Richmond ,VA Home Insurance - The cost of homeowners insurance is influenced by a range of factors, including the value of your coverage, deductible, and the construction materials used in your home.
VHome Insurance conducted a thorough analysis of the Richmond, VA homeowners insurance market, taking into account factors like average costs, range of coverages, deductibles and customer satisfaction ratings to determine the best providers. The Average home insurance cost in Richmond, VA is $1447. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Richmond, VA. VHome Insurance will help you navigate the world of homeowners insurance coverages in Richmond, VA.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $579 |
| $200,000 | $984 |
| $300,000 | $1,215 |
| $400,000 | $1,852 |
| $500,000 | $2,330 |
Home insurance costs in Richmond can vary greatly based on location. The frequency of claims in your area can affect the cost of your policy. Simply put, the location of your home can significantly impact your homeowners insurance premium.
| Zipcode | Average Insurance Premium |
|---|---|
| 023221 | $1,462 |
| 23226 | $1,442 |
| 23220 | $1,409 |
| 23219 | $1,352 |
| 23236 | $1,364 |
| 23294 | $1,358 |
| 23225 | $1,362 |
| 23231 | $1,349 |
| 23237 | $1,339 |
| 23223 | $1,330 |
| 23222 | $1,332 |
| 23224 | $1,317 |
One key aspect of your policy is the deductible, which is the amount you pay out of pocket before your insurance kicks in. Choosing the right deductible can have a major impact on your insurance premiums and overall savings. In this guide, we'll help you understand the options available for homeowners insurance deductibles in Richmond, VA, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $1,484 |
| $1000 Deductible | $1,327 |
| $1500 Deductible | $1,252 |
| $2500 Deductible | $1,129 |
| $5000 Deductible | $955 |
| Home Insurance Company Near Richmond, VA | Homeowners Insurance Agency Near Richmond, VA | Address |
|---|---|---|
| State Farm | Anthony Pressley Iv | 10270 Staples Mill Rd, Glen Allen, VA, 23060-3064 |
| Travelers | Insurance Agency Services Llc | 15971 GOODES BRIDGE RD, AMELIA, VA, 23002 |
| State Farm | John Patterson | 10148 W Broad Street, Glen Allen, VA, 23060-6760 |
| Liberty Mutual | Mark Creason | 15521 Midlothian Turnpike Suite 401, Midlothian, VA, 23113 |
| Erie | Williamsburg Insurance Assoc | 211 Bulifants Blvd Suite C, Williamsburg, VA, 23188 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Manchester CDP, Virginia | $109 | $145 | $218 |
| Bon Air CDP, Virginia | $110 | $147 | $221 |
| Montrose CDP, Virginia | $106 | $141 | $212 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Richmond, VA | 3.9% | 11.1% |
| Manchester | 4.16% | 14.02% |
| Bon Air | 3.9% | 13.29% |
| Montrose | 5.06% | 15.8% |
| 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 |
| Streets in Richmond Area | Homeowners Insurance Cost |
|---|---|
| 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 |
| Place | Savings For Senior Occupied Homes |
|---|---|
| Richmond | $109 to $111 |
| Manchester | $109 |
| Bon Air | $110 |
| Montrose | $106 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $800 | $2,800 |
| Yearly Richmond Homeowner Insurance Premium Example | $1,300 | $900 |
| Out of Pocket Expense During Claim | $800 | $2,800 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $11,200 | $10,000 |
| Net Savings to Richmond Home Owner from High Deductible Plan | $1,200 | |
| Scenario | Richmond, VA Home Replacement Value MORE than Home Value | Richmond, VA Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $140,000 | $108,000 |
| Insurance Premium based on Replacement Value | $575 | $450 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $16,000 | Risk Exposure from Under Insuring Coverage is $16,000 |
| Premium Impact | Insurance cheaper by $75/year | Insurance costlier by $50/year |
| Insurance Company | Amica Mutual Insurance Company | Nationwide Insurance | Erie Insurance |
| Monthly Premium | 91 | 56 | 60 |
| Year Built | 1970 | 1956 | 1983 |
| Home Details | 4 Beds, 2 Baths | 3 Beds, 2 Baths | 2 Beds, 1 Baths |
| Coverage Amount | $250000-$300000 | $200000-$250000 | $150000-$175000 |
| Deductible | $500- $1000 Deductible | $5000 to $10,000 Deductible | $500- $1000 Deductible |