Home Insurance in Richmond, Illinois
Homes in Richmond carry a median value of $238,600 - 23% lower than the McHenry County median.
The typical home in Richmond was built around 1992. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 20% of homes were built before 1960, about 1 point above McHenry County's 18%.
Housing in Richmond breaks down to 41% single-family homes and 44% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
About 67% of owner-occupied homes in Richmond have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 51% of occupied homes in Richmond are owner-occupied.
Most homes in Richmond - 50% - are primarily heated with electricity.
What's the biggest home insurance risk near Richmond? FEMA's National Risk Index points to tornado (Relatively High) in McHenry County and McHenry County had 789 active NFIP flood policies as of September 2026. See the full McHenry County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Illinois is $1,480 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $238,600 |
|---|---|
| Median year built | 1992 |
| Owner-occupied share | 51% |
| Share of owner-occupied homes with a mortgage | 67% |
| Top county hazard | Tornado (Relatively High) |
| Active NFIP policies in McHenry County | 789 |
| Home insurance premium | $1,480 - 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)