Navigating Homeowners Insurance

Dated: May 22 2026

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Protecting your new home is a top priority. In Hampton Roads, where coastal weather is a factor, understanding your homeowners insurance policy is essential. While the state of Virginia does not legally require homeowners insurance, your mortgage lender absolutely will.

 A standard homeowners policy provides four main types of coverage: property damage, liability, medical payments, and additional living expenses. Property damage coverage protects the physical structure of your home. Liability coverage protects you if someone is injured on your property.

 When selecting a policy, it is crucial to understand the difference between a "named peril" policy (which only covers specific events listed in the document) and an "open perils" policy (which covers all events except those explicitly excluded).

 Furthermore, you must ensure your dwelling policy limits cover at least 80% of the replacement cost of your home. It is highly recommended to ask your insurance agent about an inflation guard endorsement to guarantee replacement cost coverage. Finally, remember that standard homeowners policies do not cover flood damage. Given our local geography, we strongly advise discussing separate flood insurance with your provider.

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Alicia Rivas

Alicia Rivas is a Hampton Roads REALTOR® and Military Relocation Professional (MRP®) serving buyers, sellers, and investors across Virginia Beach, Norfolk, Chesapeake, Suffolk, Portsmouth, Hampton, ....

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