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Edited by John Leach
Last Updated February 28, 2022
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Richmond, VA Homeowners Insurance
Richmond is on the rise, and if you’re new to the River City, it’s clear to see why. The Virginia capital is teeming with art, museums, business, and history. This year, Richmond saw its highest population yet, as newcomers are drawn in by the city’s multifaceted culture and stay for the affordability of life in the city. Whether you prefer to spend your days boating at Byrd Park or perusing the halls of the Virginia Museum of Fine Arts, Richmond is the perfect place for people who like to do it all.
The southern city is also known for its proximity to the James River and its wide range of weather events. Richmond homeowners can watch the seasons pass from their doorsteps, as spring turns to summer, and even as the leaves change and autumn breezes usher in the occasional snowfall. But the beauty of the River City’s seasons is paired with hazardous seasonal storms. The best way to make sure your home is protected from summer storms, tornadoes, floods, and fires is to purchase a home insurance policy. Needless to say, there’s a lot to keep in mind when searching for home insurance in Richmond, VA.
Insurify makes it easy. Use Insurify’s home insurance comparison tools to see insurance companies, coverages, and costs side by side. Whether you’re a first-time home insurance shopper or are seeking savings on your current policy, Insurify can help you save money, time, and stress through your home insurance search process.
Cheapest Home Insurance Companies in Richmond
For homeowners in Richmond, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Richmond. The following are the best insurance rates from carriers that offer homeowners insurance in Richmond.
|virginia farm bureau||$1,039|
How to Find Cheap Home Insurance in Richmond
Buying a home is a stressful process. Between choosing which Richmond neighborhood to join and the expenses that come with purchasing a home (even in affordable RVA), the last thing you want to worry about is finding an affordable home insurance policy. No matter where or what type of humble abode you choose, the first step to protecting your investment is choosing a homeowners insurance policy. Although home insurance is not required by law, it is often required to get a mortgage.
Even if you aren’t required to purchase a policy, homeowners insurance helps protect your home and personal belongings in the case of perils like natural disasters or theft. So you’ll want to make sure your Richmond home is covered sooner rather than later.
Home insurance rates in Richmond are relatively average, but your home insurance quote will depend on your insurance needs. If you’re facing high premiums and are looking for multiple insurance products, ask your insurance agent about bundling your policies. Most insurance carriers will allow policyholders to bundle policies like home insurance, car insurance, and even life insurance, helping you save on costly premiums.
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Cheapest Home Insurance in Richmond by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
The average Richmond home insurance premium costs $1,863 annually, and the median home value is $242.426.
But the cost of your home insurance policy is custom to your home, your neighborhood, and your desired coverage. Your homeowners policy is meant to help offset or cover the cost of repairs from natural disasters or property damage, replace personal belongings in the case of theft or vandalism, and even provide personal liability insurance to cover medical expenses if someone is hurt on your property. Depending on where you live, you may want higher coverage if your neighborhood is prone to perils like floods or theft.
This is why the best homeowners insurance policy for you may be different from the best home insurance policy for your neighbor—it’s based on your unique needs. So it’s important to understand your insurance options, as well as the various policies and coverage options that different insurance agencies offer. Each insurance provider offers similar policies, but the average Richmond American Home Insurance premium may include different coverage than the average State Farm or Allstate premium.
|Average Home Cost in Richmond||Average Annual Insurance Premium in Richmond|
Average Annual Home Insurance Premium in Richmond by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Richmond for Home Insurance
Richmond home insurance premiums can vary greatly depending on the neighborhood you live in. While these cost differences may not change where you decide to plant your roots in Richmond, it’s important to understand why these disparities exist.
Homeowners insurance pricing is determined by ZIP code–specific variables, including the number of claims filed nearby, your area’s crime rates, and property costs, and risk variables, such as natural disaster frequency.
Chamberlayne, for instance, offers some of the cheapest home insurance premiums in Richmond, with average rates just under $1,000 annually. Rates in downtown Richmond, on the other hand, can get quite pricey.
Home Insurance Coverage Types in Richmond
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Protecting Your Richmond Home from Floods
Richmond is no stranger to severe weather like tornadoes and even the occasional earthquake. But unlike these catastrophic events, natural disasters like rainstorms, floods, and landslides are not covered by the average homeowners insurance policy.
Richmond is located in a moderate risk area for landslides, and homes in the River City are regularly threatened by floods, whether during summer storms or from melted snow. The only way to make sure your home is covered in the case of flooding or other water damage is with the additional coverage of a flood insurance policy.
Most home insurance companies offer flood insurance add-ons to augment your homeowners coverage. While flood insurance coverage could set you back roughly $700 annually, remember that with higher cost comes higher coverage. Paying a few hundred dollars per year for flood coverage pales in comparison to the cost of repairing a flooded home or replacing sentimental personal belongings lost to water damage.
Property Crime Protection in Richmond
Virginia is known for its relatively low crime rates, but the same cannot be said for the capital city of Richmond. While crime rates in the city continue to decline each year, Richmond is still rated as the third most dangerous city in Virginia.
With Richmond reporting nearly 30 property crimes per 1,000 residents in 2018, it can be difficult to know whether your home and belongings are protected in the case of theft or vandalism. The good news is that most basic home insurance policies protect homeowners from these perils.
If you are concerned about your insurance coverage or are looking for more coverage for property crime perils, ask your insurance provider about a comprehensive, or HO-5, policy. This will come at a higher price than more basic policies, but comprehensive home insurance policies have replacement cost coverage. This means that if your personal property is stolen or damaged, your insurance provider will pay for the total cost of repairing or replacing your items.
Homeowners insurance shopping can be a headache. We’re here to make it easy. Check out our answers to Richmond homeowners’ most frequently asked questions.
How to Find the Cheapest Home Insurance in Richmond
Finding home insurance for your Richmond home is no easy feat. But with the right research and a little help from Insurify’s comparison tools, you’ll be matched with the best home insurance policy for you in no time.
Use Insurify to compare home insurance premiums for your property in Richmond, Virginia. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.
Frequently Asked Questions
Home insurance policies are different for every person and every home. If you’re looking for optimal savings and live in an area that is safe from crime and natural disasters, you may not need a lot of liability coverage. On the other hand, if you want to make sure your home and belongings are covered from potential perils—because you live in a higher-risk area or to protect from the unexpected—your liability coverage should amount to the total cost of your home and belongings.
Additional living expense coverage, or ALE, is intended to cover the cost of living expenses if you can’t stay in your home. For example, this would cover the cost of hotel expenses if your home was left unlivable by a natural disaster. ALE coverage is included in most basic homeowners policies but may include certain limitations or specifications of what is and is not ALE-eligible.
Yes, basic homeowners insurance policies include tornado coverage. If you are looking for higher coverage or want to make sure specific items are covered in the case of a tornado, the best way to make sure your policy fits your needs is by talking with a local insurance agent.
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