Home Insurance in New Castle, Virginia
Homes in New Castle carry a median value of $256,300 - 36% higher than the Craig County median.
The typical home in New Castle was built around 1958. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 56% of homes were built before 1960, about 36 points above Craig County's 20%.
In New Castle, the housing stock is 81% single-family homes and 9% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 76% of owner-occupied homes in New Castle have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 9%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 59% of occupied homes in New Castle are owner-occupied.
In New Castle, 80% of homes are primarily heated with electricity. Homes heated with fuel oil and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA rates Craig County's overall risk as Very Low, led by hurricane (Very Low). Craig County had 40 active NFIP flood policies as of September 2026. See the full Craig County home insurance overview for all FEMA hazard ratings and flood coverage details.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Virginia carries a statewide average premium of $1,537 per year.
Key figures
| Median home value | $256,300 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 59% |
| Share of owner-occupied homes with a mortgage | 76% |
| Top county hazard | Hurricane (Very Low) |
| Active NFIP policies in Craig County | 40 |
| Home insurance premium | $1,537 - 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)