Richmond, Virginia, one of the country’s oldest cities is known for its rich history and is an important part of our American story. Located an hour from the coast and 100 miles from Washington, D.C., the city enjoys four-season weather throughout the year and homeowners should be prepared for winter storms, severe weather, and occasional hurricanes by ensuring they have enough home insurance.
The average cost of homeowners insurance in Richmond is $1,469 per year. This is similar to the state average of $1,516 per year in Virginia and 23% lower than the national average of $1,899 per year.
However, cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Richmond.
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Best homeowners insurance companies in Richmond
Policygenius looked at each company’s average costs, policy offerings, coverage quality, customer service, and claims ratings, and compared that with the coverage needs of Richmond residents to find the best homeowners insurance in Richmond.
J.D. Power is a research firm that analyzes customer feedback on products and services. A high rating from them means that homeowners insurance companies treat their customers fairly when it matters the most. Of the companies we evaluated, State Farm has the lowest rates, with an average cost of $114 per month.
Company | Average yearly cost | J.D. Power Rating |
|---|---|---|
State Farm | $1,368 | 835 |
Travelers | $4,436 | 800 |
Allstate | $1,446 | 829 |
Nationwide | $1,492 | 812 |
Erie | $1,225 | -- |
There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.
Pros
Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage
Get up to $1 million in personal liability coverage
Score discounts for bundling, installing security devices, and choosing a high deductible
File and track claims online, over the phone, in person, or through its mobile app
High customer satisfaction and financial strength ratings
Cons
No discounts for first-time homebuyers or going a year without a claim
Read our full State Farm home insurance review
Why State Farm tops our best list
State Farm has excellent J.D. Power ratings and rates $100 less than the city average. Customers can easily file claims online, through the app, or by calling to speak with an agent.
It offers a complete line of insurance options and customers can pick and choose which coverage solutions work best for their needs.
How to get a quote
Online through State Farm
With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business. It offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection.
Pros
4 customizable policy packages with several available add-ons, like extended replacement cost and water backup coverage
Offers eco-friendly green home coverage and discounts
Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, and personal articles coverage
File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster
Cons
Below-average customer service and claims satisfaction ratings
Read our full Travelers home insurance review here
Why Travelers tops our best list
Travelers is one of the most trusted names in the insurance industry and has been around for 165 years. Among its offerings include customizable courage options that include eco-friendly green home coverage and guaranteed replacement cost of personal items.
How to get a quote
Online through Policygenius or Travelers
Why Allstate tops our best list
Allstate combines personalized coverage options, discounts, and excellent customer service ratings from J.D. Power to make it one of the top insurers in the River City. To score lower rates, customers can bundle their home and auto insurance policies for savings up to 25%. Allstate customers can access their policies online or through the easy-to-use mobile app.
How to get a quote
Online through Policygenius or Allstate
Nationwide offers flexible home insurance policy options for every home type and income level. And we love its slew of discounts for everything from having a newish roof to living in a gated community.
Pros
Offers lots of coverage add-ons, including flood and earthquake insurance
Option to rebuild roof with stronger, safer materials after a covered loss
Score discounts for living in a gated community, making home renovations, having a newer roof, and more
Seamlessly submit claims online or through its mobile app
Above-average claims satisfaction rating
Cons
Below-average customer satisfaction ratings
Water backup coverage is more expensive than with other insurers
Read our full Nationwide home insurance review here
Why Nationwide tops our best list
Nationwide scores well in customer service satisfaction ratings from J.D. Power, and with yearly rates lower than the state average is a great option for homeowners looking for affordable protection. The company also offers several discounts including living in a gated community and having a newer roof. You can easily submit claims easily online or through the mobile app.
How to get a quote
Online through Policygenius or Nationwide
With some of the best customer service ratings in the industry, Erie offers comprehensive coverage even with its most basic policy — including guaranteed replacement cost coverage and protection for lost items.
Pros
Score up to a 25% discount when you bundle your home and auto insurance
Guaranteed replacement cost coverage is included in the base policy
Theft coverage includes lost or misplaced items — a rare perk we don't see often
Multiple policy add-ons available, including water backup and service line coverage
Among the best customer service ratings in the industry
Cons
Can't file claims online — must speak to an Erie agent on the phone
Read our full Erie home insurance review here
Why Erie tops our best list
With yearly rates $300 below the state average, Erie checks in as one of the most affordable home insurance companies we surveyed. For those looking to save more money, the company offers a 25% discount for bundling home and auto coverage.
Erie has some of the best customer service ratings in the industry, but lacks the convenience of filing claims online, so customers must speak to an agent over the phone to file a claim.
How to get a quote
By calling Erie
Cheapest homeowners insurance companies by ZIP code in Richmond
Farmers has the cheapest home insurance rates in the 23298 ZIP code at $694 per month, which is significantly less than the state average of $1,469.
ZIP code | Company | Average yearly cost |
|---|---|---|
23173 | Farmers | $710 |
23219 | Farmers | $752 |
23220 | Farmers | $759 |
23221 | Farmers | $755 |
23222 | Farmers | $765 |
23223 | Farmers | $778 |
23224 | Farmers | $756 |
23225 | Farmers | $762 |
23226 | Farmers | $778 |
23227 | Farmers | $742 |
23230 | Farmers | $739 |
23232 | Farmers | $736 |
23236 | Universal Property | $822 |
23237 | Universal Property | $822 |
23250 | Farmers | $718 |
23298 | Farmers | $694 |
The most affordable areas for homeowners insurance in Richmond
If you’re considering moving to Richmond, here are the most affordable ZIP codes in the city when it comes to home insurance.
ZIP code | Average yearly cost |
|---|---|
23230 | $1,390 |
23226 | $1,402 |
23227 | $1,407 |
23221 | $1,423 |
23236 | $1,429 |
The most expensive areas for homeowners insurance in Richmond
Homeowners in these neighborhoods pay the most for home insurance in Richmond.
ZIP code | Average yearly cost |
|---|---|
23298 | $1,570 |
23232 | $1,553 |
23223 | $1,524 |
23219 | $1,514 |
23250 | $1,508 |
Shopping for homeowners insurance in Richmond
Shopping for home insurance in Richmond is necessary to ensure you and your family are protected when disaster strikes. No two people are alike, and what works for your neighbor won’t necessarily work for you when it comes to insurance.
In the following sections, we look at the insurance companies with the cheapest and most expensive rates for homeowners with bad credit scores, aggressive dog breeds, and swimming pools, as well as rates with different coverage and deductible levels. The insurance experts at Policygenius can guide through the process to find what coverage levels and options work best for your insurance needs.
Richmond home insurance costs by coverage amounts
Dwelling coverage is the part of your home insurance policy that would pay to rebuild your home from the ground up after a covered loss. If the replacement value of your home is $400,000, it would cost $1,863 on average per year to insure it and as with most things, the more expensive something is, the more it costs to insure it.
Dwelling coverage amount | Average yearly cost |
|---|---|
$100,000 | $722 |
$200,000 | $1,088 |
$300,000 | $1,469 |
$400,000 | $1,863 |
$500,000 | $2,315 |
Personal liability coverage is the part of your home insurance policy that pays the medical bills if someone is injured on your property. This coverage also protects your assets if an injured party tries to sue you for damages so you make sure you have enough coverage to equal the value of your assets.
As seen in the table below, more liability coverage usually means a higher home insurance premium.
Liability coverage amount | Average yearly cost |
|---|---|
$100,000 | $1,450 |
$200,000 | $1,292 |
$300,000 | $1,469 |
$400,000 | $1,270 |
$500,000 | $1,512 |
Richmond home insurance costs by deductible amount
Your deductible is the amount you must pay on an insurance claim before your insurance starts to pay. Although a higher deductible generally means a lower monthly payment, you’ll have to pay more out of pocket on a claim for a covered loss.
As seen in the table below, a higher deductible generally means you’ll pay less for your home insurance.
Deductible amount | Average yearly cost |
|---|---|
$500 | $1,627 |
$1,000 | $1,469 |
$2,000 | $1,449 |
Home insurance discounts in Richmond
Many insurance providers offer discounts to homeowners if their homes have certain features like deadbolt locks and security systems. Although there isn’t a large discount in Richmond for these items, having these added to your home can help protect you and your family.
Discount | Average yearly cost |
|---|---|
Dead bolt | $1,466 |
Smoke alarm | $1,463 |
Burglar alarm | $1,430 |
Home insurance companies in Richmond for dog owners
Many households in Richmond have one or more dogs on their property and if your dog is considered an “aggressive breed” your homeowners insurance may be higher than your neighbors. Many insurance companies charge higher rates for dangerous dog breeds and could even deny you coverage altogether if you own one.
Travelers has the most expensive insurance rates in Richmond at $4,436 per year, while Erie has the lowest rates.
Company | Average yearly cost |
|---|---|
Erie | $1,225 |
State Farm | $1,368 |
Allstate | $1,446 |
Nationwide | $1,492 |
Travelers | $4,436 |
Home insurance companies in Richmond for poor credit
A few late payments on your credit cards or car loan can quickly lead to trouble if reported to the credit bureaus. Poor credit not only affects your ability to get credit, but it also increases your insurance rates. Insurance companies generally regard those with low credit scores as risky and more likely to file a claim and therefore charge them higher rates.
Here is the average yearly cost in Richmond by insurance company for homeowners with poor credit.
Company | Average yearly cost |
|---|---|
Nationwide | $2,067 |
Allstate | $2,184 |
State Farm | $2,347 |
Erie | $3,501 |
Travelers | $10,955 |
Home insurance companies in Richmond for pool owners
If you’re lucky enough to have a swimming pool in your backyard, then you’ll likely need to increase the amount of liability coverage on your home. Home insurance companies consider a pool a liability risk and will charge homeowners more for their insurance.
Here are the average yearly rates for homeowners in Richmond who have a swimming pool. State Farm has the lowest rates, while Travelers has the highest rates.
Company | Average yearly cost |
|---|---|
State Farm | $1,368 |
Erie | $1,407 |
Allstate | $1,446 |
Nationwide | $1,492 |
Travelers | $4,880 |
How to buy homeowners insurance in Richmond
With so many options to choose from when it comes to buying home insurance, you want to be sure you’re selecting the best coverage for your needs. Here are a few easy steps to take as you shop for home insurance in Richmond:
Reach out to a licensed Policygenius agent. Our team of experienced agents can help you get quotes from top companies. We can help you determine which coverage works best for you and how protection you’ll need to ensure your home is covered if disaster strikes.
Consider purchasing flood insurance. Richmond is known as the River City which means you should consider adding flood insurance to your homeowners policy. Standard home insurance policies don’t cover floods, so ask your Policygenius if this coverage would work for you.
Figure out how much you can afford to pay for your deductible. A higher deductible means you’ll pay less on your yearly homeowners policy, but you’ll pay more out-of-pocket for a covered claim. Ask your Policygenius agent to find a deductible that works within your budget.
Compare quotes from a Policygenius agent. Once you’ve identified your coverage needs, limits, and deductibles, the agents at Policygenius will send over quotes from top companies.
Sign the policy, and pay your first premium. Policygenius will do all of the paperwork for you. All you need to do is sign the paperwork and pay your first premium. They’ll even cancel your old policy if it isn’t expired yet. It’s that easy!
Frequently asked questions
How can I lower my homeowners insurance in Richmond?
The easiest way to lower the cost of your home insurance is by comparing quotes. Once you’ve settled on a few providers, be sure to ask about any discounts that might apply to your situation, so you can save even more money.
Do I need additional home insurance if I put in a swimming pool?
It’s recommended to purchase additional liability coverage if you have a swimming pool to protect you against any damages if someone has an accident. Insurers may classify an above-ground pool as personal property and an inground pool as part of other structures which could affect the amount of a payout after a claim.
