Richmond Homeowners Insurance

The Zebra
Aug. 26, 2019

Find affordable homeowners insurance in Richmond


Home insurance should be a critical consideration for every homeowner. Along with your personal property, homeowners insurance covers your dwelling against many different perils, including fire, wind damage, vandalism, and theft. Incidents like this occur frequently. When paired with the high cost of repairing or rebuilding a house, purchasing a far-reaching homeowners policy can seem like a great idea.

What you pay for homeowners insurance depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. Location also plays a role in determining the price of your homeowners insurance policy. In areas prone to perils likewindstorms, hail, fire, or even theft , home insurance policies may be more expensive to account for the extra risk. Find out more info about the specifics of home insurance coverage.

If you want to find inexpensive home insurance coverage in Richmond, start with shopping around and comparing policies. Take a look at the summary below showing average Richmond homeowners insurance costs to ensure you start your search with as much background info as possible. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.


Richmond, Virginia, homeowners insurance:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Insurance bundle discounts

Home insurance in Richmond by insurance company

What you pay for homeowners insurance in Richmond will depend on the insurance company you get your policy through. The most affordable home insurance in Richmond is Travco offering average annual rates at just $736 per year. This is considerably cheaper than the city’s average homeowners premium of $1,011.

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


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

Average homeowners insurance costs in Richmond by coverage level

How much you spend on home insurance coverage is greatly affected by the level of coverage you choose. In Richmond, carrying $200K dwelling coverage costs an average of $727, while carrying additional coverage up to $400K costs $1,296 per year.


HOMEOWNERS INSURANCE RATES IN RICHMOND — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$200K Dwelling$727
$400K Dwelling$1,296

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Richmond home insurance rates by ZIP code

Depending on which part of Richmond you live in, you could see a big difference in your home insurance costs. One of the factors that insurers use when pricing your coverage is the number of claims filed in your surrounding area. As such, your neighborhood's location can dramatically influence your home insurance rates.

The cheapest home insurance rates in Richmond are available in 23227. In 23227, the typical home insurance policy costs $989 per year — $22 less than the citywide average in Richmond. If you’re looking for the areas with the least costly homeowners insurance rates 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

On the other hand, some areas of Richmond face higher homeowners insurance costs, on average. Crime rates, fire risk, and even your how close you are to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. An average annual rate of $1,069 makes 23298 the most expensive ZIP code in Richmond for homeowners insurance.


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

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

If you’re seeking ways to save on your overall insurance costs, consider purchasing your home and auto policies from the same insurance 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 leads to average annual savings of 7%.


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

It's definitely worth considering bundling both your auto and home policies as a potential way of saving money. Call 855-493-9728 to speak with an insurance specialist today.


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