Fort Monroe, VA Homeowners Insurance Rate Quotes!
In Fort Monroe there are over 1,392 people living in a variety of different styles of construction type housing and require different types of homeowners insurance coverage. While there are roughly 278 housing units in the Fort Monroe area, many of the ones that are currently occupied are in need of cheaper or lower rates. In the majority of these Fort Monroe neighborhoods, the average family size is around 3 residents living per house.
The average household income in Fort Monroe is about $87,417. While this is a fairly high number, it is slightly below the national median. Luckily, the cost of housing in Fort Monroe is fairly reasonable, the average listing price is around $155,000.
Finding Cheaper Home Insurance Rates in Fort Monroe
In Fort Monroe, homeowners are finding affordable home insurance rates in the range of $856 per year. With discounts applied and the right coverage options, homes around the 1,800 square footage size are seeing rates around $606 per year. More expensive homes that require high replacement cost value are seeing rates around the $1,156 per year range. It is important to know which coverage type you need for your home. Let us shop the best rates and coverages while appling all the discounts needed to help you save the most on your new homeowners insurance policy.
Below are some of the most common insurance types for homeowners in the city of Fort Monroe:
What is an HO-3 policy include if you live in Fort Monroe?
The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.
Do I need an HO-6 policy for my condo in Fort Monroe, VA?
Yes, HO-6 policies are fitted for covering condos. Condos are becoming a popular housing option in Fort Monroe and if you have one, then you need an HO-6 coverage type. In addition to covering your condo, this type of policy also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.
I live in the historical district of downtown Fort Monroe, what type of coverage do I need?
Fort Monroe is lucky to have a fair number of historical homes and if you own one, you may need a HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. The replacement cost may be higher because of the additional work and material needed to restore the home to it's historical detail and value.
These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.
I am renting a home in Fort Monroe, what type of coverage do I need?
An HO-4 policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.
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Fort Monroe, 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 Fort Monroe, 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 Fort Monroe home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Fort Monroe
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Home Insurance Rates by Zipcode in Fort Monroe, VA
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Fort Monroe, VA Home Insurance Average Premiums
$606 /yr.
For the city of Fort Monroe, 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) | $606 /yr. |
| Average Coverage: | $856 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1156 /yr. |
What is the average home insurance cost for a home in Fort Monroe, VA?
- • The average homeowners insurance premium paid annually for a home in Fort Monroe is around $856 per year.
What does it cost on average per month for home insurance in Fort Monroe, VA?
- • Homeowners in Fort Monroe pay an average cost per month around $71.00 for insurance coverage.
Fort Monroe, VA Coastal Wind, Hail & Flood Information
Fort Monroe is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Fort Monroe is know for it's beautiful beaches and waterways. Because Hampton city (FIPS: 51650) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Fort Monroe, VA.
Fort Monroe, VA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $0 | $0 |
| February | $0 | $0 |
| March | $0 | $0 |
| April | $0 | $0 |
Homeowners insurance will help cover the cost to repair or replace your Fort Monroe 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 Fort Monroe
- 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.
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Saving Money Tips on Fort Monroe Home Insurance
A great way to save money on Fort Monroe 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 Fort Monroe 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 |
|---|---|---|
| 5 ft. | This is the average home elevation in Fort Monroe, VA | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Fort Monroe, Virginia. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Fort Monroe, 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 Hampton City County.
Virginia Homeowners Insurance News & Information
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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 […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Fort Monroe, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Fort Monroe 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 Fort Monroe, VA?
- The average square footage in Fort Monroe is around 951 Sq. Ft. which would cost you around $155,000 to replace the home if you base the home on the price to build per square foot of $163.
Minimum Replacement Cost Total: $155,000
Location: Fort Monroe, Virginia (Hampton City County)
Average Building Cost Per Square Foot in Fort Monroe: $163 (low end)
Average Square Footage in Fort Monroe: 951 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $163 | $155,000 |
| Some Additional Upgrades | $204 | $193,750 |
| Major Home Updates or Advancements | $245 | $232,500 |
The dwelling coverage is calculated by the average cost per square foot ($163) in Fort Monroe, 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.