Home Insurance in Marion, Virginia
Homes in Marion carry a median value of $172,500 - 24% higher than the Smyth County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Marion was built around 1962. About 45% of homes were built before 1960, about 16 points above Smyth County's 30%.
In Marion, the housing stock is 66% single-family homes, 23% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
48% of owner-occupied homes in Marion carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 54% of occupied homes in Marion are owner-occupied. The vacancy rate is 13%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Marion - 67% - are primarily heated with electricity.
FEMA rates Smyth County's overall risk as Relatively Low, led by inland flooding (Relatively Low). Smyth County had 133 active NFIP flood policies as of September 2026. See the full Smyth County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood 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 | $172,500 |
|---|---|
| Median year built | 1962 |
| Owner-occupied share | 54% |
| Share of owner-occupied homes with a mortgage | 48% |
| Top county hazard | Inland Flooding (Relatively Low) |
| Active NFIP policies in Smyth County | 133 |
| 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)