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 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 |
|---|---|---|
$114 | 4.8 out of 5 | |
$102 | 4.5 out of 5 | |
$65 | 4.5 out of 5 | |
$124 | 4.5 out of 5 | |
$121 | 4.4 out of 5 |
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
All 50 states
Why we chose it
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 cons
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 details
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
2024 Policygenius award winner
Erie
4.5
Mobile app
Bundle home & auto
Why we chose it
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 cons
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 details
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
2024 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
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 cons
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 details
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
2024 Policygenius award winner
Nationwide
4.5
Bundle home & auto
Mobile app
New homebuyer discount
Offers extended replacement cost
Why we chose it
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 cons
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 details
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
2024 Policygenius award winner
Allstate
4.4
Bundle home & auto
Smart home discounts
Why we chose it
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 cons
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 details
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.
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% |
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% |
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% |
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 |
|---|---|
$749 | |
$783 | |
$942 | |
Universal Property | $1,095 |
$1,158 | |
$1,211 | |
$1,226 | |
$1,230 | |
$1,368 | |
$1,446 | |
$1,492 | |
IAT Insurance Group | $1,606 |
Donegal Insurance Group | $1,608 |
$1,680 |
Cheapest home insurance in Richmond if you have poor credit
A 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 |
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 |
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 |
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.
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.
