Richmond, VA Homeowners Insurance

Learn more about homeowners insurance in Richmond.

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Find cheap homeowners insurance in Richmond

 

Homeowners insurance is a critical element of homeownership. Along with your personal belongings, homeowners insurance covers your dwelling in the event of many perils, including theft, fire, wind damage, and vandalism. Events like this occur regularly. When paired with the high cost of repairing or rebuilding a house, purchasing a far-reaching policy could be a prudent move.

The cost of home insurance in Richmond takes into account variables such as the cost of building materials, the value of your personal belongings, and the overall value of the primary dwelling. Your home's location can also impact how much you pay, as some locations are more prone to destructive hazards. If your area is at risk of being affected by hail, strong winds, fire, frozen pipes, or volcanic activity, then your premiums could be substantially higher than average. Discover more info about what a home insurance policy covers.

If you want to find affordable homeowners insurance in Richmond, start with looking around and comparing a variety of different policies. Check out the below summary of average homeowners insurance rates in Richmond to begin your home insurance search with as much knowledge as possible. It's important to remember that the cost of your policy is often based on the coverage limits you choose as well as a variety of other factors.

 
Richmond, Virginia, homeowners insurance — table of contents:
  1. Rates by insurer
  2. Rates by coverage level
  3. Rates by neighborhood
  4. Rates by deductible level
  5. Policy bundling discounts

 

Homeowners insurance in Richmond by insurance company

Homeowners insurance rates in Richmond vary from one insurance company to another. Travco offers the most affordable home insurance in Richmond, at just $736 per year. This compares favorably to the city’s average yearly premium of $1,011.

Below you'll find a list of the cheapest homeowners insurance companies in Richmond, Virginia to help you begin your search.

 
AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN RICHMOND
CompanyAverage Annual Rate
Travco$736
Safeco$777
Nationwide$954
State Farm$1,076
Erie$1,077

 

Average homeowners insurance rates in Richmond by coverage amount

The level of homeowners coverage you select has an impact on the insurance premiums you pay. In Richmond, carrying $200K dwelling coverage costs an average of $727, while carrying additional coverage up to $400K costs $1,420 per year.

 
HOMEOWNERS INSURANCE RATES IN RICHMOND — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100K Dwelling$517
$200K Dwelling$727
$250K Dwelling$934
$400K Dwelling$1,420

Richmond home insurance rates by ZIP code

Not every area of Richmond has equal home insurance costs. The number of claims filed in your local area can be a factor in determining the price of your policy. Put simply, the neighborhood you live in could have a huge impact on what you pay for coverage.

If you're looking for the cheapest homeowners coverage in Richmond, take a look at the 23227 ZIP code. In the 23227 ZIP, policies typically cost just $989 a year, which $22 less than the Richmond average. If you’re looking for the areas with the least expensive homeowners insurance in Richmond, have a look at the table below.

 
AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN RICHMOND
ZIP CodeAverage Annual Home Insurance Rate
23227$989
23230$994
23236$999

Other areas of Richmond, however, face homeowners rates that surpass the city average. Fire risks, crime rates, and even your proximity to emergency services such as fire and police stations could impact rates the risk level of certain parts of the city, which has the potential to drive up area rates. The most expensive ZIP code for homeowners insurance in Richmond is 23298, where the average annual rate is $1,069.

 
EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN RICHMOND
ZIP CodeAverage Annual Home Insurance Rate
23298$1,069
23232$1,050
23219$1,022

 

Home insurance deductibles in Richmond

One of the decisions that you will make when shopping for a homeowners policy is how high to set your deductible. The deductible is the total amount that the insured must contribute toward a covered loss. Where you choose to set your homeowners deductible corresponds directly to how much you will pay for insurance.

In general, having a low deductible means that your insurance premiums will be higher. Therefore, it might make sense to set a higher deductible if you aim to lock in lower rates. Be mindful of the fact that your deductible should only be as high as you can reasonably afford if you suffer a loss.

Below are some popular deductibles offered by most home insurance companies along with corresponding average insurance premiums.

 
HOMEOWNERS INSURANCE COSTS BY DEDUCTIBLE IN RICHMOND
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$1,045
$1,000$934
$1,500$878
$2,000$808
$5,000$669

 

Money-saving tip: bundle home and auto insurance in Richmond

To save a little money, you might consider bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. In fact, bundling policies in Richmond may lead to average annual savings of 7%.

 
CHEAPEST CAR INSURANCE RATES WITH A POLICY BUNDLE IN RICHMOND
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
USAA$775
Erie$855
State Farm$870
GEICO$877
Progressive$949
 

Bundling your homeowners and auto policies can be a great way to save some money on insurance.

 

Compare insurance policies today.

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Ava Lynch LinkedIn

Based in Austin, TX, Ava has been in the insurance industry as a licensed agent for 4-plus years. Ava is currently one of The Zebra’s resident property insurance experts and has been featured in publications such as US News Report, GasBuddy, and Yahoo! Finance.