Richmond Virginia

Homeowners Insurance in Richmond

From the historic streets of Church Hill to the charming homes of the Fan District, Richmond offers a unique blend of history and modern living. But whether you’re settling into a 1920s bungalow or a newly built home in Short Pump, one thing is certain— it’s important to have homeowners insurance that fits your property and your budget.

Homeowners insurance in Richmond, VA, could help protect your home from the unexpected, like storm damage, fire, or theft. But how do you make sure you’re getting the best price? 

Here’s a look at what home insurance in Richmond costs, what it covers, and how to find an affordable policy.

How much is the average homeowners insurance in Richmond?

The average cost of homeowners insurance in Richmond, VA, is about $2,161 per year, or $180 per month, according to Insurance.com. That’s comparable to the cost of eight Prestige season passes to Kings Dominion or a few nights out per month enjoying Richmond’s vibrant food scene. (Did you know Richmond was named one of the Best Foodie Cities in America in 2024?)

While this average gives a good starting point, your actual premium will depend on details like your home’s value, age, and location. Looking at state-level averages can also help you understand overall insurance cost trends.

This chart shows how annual home insurance costs in Virginia have changed over the last five years:

Year

Virginia annual home insurance premium

2024

$2,151

2023

$2,135

2022

$1,982

2021

$1,199

2020

$1,107

Want a personalized rate? Get a customized quote in 60 seconds and see your Richmond-specific cost today.

What factors influence my home insurance rate?

Several factors can impact home insurance quotes in Richmond, VA—from your home’s unique features to environmental risks specific to the area. Here’s what insurers consider when setting your premium:

  • Neighborhood location. Homes near the James River or low-lying areas like Shockoe Bottom may face higher rates due to flooding risks. Properties in areas with lower crime rates, such as Westover Hills or Bellevue, may see lower premiums.
  • Home age and condition. Many homes in historic districts like Church Hill or The Fan are over a century old. While charming, they may have outdated plumbing, electrical systems, or roofing, which may raise insurance rates. Newer homes in areas like Glen Allen may have lower premiums due to modern construction standards.
  • Rebuilding costs. Richmond’s housing market is competitive, and rebuilding costs can be steep, especially if your home has custom or historic features that require specialized restoration.
  • Coverage limits and deductibles. Higher coverage limits will provide more protection if you file a claim, but you’ll also pay higher premiums. Similarly, choosing a lower home insurance deductible can lower your premiums, but you’ll pay more out of pocket if you file a claim.
  • Claims history. Filing multiple claims or buying a home with a history of previous claims will also factor into your home insurance quotes in Richmond. 
  • Home safety features. Homes with security systems, fire alarms, and storm-resistant roofs may qualify for safety-related discounts.

Common insurance discounts in Richmond

Finding ways to lower your Richmond home insurance doesn’t have to be complicated. Many companies offer home insurance discounts that can reduce your premium while keeping your home protected:

  • Policy bundling. Combine home, auto, or life insurance with the same provider may qualify you for a multi-policy discount.
  • Home security upgrades. Adding features like monitored alarms, motion-activated cameras, or smart locks could lower the risk of theft and reduce your insurance costs.
  • Claims-free history. If you haven’t filed any claims in several years, you might be rewarded with lower rates as a low-risk customer.
  • New home savings: Homes built recently—especially those in newer Richmond developments—may cost less to insure because they meet updated safety codes.
  • Roof replacement savings. Installing a new roof using durable, impact-resistant materials could lower your premium by reducing the likelihood of storm damage.
  • Loyalty perks. Long-term customers with a good policy history may be eligible for loyalty discounts from certain insurers.
  • Eco-friendly credits. Installing solar panels, energy-efficient appliances, or environmentally friendly upgrades could help you qualify for “green” home savings.


Check with your insurance company or agent to see what specific discounts are available—you might be able to save more than you expect.

What does home insurance in Richmond cover?

Standard home insurance in Richmond, VA, protects your home, belongings, and finances from unexpected events. Here’s what’s typically included:

  • Dwelling coverage. This covers your home’s structure, including the walls, roof, and foundation, from risks and perils. It’s important in Richmond, where tornadoes, hurricanes, and severe storm winds can cause damage.
  • Personal property coverage. This protects your belongings if they’re stolen or damaged by a covered event—even if those belongings are away from home. Think of things like electronics, furniture, or even outdoor gear like bikes and grills.
  • Liability protection. If someone gets hurt on your property—say, during a backyard barbecue or a neighborhood get-together—this could help pay for medical bills, legal fees, and settlements.
  • Loss of use. If your home becomes unlivable after a covered event, this coverage could help pay for temporary living costs like hotel stays and meals while it's being repaired.
  • Other structures coverage. This covers detached structures like sheds, garages, and fences—common features in Richmond homes with spacious yards or historic properties.

Additional Richmond insurance coverage options

Standard home insurance in Richmond, VA, covers many common risks, but it might not be enough for every situation. You may need these extra policies or endorsements to fill coverage gaps:

  • Flood insurance. With the James River running through the city, areas near low-lying neighborhoods like Shockoe Bottom or Manchester can face flood risks during heavy rains. You may need separate flood insurance since standard policies don’t cover this damage.
  • Water backup coverage. Richmond’s older homes may experience plumbing backups or sump pump failures, especially after severe storms. This coverage could help pay for water damage caused by backed-up drains or sewer lines.
  • Scheduled personal property. If you own valuable items like antiques, fine art, or jewelry—especially in historic homes in The Fan or Church Hill—you may want extra coverage beyond your policy’s limits.
  • Extended replacement cost. If home construction costs rise, this coverage could help cover rebuild costs exceeding your policy’s limits. 

What Richmond residents need to know 

No matter where you live in Richmond, there are a few steps to take to make sure you have enough home insurance. 

First, get enough dwelling coverage to rebuild your home fully if it’s a total loss. Even if your home is exactly as it was five years ago, you may need higher coverage limits if construction costs or building materials have gone up in your area.

Ideally, your liability coverage limits should cover your net worth and the total assets you own (including real estate, investment accounts, vehicles, and more). So, if your net worth is $500,000, you might purchase at least $500,000 in liability coverage.

For personal belongings, be sure your policy covers everything you own, from everyday items like furniture and clothing to valuables like antiques or jewelry. You may need extra coverage (scheduled property coverage) for high-value items exceeding your policy’s sublimits.

Finally, think about local risks. Flooding, severe storms, and hurricanes are all threats to the area. Talk to an insurance broker in Richmond, VA, to find out what policies you need.

How to lower your Richmond home insurance premium

Try these quick tips which could help reduce Richmond home insurance costs without sacrificing coverage:

  • Compare insurance quotes from at least three local and national providers.
  • Take steps to reduce your claims (like installing storm-resistant roofing or reinforced windows to reduce weather-related risks), outdoor cameras, motion-sensor lights, or a monitored alarm system to lower theft risks.
  • Raise your deductible if you can afford to cover a higher out-of-pocket cost.
  • Ask your insurer or agent about any discounts you may qualify for.

Still have questions?

Want to learn more about homeowners insurance in Richmond, VA? Here are answers to some frequently asked questions to help you better understand coverage, costs, and what to expect:

Did homeowners insurance go up in Virginia?

Yes, Virginia's home insurance has increased in recent years, as with the rest of the United States. This is mainly due to rising construction costs, inflation, and more frequent weather-related claims. Grabbing a few home insurance quotes in Richmond, VA, can confirm if you have the best available rate or a better deal elsewhere.

Which homeowners insurance company in Richmond has the highest customer satisfaction?

Customer satisfaction ratings can vary depending on the source. Check online reviews and J.D. Power ratings to find the home insurance companies in Richmond, VA, that stand out. 

Hippo offers modern coverage options, a straightforward claims process, and responsive customer service. Get a personalized home insurance quote for Richmond now.

What happens if you don't have insurance in Richmond, Virginia?

If you don’t have homeowners insurance in Richmond, you’ll be responsible for paying out of pocket for repairs, replacements, or legal claims after a disaster or accident. If you have a mortgage, your lender typically requires home insurance—skipping coverage could lead to loan default or forced-placed insurance, which is often more expensive and offers limited protection.

What is the most common homeowners insurance in Richmond, VA?

The most common type of home insurance in Richmond is an HO-3 policy. It covers your home’s structure, personal property, liability, and additional living expenses if you can’t live at home after a covered event. Many homeowners customize their insurance policies with other endorsements, like scheduled property coverage and extended replacement cost coverage.

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Hippo Insurance Services (“Hippo”) is a general agent for affiliated and non-affiliated insurance companies. Hippo is licensed as a property casualty insurance agency in all states in which products are offered. Availability and qualification for coverage, terms, rates, and discounts may vary by jurisdiction. Any estimated premium savings are based on the application of discounts which are subject to availability and qualification. Smart home discounts are subject to additional qualification, conditions, and restrictions. We do not in any way imply that the materials on the site or products are available in jurisdictions in which we are not licensed to do business or that we are soliciting business in any such jurisdiction. Coverage under your insurance policy is subject to the terms and conditions of that policy. Coverage and coverage amounts selected are the decision of the buyer.

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