Richmond Insurance Rates:

Richmond, VA home insurance is roughly $618 to $839, about $51-$69/month. Our in depth research indicates shoppers can save as much as $291 by getting many quotes

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Richmond, Virginia Homeowners Insurance Reviews reveal the good & the bad so that you can compare the cheapest quotes from the best

Richmond Home Owner Insurance Quotes | Write a Review | Rates & Quotes Analysis
GEICO Insurance
Home Insurance Rate of $1030/6 months for $350000-$400000 Coverage
Policy Holder Home Details :

Home Value : $310,000

4 Beds, 4 Baths 3090 sqft Seasonal Residence Constructed In 1962 with Hardwood Flooring, Wood Shake Roof, Crawl Space Foundation, Stucco siding, Brick Frame. Home Features Include Fire Extinguisher, FuseBox Electricals and Security by Monitoring Company

About Policy Holder:

52 Years old Married Male who is Unemployed and has No Pets and is a Non-Smoker

Additional Details :
  • 75-100% Mortgage Paid off

  • 600-649 Credit Score

  • Guests at home

Home Insurance Rate of $780/12 months for $175000-$200000 Coverage
Policy Holder Home Details :

Home Value : $235,000

4 Beds, 4 Baths 1810 sqft Primary Residence Constructed In 1941 with Carpet over wood flooring, Metal Roof, Crawl Space Foundation, Stone Siding, Brick Frame. Home Features Include Copper Water Pipes, Fireplace, Fire Extinguisher, Central Air Conditioning, FuseBox Electricals and Security by Monitoring Company

About Policy Holder:

73 Years old Single Female who has a Part Time Job with household income of $25-50,000 and has 1 Pet and is a Non-Smoker

Additional Details :
  • 50-75% Mortgage Paid off

  • 600-649 Credit Score

  • Seniors staying at home

Home Insurance Rate of $880/10 months for $200000-$250000 Coverage
Policy Holder Home Details :

Home Value : $260,000

4 Beds, 4 Baths 2150 sqft Rental Property Constructed In 1962 with Linoleum, Asphalt Shingles Roof, Slab Foundation, Stucco siding, Stucco Construction. Home Features Include Fireplace, Central Air Conditioning, Deadbolt Locks, Circuit Breaker Electricals and Security by Monitoring Company

About Policy Holder:

46 Years old Divorced Female who is Unemployed with household income of less than $25,000 and has No Pets and is a Smoker

Additional Details :
  • 25-50% Mortgage Paid off

  • Up to 499 Credit Score

  • Guests at home

Home Insurance Rate of $530/8 months for $200000-$250000 Coverage
Policy Holder Home Details :

Home Value : $295,000

5 Beds, 5 Baths 2780 sqft Primary Residence Constructed In 1941 with Wood Flooring, Membrane Roof, Piers Foundation, Wood siding, Metal Frame Construction. Home Features Include Fireplace, Swimming Pool, Smoke Alarm, Circuit Breaker Electricals and Security by HomeOnly

About Policy Holder:

54 Years old Single Male who has a Part Time Job with household income of $25-50,000 and has 2 Pets and is a Non-Smoker

Additional Details :
  • 25-50% Mortgage Paid off

  • 700-749 Credit Score

Home Insurance Rate of $970/9 months for $250,000-$300,000 Coverage
Policy Holder Home Details :

Home Value : $220,000

3 Beds, 3 Baths 1230 sqft Rental Property Constructed In 1955 with Stone Flooring, Slate Shingles Roof, Crawl Space Foundation, Brick siding, Wood Frame. Home Features Include Deadbolt Locks, Central Air Conditioning, Fire Extinguisher, Circuit Breaker Electricals and Security by HomeOnly

About Policy Holder:

71 Years old Divorced Male who has a Full Time Job with household income of $50-$75,000 and has More than 3 Pets and is a Non-Smoker

Additional Details :
  • 50-75% Mortgage Paid off

  • 650-699 Credit Score

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Richmond Rates & Quotes Analysis:

Richmond Area Estimated House Insurance
E Ladies Mile Rd, Bemiss Ct, E Gladstone Ave, Terminal Ave, Exeter Rd, Veranda Ave, Dinwiddie Ave, Rosanell Ln, Dunbar St, Navy Hill Dr$701
Ruffin Rd, Piney Branch Rd, S Jefferson St, Milton St, Channing Ln, Culver Rd, Hickory St, Rustic Rd, Southern Pine Dr, Corbin St$757
Twyman Rd, Douglasdale Rd, Laveta Dr, Rosewood Ave, N 3rd St, Old Quarry Rd, Clarke Rd, Susten Ct, E Grace St, Belt Blvd$707
Maxwell Rd, Bainbridge St, Quicksall Ln, N 32nd St, Whitlone Dr, Chippenham Pkwy, Rosedale Ave, Beaumont Ave, S Harvie St, W Junaluska Dr$721
Salem St, Westchester Rd, 13th St, Margrave Ave, Silver Ave, Jessamine St, Rosewood Ave, Brady St, Redwood Ave, Montague Rd$750
Loudon St, Southampton Ave, Cedar Ln, Spicer Rd, N 19th St, W 31st St, Bunche Pl, S Shields Ave, Berrington Ct, W Martin's Grant Cir$760
York Rd, W Bacon St, Carter St, Granite Ave, Hampton St, Price St, Bellingham Ln, Beauchamp Ct, Smithdeal Ave, W 47th St$808
Peter Paul Blvd, Akron St, Custer St, W 9th St, Cedar St, W 44th St, Byrd Park Ct, Stonehurst Green, Goshen St, Lambeth Rd$738
Meadowbridge Rd, Carnation St, Green Ridge Dr, Linwood Ave, Collingbourne Rd, Ownby Ln, Channing Cir, State Rte 637, 2nd Ave, Keichtee Dr$704
S Auburn Ave, Mosby St, Walker St, W 24th St, Old Gun Rd, Fourqurean Ln, Chicago Ave, Rubimont Rd, Patsy Ann Dr, Stokes Ln$693

Insurance rates are influenced by a number of factors including:

  • Year Built: 32,714 Homes (33% of total) built between 1939 or earlier in Richmond are paying home insurance between $1,557-$1,568 and differs from Bon Air (+$17), Rockwood (+$13), Chamberlayne (+$25), Montrose (-$47) and Lakeside (-$15).
  • Bedrooms: 35,380 2 bedrooms homes (36% of total homes ) in Richmond are paying about $358. Areas near to Richmond such as Bon Air, Lakeside, Meadowbrook are costlier by $4, $3, $6 respectively whereas Montrose and Dumbarton are more economical by $11, $6 respectively for similar homes.
  • Auto Insurance Bundling: 14,155 Households (38% of all households) in Richmond have 2 vehicles available and when it is bundled with home insurance you can save $145 and varies from Manchester ($145), Bon Air ($147), Montrose ($141).
  • Senior Discounts: 18,496 seniors (more than 55 years) occupied housing units (50% of total) in Richmond get discounts between $109 to $111. The comparative concessions in proximate regions such as Manchester, Bon Air and Montrose are $109, $110 and $106 respectively.
  • New Homes discounts: New homes such as the 25,322 homes built between 2000 to 2009 in Richmond can save $145 and differs from Manchester ($145), Bon Air ($147), Montrose ($141).

Richmond Homeowners insurance Facts

  • Richmond, VA has 36,905 owner occupied houses which is 44.1% of all units whereas Manchester, Bon Air and Montrose have 66.17%, 81.21% and 44.94% respectively.
  • Richmond, VA homeowners yearly insurance price at $729 is 0.37% of the typical house value of $198,500 which is in contrast with 0.37% in Manchester, 0.33% at Bon Air & 0.55% in Montrose.
  • Homeowners in Richmond, VA pay 14.58% of their income (Less than $10,000) in insurance whereas homeowners in Manchester, Bon Air and Montrose pay 14.54%, 14.74% and 14.14% respectively.
  • Richmond, VA’s insurance is 3.9% of monthly housing costs of $1,553/month, for owners with a mortgage compared to 4.16% in Manchester, 3.9% at Bon Air & 5.06% in Montrose. But, for households without a mortgage, insurance is 11.1% of costs ($549 in Richmond, VA) in contrast with 14.02% in Manchester, 13.29% at Bon Air & 15.8% in Montrose.

Richmond, VA Home Values & Insurance rates

For example, insurance for 4,149 Homes (13.0% of total homes ) valued between $300,000 to $399,999 in Richmond, VA is about $1,283. Rates in nearby areas in such as Bon Air, Rockwood, Chamberlayne are cheaper by $141, $94, $175 respectively while Manchester and Lakeside are costlier by $25 and $161 respectively for similar homes.

Richmond, VA Home By Value Total Homes % of Total Average Homeowners Insurance
Less than $50,000 1,139 3.0% $87
$50,000 to $59,999 316 1.0% $189
$60,000 to $69,999 618 1.0% $233
$70,000 to $79,999 802 2.0% $269
$80,000 to $89,999 1,028 3.0% $306
$90,000 to $99,999 1,476 4.0% $342
$100,000 to $124,999 3,442 11.0% $400
$125,000 to $149,999 3,034 9.0% $503
$150,000 to $174,999 3,837 12.0% $590
$175,000 to $199,999 2,942 9.0% $685
$200,000 to $249,999 4,734 15.0% $823
$250,000 to $299,999 3,552 11.0% $1006
$300,000 to $399,999 4,149 13.0% $1283

Renters Insurance in Richmond

  • Average Renters Insurance in Richmond :  $167($13/month)

  • Median Gross Rent in Richmond :  $863

  • Richmond Renters Insurance to Median Rent Ratio:  1.51%

  • Renter occupied housing units in Richmond :  46,870

Richmond Renters Insurance as a Percentage of Rent

Richmond Home By Monthly Rent Total Homes % of Total Estimated Monthly Income To Afford Rented House Including Renters Insurance
Less than $200 2,544 5.0% $341
$200 to $299 1,991 4.0% $791
$300 to $499 2,426 5.0% $1241
$500 to $749 9,306 20.0% $1916
$750 to $999 13,859 30.0% $2666
$1,000 to $1,499 12,308 26.0% $3791
$1,500 or more 3,545 7.0% $5441

Rent Affordability in Richmond:

Approximately 50.0% (23,778) of households are spending more than 35% of their income on gross rent in Richmond

Occupied units paying gross rent Total Households % of Total
Less than 15.0 percent 4,227 9.0%
15.0 to 19.9 percent 3,994 8.0%
20.0 to 24.9 percent 5,318 11.0%
25.0 to 29.9 percent 5,371 11.0%
30.0 to 34.9 percent 4,182 8.0%
35.0 percent or more 23,778 50.0%

Protective device discount in Richmond Up to :  $25

Claims-free discount in Richmond Up to :  $33

Richmond, VA Home Insurance by Zip Code

Zip Code Median Home Value Median Homeowners Insurance
23221 $335,700 $780
23226 $286,000 $760
23220 $231,600 $750
23219 $227,300 $740
23236 $220,900 $740
23294 $200,500 $730
23225 $193,800 $740
23231 $189,500 $730
23237 $173,100 $730
23223 $159,000 $720
23222 $128,200 $710
23224 $125,000 $710