Home Insurance in Franklin County, Virginia
The median home value in Franklin County is $240,400, 37% lower than the Virginia median.
The typical home in Franklin County was built around 1988. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 14% of homes were built before 1960, about 5 points below Virginia's 19%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Franklin County is 77% single-family homes, 4% apartments in buildings with 5+ units and 17% mobile or manufactured homes.
About 53% of owner-occupied homes in Franklin County have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 19%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 78% of occupied homes in Franklin County are owner-occupied.
Most homes in Franklin County - 78% - are primarily heated with electricity. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
Per FEMA's National Risk Index, Franklin County's top hazards are strong wind (Relatively Moderate), hurricane (Relatively Low) and inland flooding (Relatively Low).
As of September 2026, Franklin County has 86 active NFIP flood insurance policies. Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy.
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 | $240,400 |
|---|---|
| Median year built | 1988 |
| Owner-occupied share | 78% |
| Share of owner-occupied homes with a mortgage | 53% |
| Top hazards (FEMA National Risk Index) | Strong Wind (Relatively Moderate), Hurricane (Relatively Low), Inland Flooding (Relatively Low) |
| Active NFIP flood policies (county) | 86 |
| 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)