Home Insurance in Salem city, Virginia
The median home value in Salem city is $258,600, 33% lower than the Virginia median.
The typical home in Salem city was built around 1971. About 32% of homes were built before 1960, about 12 points above Virginia's 19%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
In Salem city, the housing stock is 75% single-family homes, 17% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
61% of owner-occupied homes in Salem city carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Salem city has an owner-occupancy rate of 63% and a vacancy rate of 8%; unoccupied homes typically need a different coverage form.
In Salem city, 54% of homes are primarily heated with natural gas.
Per FEMA's National Risk Index, Salem city's top hazards are hurricane (Very Low), earthquake (Very Low) and inland flooding (Relatively Low). Standard homeowners policies exclude earthquake, so separate coverage is usually needed.
As of September 2026, Salem city has 218 active NFIP flood insurance policies. Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy.
In Virginia, the statewide average premium for a standard HO-3 homeowners policy is $1,537 per year (NAIC, 2023 data).
Key figures
| Median home value | $258,600 |
|---|---|
| Median year built | 1971 |
| Owner-occupied share | 63% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top hazards (FEMA National Risk Index) | Hurricane (Very Low), Earthquake (Very Low), Inland Flooding (Relatively Low) |
| Active NFIP flood policies (county) | 218 |
| 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)