Home Insurance in Chincoteague, Virginia
With a median home value of $349,500, Chincoteague is 71% higher than the Accomack County median.
The typical home in Chincoteague was built around 1983. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 25% of homes were built before 1960, about 4 points below Accomack County's 28%.
In Chincoteague, the housing stock is 73% single-family homes, 4% apartments in buildings with 5+ units and 21% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
In Chincoteague, about 40% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 78% of occupied homes in Chincoteague are owner-occupied. The vacancy rate is 62%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Chincoteague - 80% - are primarily heated with electricity. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
What's the biggest home insurance risk near Chincoteague? FEMA's National Risk Index points to coastal flooding (Very High) in Accomack County and Accomack County had 2,847 active NFIP flood policies as of September 2026. See the full Accomack County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Virginia carries a statewide average premium of $1,537 per year.
Key figures
| Median home value | $349,500 |
|---|---|
| Median year built | 1983 |
| Owner-occupied share | 78% |
| Share of owner-occupied homes with a mortgage | 40% |
| Top county hazard | Coastal Flooding (Very High) |
| Active NFIP policies in Accomack County | 2,847 |
| Home insurance premium | $1,537 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)