Homeowners Insurance in Virginia: What It Covers and What It Doesn’t
Daniel ParkNo. 109
Updated
Key takeaways
- A standard policy covers the home, your belongings, liability and extra living expenses after a covered loss.
- Flood damage isn’t covered by standard policies. Flood insurance is separate and usually has a 30-day waiting period.
- Consider a sewer and water backup endorsement, a common gap.
- Shop early, before you’re under contract, so you aren’t rushed.
Homeowners insurance protects your biggest investment. Lenders require it, and it’s usually paid through escrow. Here’s how to choose wisely.
What a standard policy covers
| Coverage | What it does |
|---|---|
| Dwelling | Repairs or rebuilds the home after a covered loss like fire or wind |
| Other structures | Fences, sheds and detached garages |
| Personal property | Your belongings, at home or away |
| Liability | Injuries or damage you’re responsible for |
| Loss of use | Hotel and living costs while repairs happen |
Common gaps
- Flood: not covered. Even homes outside mapped flood zones can flood.
- Sewer or water backup: usually needs an add-on endorsement.
- Wear and tear: maintenance problems aren’t covered.
- High-value items: jewelry and art may need extra coverage.
Condos and townhomes
Condo owners usually need an HO-6 policy for the interior and their belongings, while the association’s master policy covers the building. Read the master policy to see where your coverage needs to start.
Daniel’s tip: Choose replacement cost coverage for your belongings, not actual cash value. It pays to replace items at today’s prices instead of their depreciated value.
Ways to save
- Bundle home and auto insurance.
- Raise your deductible if you have savings to cover it.
- Ask about discounts for alarms, a newer roof or claims-free history.
- Compare at least two or three quotes.
Need an insurance agent recommendation?
Frequently asked questions
When should I buy insurance?
Start shopping when you go under contract, and have the policy in place before closing.
Does my policy cover a home warranty item?
Usually not. Insurance covers sudden losses; warranties cover wear and tear. See Is a Home Warranty Worth It?
Filed under Buying a Home, Money & Mortgages
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