Home Insurance in Richmond, Michigan
With a median home value of $237,700, Richmond is close to the Macomb County median.
The typical home in Richmond was built around 1980. About 35% of homes were built before 1960, about 10 points above Macomb County's 25%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Richmond is 77% single-family homes, 10% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Richmond, about 68% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 2%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 77% of occupied homes in Richmond are owner-occupied.
Most homes in Richmond - 86% - are primarily heated with natural gas.
Macomb County had 1,513 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is tornado (Very High). See the full Macomb County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Michigan, the statewide average premium for a standard HO-3 homeowners policy is $1,110 per year (NAIC, 2023 data).
Key figures
| Median home value | $237,700 |
|---|---|
| Median year built | 1980 |
| Owner-occupied share | 77% |
| Share of owner-occupied homes with a mortgage | 68% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Macomb County | 1,513 |
| Home insurance premium | $1,110 - 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)