Home Insurance in Martinsville, Virginia
The median home value in Martinsville is $98,400, close to the Martinsville city median.
The typical home in Martinsville was built around 1958. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 54% of homes were built before 1960, in line with Martinsville city (54%).
The housing stock in Martinsville 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.
In Martinsville, about 56% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 55% of occupied homes in Martinsville are owner-occupied. The vacancy rate is 19%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Martinsville - 61% - 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.
Martinsville city had 6 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is earthquake (Relatively Low). See the full Martinsville city home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
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 | $98,400 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 56% |
| Top county hazard | Earthquake (Relatively Low) |
| Active NFIP policies in Martinsville city | 6 |
| 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)