ZIP 24602 Insurance Data

Data Snapshot: ZIP 24602 (Bandy, VA)

ZIP 24602 (Bandy, VA) shows an average homeowners insurance premium of $873 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 7 reported policies. That is 51% below the national average of $1,776 per year, placing this ZIP in the 1th percentile nationally. Compared to the Virginia state average of $1,369, this ZIP runs 36% below, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 24602 is 13.6%, meaning insurers retained a working margin after claims. Claim frequency — the share of policies with at least one claim — is 3.85%, and the average claim severity (amount paid per claim) is $3,092.

Across 5 years (2018–2022), premiums in ZIP 24602 have fallen by 2.1%, ranging from $873 to $1,062 with a five-year average of $922 — an annualized rate of -0.5% per year. FIO data aggregates voluntary reporting from the 40 largest homeowners insurers, covering roughly 80% of the U.S. market, so figures represent market averages rather than individual policy quotes; your own premium will vary with dwelling value, deductible, coverage limits, construction type, and insurer-specific underwriting. This page is educational research only and is not insurance advice — homeowners should request quotes from multiple licensed carriers or an independent agent before purchasing or renewing coverage.