Home Insurance in Richmond, Kentucky
The median home value in Richmond is $214,900, 7% lower than the Madison County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Richmond was built around 1994. About 10% of homes were built before 1960, in line with Madison County (10%).
In Richmond, the housing stock is 44% single-family homes, 31% apartments in buildings with 5+ units and 4% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
68% of owner-occupied homes in Richmond carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Richmond has an owner-occupancy rate of 38% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
84% of homes in Richmond are primarily heated with electricity.
Madison County had 264 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively High). See the full Madison County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Kentucky, the statewide average premium for a standard HO-3 homeowners policy is $1,525 per year (NAIC, 2023 data).
Key figures
| Median home value | $214,900 |
|---|---|
| Median year built | 1994 |
| Owner-occupied share | 38% |
| Share of owner-occupied homes with a mortgage | 68% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Madison County | 264 |
| Home insurance premium | $1,525 - 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)