Fort Myer, VA Home Insurance Quotes!
Fort Myer is a great town to live with only 1,296 people living within the city limits. While the popluation size may be consider small, Fort Myer packs a big punch with roughly 55 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.
Fort Myer really shines when it comes to the average household income, our median income recently hit the $126,250 mark, which puts it pretty close to the national average. This amount of income goes a long way in the Fort Myer housing market since the median house price is $155,000.
We Also Have Cheap Homeowners Insurance in Fort Myer
The residents of Fort Myer are very lucky when it comes to the cost of homeowners insurance. Recent data indicates that the average policy cost homeowners in Fort Myer, $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 Fort Myer pay a much cheaper rate as low as $606 per year. Average rates for homeowners living in a 1,850 square foot home or bigger usually pay around $856 for a standard HO-3 policy. Large homes with much higher heated square footage pay around $1156 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 Fort Myer?
The thing about Fort Myer 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 Fort Myer, VA:
HO-3: The majority of homeowners policies that are in force in Fort Myer, 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.
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Fort Myer, 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 Myer, 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 Myer home. Let us help you shop the best rates and coverages today!
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Average Rates Nearby Fort Myer
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Home Insurance Rates by Zipcode in Fort Myer, VA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Fort Myer.
Fort Myer, VA Home Insurance Average Premiums
$606 /yr.
For the city of Fort Myer, 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 Myer, VA?
- • The average homeowners insurance premium paid annually for a home in Fort Myer is around $856 per year.
What does it cost on average per month for home insurance in Fort Myer, VA?
- • Homeowners in Fort Myer pay an average cost per month around $71.00 for insurance coverage.
Fort Myer, VA Coastal Wind, Hail & Flood Information
Fort Myer 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 Myer is know for it's beautiful beaches and waterways. Because Arlington County (FIPS: 51013) 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 Myer, VA.
Fort Myer, 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 Myer 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 Myer
- 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 Fort Myer, VA homeowners insurance rates all in one place! |
Saving Money Tips on Fort Myer Home Insurance
A great way to save money on Fort Myer 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 Myer 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 |
|---|---|---|
| 136 ft. | This is the average home elevation in Fort Myer, 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 Myer, 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 Myer, 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 Arlington County.
Virginia Homeowners Insurance News & Information
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Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024
While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states. In most states, insurers are allowed to consider credit scores when setting […]
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The Best Way to Check the Financial Strength of Home Insurance Companies Posted on Wednesday 3rd April, 2024
If you are switching insurance companies, you should always check the financial strength of any insurer you are seriously considering. While an affordable premium is always a plus, if your insurance company cannot afford to pay when you file a claim, the savings will certainly not be worth it. A.M. Best is a credit rating […]
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Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024
A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase. Currently, a Broward commissioner is asking Congress to pass legislation he claims […]
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North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024
North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]
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How Do Renovations Impact Home Insurance? (2024 Guide) Posted on Friday 15th March, 2024
Making renovations to your home can have a major impact on your insurance coverages as your risk profile changes. Adding square footage, putting in a swimming pool, outbuilding or upgrading your electrical may change the value of your home which could leave your underinsured. Major upgrades such as adding square footage to your home or […]
Fort Myer, VA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Fort Myer 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 Myer, VA?
- The average square footage in Fort Myer 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 Myer, Virginia (Arlington County)
Average Building Cost Per Square Foot in Fort Myer: $163 (low end)
Average Square Footage in Fort Myer: 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 Myer, 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.