Best homeowners insurance in Richmond, VA (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Richmond.

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By

Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Edited by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.
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Reviewed by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Updated|3 min read

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Richmond, Virginia is one of the country’s oldest cities. 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 $1,257 per year. This is similar to the state average of $1,277 per year in Virginia and 28% lower than the national average of $1,754 per year. 

Compare home insurance rates in Richmond

Compare the best cheap homeowners insurance companies in Richmond

To find the best cheap homeowners insurance in Richmond, Policygenius rated over a dozen of the largest insurance companies in Virginia across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.

Company

Average monthly cost

Policygenius rating

State Farm

$114

4.8 out of 5

Erie

$102

4.5 out of 5

Farmers

$65

4.5 out of 5

Nationwide

$124

4.5 out of 5

Allstate

$121

4.4 out of 5

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

All 50 states

Why we chose itchevron icon

State Farm home insurance is one of the best overall home insurance providers in Virginia thanks to statewide availability, large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.

Pros and conschevron icon

Pros

  • Save up to $1,127 per year when you bundle your home and auto insurance

  • Excellent line-up of policy add-ons, including extended replacement cost coverage

Cons

  • No longer sells home insurance policies in California

  • 20% more complaints filed with the NAIC than other companies of its size

More detailschevron icon

Why we chose State Farm

At a time when lots of competitors are no longer insuring homes in areas prone to wildfires or hurricanes, State Farm continues to offer its relatively affordable and highly-rated home insurance to homeowners in most parts of the country, including Virginia.

While some of its competitors may not have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.

How do State Farm home insurance rates compare to the Richmond average?

The average cost of State Farm home insurance in Richmond is $1,368 per year, which is slightly more expensive than the average city annual premium of $1,257.

How to get a quote

Online through State Farm

award icon

2024 Policygenius award winner

Erie

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Mobile app

Bundle home & auto

Why we chose itchevron icon

Erie's wide range of coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance companies in Virginia.

Pros and conschevron icon

Pros

  • Cheap rates

  • Guaranteed replacement cost comes standard on Erie policies

  • Excellent customer service and claims satisfaction ratings

Cons

  • Only available in 12 states

  • Just three available discounts

  • Can’t get quotes or file claims online

More detailschevron icon

Why we chose Erie

Erie is one of the best homeowners insurance companies in Virginia for residents who want to add more protection to a basic policy, get top-rated customer service, and pay cheaper-than-average premiums.

Home insurance policies from Erie come standard with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy also covers lost and misplaced items, jewelry, and gift cards to closed businesses.

Erie also offers a range of add-ons that you can purchase, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.

How do Erie home insurance rates compare to the average in Richmond?

The average cost of Erie home insurance in Richmond is $1,226 per year, which is 4% lower than the state average of $1,277 and 43% cheaper than the annual national average of $1,754.

How to get a quote

Online through Erie

award icon

2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Farmers is one of the best home insurance companies in Virginia for those who want to add coverage to their policies. Farmers also has a range of discounts and high claims satisfaction scores.

Pros and conschevron icon

Pros

  • Above-average property claims satisfaction rating with J.D. Power

  • Extended and guaranteed replacement cost for your home

  • Shave $50 off your deductible each year you’re with Farmers

Cons

  • Below-average scores on J.D. Power’s digital experience survey

More detailschevron icon

Why we chose Farmers

Farmers is one of the best home insurance companies in Virginia, especially if you want to add coverage to a basic policy. Optional coverages from Farmers include guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.

Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it scored below average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.

Farmers is one of the best companies for bundling home and auto coverage (you could save up to 18% on your premiums by bundling). The company also offers more than a dozen other discounts, many of which are easy for most homeowners to qualify for.

How do Farmers home insurance rates compare to the average in Richmond?

The average cost of Farmers home insurance in Richmond is $783 per year, which is 63% less than the state average of $1,277.

How to get a quote

Online through Farmers

award icon

2024 Policygenius award winner

Nationwide

Nationwide logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Mobile app

New homebuyer discount

Offers extended replacement cost

Why we chose itchevron icon

Nationwide is one of the best homeowners insurance companies in Virginia for people who want complete coverage. You can strengthen a basic Nationwide policy with the company's range of coverage add-ons. Nationwide also has high claims satisfaction ratings.

Pros and conschevron icon

Pros

  • Multiple high-quality coverage options

  • Highly rated for claims satisfaction with J.D. Power

  • Available in most states

Cons

  • Below-average customer satisfaction and digital experience ratings

  • Won’t cover Airbnbs or other short-term rentals

More detailschevron icon

Why we chose Nationwide

Nationwide is the best homeowners insurance company for those who can take advantage of its large selection of coverage options. These include guaranteed and extended replacement cost coverage, better roof replacement, new belongings coverage, water backup protection, and equipment breakdown coverage.

Nationwide has also received high ratings from J.D. Power for claims satisfaction, and it ranks fifth on J.D. Power's Property Claims Satisfaction Study from 2022. The company also receives far fewer complaints than other insurers, according to the National Association of Insurance Commissioners.

Although we found that Nationwide's rates are slightly more expensive than average in Virginia, you might be able to lower your premiums with the company's discounts. These include discounts for bundling, renovating your home, buying a new home, and others.

How do Nationwide home insurance rates compare to the Richmond average?

The average cost of Nationwide home insurance in Richmond is $1,492 per year, which is 15% more expensive than the city average of $1,257.

How to get a quote

Online through Policygenius or Nationwide

award icon

2024 Policygenius award winner

Allstate

Allstate logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.4

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may benefit from Allstate coverage thanks HostAdvantage — its affordable short-term rental coverage that can be added to any policy.

Pros and conschevron icon

Pros

  • High-quality and flexible policy options

  • Numerous discounts and features that help you save

  • Below-average customer complaints

Cons

  • No longer sells home insurance policies in California

  • Below-average digital experience rating with J.D. Power

More detailschevron icon

Why we chose Allstate

Allstate is a great all-around company for its robust coverage options, strong financial strength, and its often affordable coverage.

In Virginia, we found that Allstate may not be the cheapest homeowners insurance coverage, but its lower-than-average premiums, high customer satisfaction ratings, and excellent coverage options make it the top choice for homeowners in Virginia. The company also offers a few discounts that will be easy for many people to qualify for, including discounts for setting up automatic payments, bundling policies, and signing up for coverage before your current policy expires.

How do Allstate home insurance rates compare to the Richmond average?

The average cost of an Allstate home insurance policy in Richmond is $1,446 per year, higher than the city average of $1,257 per year.

How to get a quote

Online through Policygenius or Allstate, or by contacting a local Allstate agent.

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.

Compare home insurance rates in Richmond

How much is homeowners insurance in Richmond?

The average cost of home insurance in Richmond is $1,257 per year, or $105 a month, for a policy with $300,000 in dwelling coverage. This is slightly cheaper than the average annual cost of $1,277 for homeowners insurance in Virginia, and about 39% cheaper than the national average. 

Richmond home insurance rates by ZIP code

Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Richmond neighborhoods may be more prone to extreme weather damage or property crime than others.

To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Richmond.

ZIP code

Average annual cost

Difference from state average (%)

23223

$1,290

1%

23225

$1,262

-1%

23224

$1,295

1%

23220

$1,259

-1%

23222

$1,285

1%

23237

$1,217

-5%

23227

$1,220

-4%

23236

$1,204

-6%

23226

$1,212

-5%

23221

$1,235

-3%

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Cheapest ZIP codes for home insurance in Richmond

With an average home insurance rate of $1,290 per year, the 23230 ZIP code is the most affordable area for home insurance in Richmond.

ZIP code

Average annual cost

Difference from state average (%)

23230

$1,203

-6%

23236

$1,204

-6%

23226

$1,212

-5%

23237

$1,217

-5%

23227

$1,220

-4%

23221

$1,235

-3%

23173

$1,243

-3%

23220

$1,259

-1%

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Most expensive areas for homeowners insurance in Richmond

With an average annual premium of $1,336, the 23298 ZIP code is the most expensive ZIP code in Richmond for home insurance. If you live one of these ZIP codes, your rates might be among the highest in the city.

ZIP code

Average annual cost

Difference from state average (%)

23298

$1,336

5%

23224

$1,295

1%

23232

$1,294

1%

23219

$1,291

1%

23223

$1,290

1%

23222

$1,285

1%

23250

$1,262

-1%

23225

$1,262

-1%

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Learn more >> Home insurance rates by ZIP code

Richmond home insurance costs by coverage amount

Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster. Here are the average rates for homeowners insurance based on coverage amount.

Dwelling coverage limit

Average annual cost

$100,000

$600

$200,000

$921

$300,000

$1,257

$400,000

$1,605

$500,000

$1,987

Richmond home insurance costs by deductible amount

Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim.

Here are the average rates for homeowners coverage by deductible amount.

Deductible

Average annual cost

$500

$1,320

$1,000

$1,231

$2,000

$1,102

Cheapest homeowners insurance companies in Richmond

Based on our analysis, Cincinnati Insurance, Farmers and Farm Bureau are the three cheapest home insurance companies in Richmond, with average premiums citywide ranging from $749 to $942 per year.

Company

Average annual cost

Cincinnati Insurance

$749

Farmers

$783

Farm Bureau Insurance

$942

Universal Property

$1,095

Auto-Owners Insurance

$1,158

Foremost

$1,211

Erie

$1,226

Chubb

$1,230

State Farm

$1,368

Allstate

$1,446

Nationwide

$1,492

IAT Insurance Group

$1,606

Donegal Insurance Group

$1,608

Progressive

$1,680

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Cheapest home insurance in Richmond if you have poor credit

bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher. Here are the average rates for homeowners insurance for Richmond residents with poor credit.

Company

Average annual cost

Universal Property

$1,095

Cincinnati Insurance

$1,112

Chubb

$1,230

Donegal Insurance Group

$1,740

Farmers

$1,763

Farm Bureau Insurance

$1,835

Nationwide

$2,067

Foremost

$2,173

Allstate

$2,184

Progressive

$2,310

State Farm

$2,347

Erie

$3,501

IAT Insurance Group

$4,106

Auto-Owners Insurance

$10,878

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Cheapest home insurance in Richmond if you have an older home

Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.  Here are the average insurance rates for homeowners with an older home.

Company

Average annual cost

Cincinnati Insurance

$750

Farmers

$889

Farm Bureau Insurance

$942

Foremost

$1,111

Chubb

$1,121

Auto-Owners Insurance

$1,175

Universal Property

$1,203

Erie

$1,333

Allstate

$1,404

State Farm

$1,405

Nationwide

$1,533

Progressive

$1,617

Donegal Insurance Group

$1,723

IAT Insurance Group

$1,926

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Cheapest homeowners insurance in Richmond if you have a history of claims

Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result. Here's the cheapest home insurance companies in Richmond for a homeowner with three claims within a five-year period on their record.

Company

Average annual cost

Farm Bureau Insurance

$1,116

Auto-Owners Insurance

$1,214

Cincinnati Insurance

$1,389

Farmers

$1,586

State Farm

$1,599

Universal Property

$1,785

Donegal Insurance Group

$2,126

Erie

$2,208

Allstate

$2,210

Progressive

$2,217

Chubb

$2,330

Foremost

$2,660

Nationwide

$2,989

IAT Insurance Group

$3,399

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How to get homeowners insurance quotes 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.

5 steps to buying homeowners insurance in Richmond, VA

  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!

Compare home insurance rates in Richmond

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.

Author

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Editor

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

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