Home Insurance in Richmond, Indiana
The median home value in Richmond is $114,400, 18% lower than the Wayne County median.
The typical home in Richmond was built around 1957. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 55% of homes were built before 1960, about 4 points above Wayne County's 50%.
In Richmond, the housing stock is 72% single-family homes, 13% apartments in buildings with 5+ units and 3% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
63% of owner-occupied homes in Richmond carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 14%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 57% of occupied homes in Richmond are owner-occupied.
Most homes in Richmond - 65% - are primarily heated with natural gas.
FEMA rates Wayne County's overall risk as Relatively Low, led by tornado (Relatively High). Wayne County had 93 active NFIP flood policies as of September 2026. See the full Wayne 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 Indiana is $1,259 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $114,400 |
|---|---|
| Median year built | 1957 |
| Owner-occupied share | 57% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Tornado (Relatively High) |
| Active NFIP policies in Wayne County | 93 |
| Home insurance premium | $1,259 - 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)