Do I really need insurance on my house?
Home buyers looking to finance their purchase will quickly learn what those who have a mortgage already know—your bank or mortgage company will most likely require you to get homeowners insurance coverage. That's because lenders need to protect their investment.
Is homeowners insurance required in Virginia?
No, homeowners insurance isn't required by law in Virginia, but your mortgage company will most likely require it in order to get a loan.
What’s the average cost of home insurance in Virginia?
How much is homeowners insurance in Virginia? In Virginia, the average home insurance premium is $924 per year for a policy with $250,000 in dwelling coverage.
What are three things that are not covered by homeowners insurance?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
What is normally not covered by homeowners insurance?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.