Home Insurance in Salem, Virginia
The median home value in Salem is $258,600, close to the Salem city median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Salem was built around 1971. About 32% of homes were built before 1960, in line with Salem city (32%).
In Salem, the housing stock is 75% single-family homes, 17% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
About 61% of owner-occupied homes in Salem have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 63% of occupied homes in Salem are owner-occupied. The vacancy rate is 8%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Salem, 54% of homes are primarily heated with natural gas.
FEMA rates Salem city's overall risk as Very Low, led by hurricane (Very Low). Salem city had 218 active NFIP flood policies as of September 2026. See the full Salem city home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $258,600 |
|---|---|
| Median year built | 1971 |
| Owner-occupied share | 63% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Hurricane (Very Low) |
| Active NFIP policies in Salem city | 218 |
| 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)