Best homeowners insurance in Richmond, VA for 2022

We looked at average costs, coverages available, and customer satisfaction ratings to find the best homeowners insurance companies in Richmond.

Gianetta Palmer

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Gianetta Palmer

Gianetta Palmer

Freelance contributor

Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

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Pat Howard

Pat Howard

Managing Editor & Licensed Home Insurance Expert

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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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.

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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.  

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

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State Farm

State Farm logo

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

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

Travelers

Travelers logo

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

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

Allstate

Allstate logo

Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.

Pros

  • Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection

  • 8+ discounts, including autopay, bundling, zero claims, and new homebuyer

  • Get up to 25% off your premiums when you bundle home and auto insurance

  • Excellent customer service and claims satisfaction ratings

  • File and track claims online or through its mobile app

Cons

  • Rates are typically high compared to competitors

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

Nationwide logo

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

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

Erie

Erie logo

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

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

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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:

  1. 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.

  2. 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.

  3. 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.

  4. 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. 

  5. 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!

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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.

Methodology

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.

Author

Freelance contributor

Gianetta Palmer

Freelance contributor

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Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

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