Home Insurance in Franklin, Virginia
Homes in Franklin carry a median value of $256,600 - close to the Franklin city median.
The typical home in Franklin was built around 1967. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 43% of homes were built before 1960, in line with Franklin city (43%).
Housing in Franklin breaks down to 70% single-family homes and 16% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
In Franklin, 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 are owner-occupied.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Franklin, 85% of homes are primarily heated with electricity.
What's the biggest home insurance risk near Franklin? FEMA's National Risk Index points to hurricane (Relatively Low) in Franklin city and Franklin city had 89 active NFIP flood policies as of September 2026. See the full Franklin city 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 | $256,600 |
|---|---|
| Median year built | 1967 |
| Owner-occupied share | 54% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Hurricane (Relatively Low) |
| Active NFIP policies in Franklin city | 89 |
| 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)