Home Insurance in Franklin city, Virginia
Homes in Franklin city carry a median value of $256,600 - 33% lower than the Virginia median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Franklin city was built around 1967. About 43% of homes were built before 1960, about 24 points above Virginia's 19%.
The housing stock in Franklin city is 70% single-family homes and 16% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
In Franklin city, about 63% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 54% of occupied homes in Franklin city are owner-occupied.
Most homes in Franklin city - 85% - are primarily heated with electricity. Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA's National Risk Index lists hurricane (Relatively Low), winter weather (Relatively Low) and earthquake (Very Low) as the leading hazards for Franklin city. Standard homeowners policies exclude earthquake, so separate coverage is usually needed.
Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy. As of September 2026, Franklin city has 89 active NFIP flood policies on file.
In Virginia, the statewide average premium for a standard HO-3 homeowners policy is $1,537 per year (NAIC, 2023 data).
Key figures
| Median home value | $256,600 |
|---|---|
| Median year built | 1967 |
| Owner-occupied share | 54% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top hazards (FEMA National Risk Index) | Hurricane (Relatively Low), Winter Weather (Relatively Low), Earthquake (Very Low) |
| Active NFIP flood policies (county) | 89 |
| Home insurance premium | $1,537 - statewide average (NAIC, 2023 data) |
Towns and cities
Sources
- 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)