5 Best Richmond Homeowners Insurance Companies (2026)
State Farm and Chubb Insurance offer the best homeowners insurance policies in Richmond, Virginia.
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Written byCatherine Hiles
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Catherine HilesInsurance, Personal Finance Writer
16+ years in personal finance and insurance writing
Certified Financial Education Instructor
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Edited bySara Getman
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Sara GetmanAssociate Editor
Updated
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The average monthly cost of homeowners insurance in Richmond, Virginia, is $141 for a $300,000 policy with a $1,000 deductible, according to Insurify data. Richmond experiences hot, humid summers and cold winters — both of which can wreak havoc on your home.
Although hurricane risk is lower than in Virginia’s coastal cities, hurricanes, tornadoes, and other severe weather events can still occur. Despite this, home insurance can be quite affordable.
Here’s what you should know about finding homeowners insurance in Richmond and how to get the right property coverage for your home.
Quick Facts
Home insurance in Richmond costs slightly less than the national average of $239 per month.
A $300,000 policy costs $1,692 per year in Richmond.
Richmond homeowners pay less than Norfolk homeowners for insurance but more than Arlington homeowners.
Best home insurance companies in Richmond
The best home insurance company for you depends on the value of your home, your home type, your potential risks, and the type and amount of coverage you want. Several quality insurers in Richmond can provide you with good home insurance.
Here are some of the top contenders to consider in Richmond.
State Farm: Best for online experience
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2 /10 |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | 643 |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $135/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $184/mo |
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
Why we picked this company
State Farm is a well-known, respected name in the insurance industry, and for good reason. It has the largest market share of any other insurer in the U.S. and ranks highly for customer satisfaction by J.D. Power. You can get a quote for your Richmond home in minutes using State Farm’s website and manage your policies online or via mobile app, making this insurer accessible to a wide variety of customers.
Pros
Homeowners insurance quotes available online
Mobile app for online quotes and policy management
Strong J.D. Power customer satisfaction rating
Cons
Below-average J.D. Power claims satisfaction rating
Not the cheapest rates in Richmond
Fewer discounts than some competitors
Chubb Insurance: Best for customer service
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 7.8 /10 |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | 688 |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $116/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $192/mo |
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.12
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
Why we picked this company
Chubb Insurance has the second-highest overall J.D. Power customer satisfaction rating in Virginia. Chubb specializes in high-value homes and doesn’t factor in depreciation when you submit a claim. Plus, Chubb offers complimentary risk consulting, so you can make sure that you have adequate coverage.
Pros
High J.D. Power customer satisfaction rating
Extended replacement cost coverage available
HomeScan service detects potential problems
Cons
More expensive than some competitors
Fewer discounts than some competitors
Quotes not available online
Allstate: Best for bundling
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2 /10 |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | 631 |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $140/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $194/mo |
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
2.08
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-
Why we picked this company
Allstate is another well-known national insurer that offers affordable home insurance coverage in Richmond. The insurer claims that you can save up to 25% by bundling your home and auto policies. You can also get a discount on your premiums for paying on time and switching to Allstate without a recent home insurance claim.
Pros
Quotes available online
Save up to 25% via bundling
Various insurance discounts for homeowners
Cons
Higher-than-average number of complaints with the National Association of Insurance Commissioners (NAIC)
Below-average J.D. Power customer satisfaction rating
Low Trustpilot rating
Cincinnati Insurance: Best for high-value properties
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | NR |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | Not rated |
NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
Not rated
Why we picked this company
Although Cincinnati Insurance originated in Ohio, it now offers homeowners insurance coverage in Virginia and many other states. Cincinnati Private Client insurance is a good option if you own high-value property or assets. An agent will tailor coverage to your specific situation, providing comprehensive protection for your lifestyle.
Pros
Affordable rates
Specialized coverage for high-value property and belongings
Many local agents
Cons
Below-average J.D. Power customer satisfaction rating
Quotes not available online
Fewer coverage options than some competitors
Armed Forces Insurance: Best for veterans
Richmond is home to Defense Supply Center Richmond, so the city has a relatively large population of active-duty and retired military personnel. Armed Forces Insurance caters to these homeowners with policies tailored to their unique insurance needs. This insurer offers a wide range of insurance products, including flood, collector vehicle, and pet health insurance.
Pros
Wide range of insurance products
Numerous discounts available
Affordable rates
Cons
Limited to military members, veterans, and their families
No mobile app
Not rated by J.D. Power for customer or claims satisfaction
Our editorial team analyzed regional and national home insurance companies that sell policies in Richmond to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
How much is home insurance in Richmond?
On average, home insurance in Richmond costs $141 per month for a policy with $300,000 in dwelling coverage and a $1,000 deductible. In comparison, the average cost of homeowners insurance in Virginia is $149.
Your home insurance costs will depend on your location, your home’s age, your deductible, and your policy history. Your ZIP code can also affect your premiums. For example, insurance costs more in areas with higher crime rates or in areas with a high risk of flooding.
It’s helpful to look for discounts that can decrease your premiums. Some insurers offer home insurance discounts of 5% or more if your home has safety features like security systems, smoke detectors, or deadbolt locks. You could also get 5% to 15% off your premium by bundling two or more policies with the same insurer.[1]
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Cheapest home insurance companies in Richmond
Several factors affect the cost of homeowners insurance in Richmond, including the amount of coverage you choose. But it’s still possible to get affordable home insurance.
The table below lists the cheapest home insurance companies in Richmond, along with their rates for different dwelling coverage amounts.
The below rates in Richmond, VA, are estimated rates current as of: Sunday, June 7 at 5:00 PM PDT.
Insurance Company  | Average Annual Premium |
|---|---|
| Travelers | $888 |
| Chubb | $948 |
| Mercury | $996 |
| Farmers | $1,008 |
| Virginia Farm Bureau | $1,044 |
| Allstate | $1,212 |
| Encompass | $1,248 |
| Homeowners Of America | $1,272 |
| State Farm | $1,284 |
| Nationwide | $1,656 |
| Auto-Owners | $1,896 |
| Erie | $2,208 |
The below rates in Richmond, VA, are estimated rates current as of: Sunday, June 7 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| Travelers | $2,004 |
| Mercury | $2,184 |
| State Farm | $2,208 |
| Virginia Farm Bureau | $2,232 |
| Encompass | $2,292 |
| Chubb | $2,304 |
| Allstate | $2,328 |
| Homeowners Of America | $2,424 |
| Farmers | $2,508 |
| Nationwide | $3,348 |
| Auto-Owners | $3,984 |
| Erie | $4,632 |
The below rates in Richmond, VA, are estimated rates current as of: Sunday, June 7 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $2,844 |
| Mercury | $2,856 |
| Travelers | $2,868 |
| Encompass | $3,060 |
| Allstate | $3,192 |
| Virginia Farm Bureau | $3,336 |
| Chubb | $3,348 |
| Homeowners Of America | $3,420 |
| Farmers | $3,792 |
| Nationwide | $4,716 |
| Auto-Owners | $5,520 |
| Erie | $6,552 |
How much homeowners insurance do you need in Richmond?
To determine how much homeowners insurance and the types of coverage you need in Richmond, consider the cost of rebuilding your home if a covered peril, like a windstorm, fire, or theft, damages or destroys it.
The average home value in Richmond is just over $360,000, so you’ll likely need at least that amount of dwelling coverage. Insurers typically offer replacement cost coverage or actual cash value coverage.
Next, consider the value of your personal belongings, including furniture, clothing, electronics, and cookware. Home insurance policies typically provide personal property coverage equal to 50% to 70% of your dwelling coverage limit, but you can increase your coverage if your belongings are worth more than that.
Also consider how much liability coverage you need. Most policies provide at least $100,000 of liability protection, though experts recommend getting $300,000 to $500,000 in coverage.
Finally, think about potential additional living expenses you might incur if you’re forced to move out during repairs. Loss of use coverage typically equals 20% of your dwelling limit.[2]
What to know about home insurance in Richmond, VA
Richmond has a lower-than-average cost of living and a thriving job market, making it an ideal place to live. But a slight risk of hurricanes can increase the cost of home insurance.
Here are the perils you need to know about:
Floods
Although Richmond isn’t a coastal city, hurricanes and tropical storms can still cause heavy rain and even storm surge. Although a standard home insurance policy can cover some water damage, it doesn’t cover flooding, so you’ll need a separate flood insurance policy. If your home sits in a Special Flood Hazard Area, your lender may require you to have flood insurance. But even if it doesn’t, it’s smart to protect yourself from this devastating weather event. Flood insurance is available through the National Flood Insurance Program (NFIP) or through some private insurers.
Wind
Richmond can also experience high winds from hurricanes and other storms. Check with your insurer to see whether your policy has separate home insurance deductibles for wind- or hurricane-related claims.
Winter storms
Winters in Richmond can be cold and snowy. Other winter hazards include ice, freezing rain, and even blizzards. Your homeowners insurance policy should cover winter storm damage, but it’s important to read your policy or ask your insurer for details to fully understand your coverage and any coverage gaps.
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Average cost of home insurance in other cities in Virginia
The cost of homeowners insurance varies from city to city, and even between ZIP codes in the same city. Your Richmond home insurance quote may differ from a Virginia Beach insurance quote because of the latter’s heightened risk of hurricane damage as a coastal city.
The table below highlights how rates fluctuate based on where you live in Virginia.
The below rates in Richmond, VA, are estimated rates current as of: Sunday, June 7 at 5:00 PM PDT.
City | Average Annual Premium: With $300,000 in Dwelling Coverage |
|---|---|
| Roanoke | $1,452 |
| Richmond | $1,692 |
| Virginia Beach | $2,880 |
Richmond homeowners insurance FAQs
The following information can help you choose the right insurance policy for your Richmond home.
The average monthly cost of home insurance in Richmond is $141 for a $300,000 policy with a $1,000 deductible, Insurify data shows. If you live in a designated flood zone and have a federally backed mortgage, you also need to purchase flood insurance, which will increase your overall cost of coverage.[3]
Travelers has the cheapest homeowners insurance in Richmond, with an average monthly premium of $102.
While there’s no one-size-fits-all when it comes to home insurance, some companies stand out. The best home insurance companies in Richmond are State Farm, Chubb Insurance, Allstate, Cincinnati Insurance, and Armed Forces Insurance.
Older homes often have higher insurance rates because their older building codes, appliances, and systems increase your odds of filing a claim. They may also have older roofs that need to be replaced sooner. You’re also riskier to an insurer if your home has special features, like a pool, that increase your liability risk.
You may. If you have a federally backed mortgage and live in a designated flood zone, your lender will require you to get flood insurance. But it’s wise to get coverage even if your lender doesn’t require it.
Flood insurance is a smart policy add-on for most homeowners — especially those in Richmond whose homes are within a designated flood zone. An insurance agency can help determine your risk management and find the right coverage for your home.
Sources
- III. "12 Ways to Lower Your Homeowners Insurance Costs."
- III. "How much homeowners insurance do I need?."
- National Flood Insurance Program. "What is my Flood Zone."
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
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Catherine HilesInsurance, Personal Finance Writer
16+ years in personal finance and insurance writing
Certified Financial Education Instructor
Sara GetmanAssociate Editor