Home Insurance in Martinsville city, Virginia
Homes in Martinsville city carry a median value of $98,400 - 74% lower than the Virginia median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Martinsville city was built around 1958. About 54% of homes were built before 1960, about 35 points above Virginia's 19%.
In Martinsville city, the housing stock is 72% single-family homes, 17% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
56% of owner-occupied homes in Martinsville city carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Martinsville city has an owner-occupancy rate of 55% and a vacancy rate of 19%; 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. 61% of homes in Martinsville city are primarily heated with electricity.
FEMA's National Risk Index lists earthquake (Relatively Low), hurricane (Relatively Low) and strong wind (Relatively Low) as the leading hazards for Martinsville city. Standard homeowners policies exclude earthquake, so separate coverage is usually needed.
As of September 2026, Martinsville city has 6 active NFIP flood insurance policies. Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy.
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 | $98,400 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 56% |
| Top hazards (FEMA National Risk Index) | Earthquake (Relatively Low), Hurricane (Relatively Low), Strong Wind (Relatively Low) |
| Active NFIP flood policies (county) | 6 |
| Home insurance premium | $1,537 - statewide average (NAIC, 2023 data) |
Towns and cities
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)