Home Insurance in Monterey, Virginia
With a median home value of $169,700, Monterey is 15% lower than the Highland County median.
The median home in Monterey was built in 1939 or earlier. About 83% of homes were built before 1960, about 40 points above Highland County's 43%. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.
The housing stock in Monterey is 77% single-family homes. The rest are 2-4 unit or other housing types.
In Monterey, about 81% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Monterey has an owner-occupancy rate of 65% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Monterey - 82% - are primarily heated with electricity.
FEMA rates Highland County's overall risk as Very Low, led by hurricane (Very Low). Highland County had 15 active NFIP flood policies as of September 2026. See the full Highland County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Virginia is $1,537 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $169,700 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 65% |
| Share of owner-occupied homes with a mortgage | 81% |
| Top county hazard | Hurricane (Very Low) |
| Active NFIP policies in Highland County | 15 |
| 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)