety of different types, each one designed for the type of housing unit it protects.
Here is the information you need to know about the different homeowner insurance types in Ararat, VA:
HO-3: The majority of homeowners policies that are in force in Ararat, and most other places, are HO-3 type policies. The policies cover damage from any peril that is not specifically excluded in the policy details. HO-3 policies only protect your personal property from specific perils that are listed in the policy. As with most homeowner policies, flooding and earthquake damage are excluded.
Be sure to read your policy in full and understand any other exclusions that apply to your coverage.
HO-6: These policies are written especially for condos and co-op buildings. They provide protection for all of your personal property as well as the parts of the building that are your property, such as the walls and mechanicals of your particular unit.
HO-8: If you love older homes, this type of policy is for you. It protects older, historical homes where the cost to rebuild or replace the home exceeds the value of the house.
The fact that these policies will have a payout that is lower than the cost to replace the house makes them affordable. These policies are usually written because the home is too old to qualify for a traditional HO-3 policy. The main disadvantage is the fact that these policies only cover damage from 11 specific perils.
HO-4: If you are renting an apartment, you still need protection for your personal property and liability protection in the event that someone is injured in your apartment.
A HO-4 policy offers the protection that you need when living in an apartment. If your personal property is damaged or destroyed, you will be covered and it will also cover the medical bills and any legal bills if someone is injured while visiting you.
Compare Homeowners Insurance Rates in Ararat, VA!
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Ararat, 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 Ararat, 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 Ararat home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Ararat
Are you looking for homeowners insurance in a city near Ararat? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Ararat, VA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Ararat.
Ararat, VA Home Insurance Average Premiums
$553 /yr.
For the city of Ararat, 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) | $553 /yr. |
| Average Coverage: | $803 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1103 /yr. |
What is the average home insurance cost for a home in Ararat, VA?
- • The average homeowners insurance premium paid annually for a home in Ararat is around $803 per year.
What does it cost on average per month for home insurance in Ararat, VA?
- • Homeowners in Ararat pay an average cost per month around $67.00 for insurance coverage.
Ararat, VA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $120,090 | $118,818 |
| February | $122,050 | $120,330 |
| March | $124,633 | $121,329 |
| April | $124,789 | $121,516 |
Homeowners insurance will help cover the cost to repair or replace your Ararat 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 Ararat
- 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 Ararat, VA homeowners insurance rates all in one place! |
Saving Money Tips on Ararat Home Insurance
A great way to save money on Ararat 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 Ararat 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 |
|---|---|---|
| 1459 ft. | This is the average home elevation in Ararat, 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 Ararat, 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 Patrick County.
Virginia Homeowners Insurance News & Information
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2025 – Study Shows Home Insurance Market Stabilizing Posted on Wednesday 11th December, 2024
According to a new report from Matic, the homeowner’s insurance market has shown signs of stabilizing roughly two years after major premium hikes and coverage challenges. Even though premiums are high, trends in the insurance industry show that a slowdown in premium growth may be coming. Here is a brief overview of the report and […]
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What’s the average home insurance rate for a $300K home in 2024? Posted on Monday 9th December, 2024
A recent report from Insurance.com found that the average homeowners insurance rate for a $300,000 in homeowners coverage hit $2,777 per year which breaks down to $231 monthly. The cost of homeowners insurance in some states can be extremely expensive, for years Florida has been know to have the highest premiums in the nation. When […]
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
Ararat, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Ararat 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 Ararat, VA?
- The average square footage in Ararat is around 765 Sq. Ft. which would cost you around $124,700 to replace the home if you base the home on the price to build per square foot of $163.
Minimum Replacement Cost Total: $124,700
Location: Ararat, Virginia (Patrick County)
Average Building Cost Per Square Foot in Ararat: $163 (low end)
Average Square Footage in Ararat: 765 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $163 | $124,700 |
| Some Additional Upgrades | $204 | $155,875 |
| Major Home Updates or Advancements | $245 | $187,050 |
The dwelling coverage is calculated by the average cost per square foot ($163) in Ararat, 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.