Home Insurance in Richmond city, Virginia
Homes in Richmond city carry a median value of $353,000 - 8% lower than the Virginia median.
The typical home in Richmond city was built around 1959. About 51% of homes were built before 1960, about 32 points above Virginia's 19%. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.
Housing in Richmond city breaks down to 52% single-family homes, 35% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Richmond city, about 71% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Richmond city has an owner-occupancy rate of 44% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
60% of homes in Richmond city are primarily heated with electricity.
The top hazards for Richmond city, per FEMA's National Risk Index, are earthquake (Relatively Moderate), inland flooding (Relatively Moderate) and hurricane (Relatively Low). Standard homeowners policies exclude earthquake, so separate coverage is usually needed.
Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy. As of September 2026, Richmond city has 549 active NFIP flood policies on file.
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 | $353,000 |
|---|---|
| Median year built | 1959 |
| Owner-occupied share | 44% |
| Share of owner-occupied homes with a mortgage | 71% |
| Top hazards (FEMA National Risk Index) | Earthquake (Relatively Moderate), Inland Flooding (Relatively Moderate), Hurricane (Relatively Low) |
| Active NFIP flood policies (county) | 549 |
| 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)