Home Insurance in Richmond, Virginia
Homes in Richmond carry a median value of $353,000 - close to the Richmond city median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Richmond was built around 1959. About 51% of homes were built before 1960, in line with Richmond city (51%).
Housing in Richmond 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.
71% of owner-occupied homes in Richmond carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 44% of occupied homes in Richmond are owner-occupied. The vacancy rate is 9%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Richmond - 60% - are primarily heated with electricity.
Richmond city's top FEMA-rated hazard is earthquake (Relatively Moderate), per FEMA's National Risk Index. Richmond city had 549 active NFIP flood policies as of September 2026. See the full Richmond 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 | $353,000 |
|---|---|
| Median year built | 1959 |
| Owner-occupied share | 44% |
| Share of owner-occupied homes with a mortgage | 71% |
| Top county hazard | Earthquake (Relatively Moderate) |
| Active NFIP policies in Richmond city | 549 |
| 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)