5 Best Richmond Homeowners Insurance Companies (2025)
State Farm and Chubb Insurance offer the best homeowners insurance policies in Richmond, Virginia.
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The average monthly cost of homeowners insurance in Richmond, Virginia, is $121 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 $211 per month.
A $300,000 policy costs $1,452 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
Chubb Insurance: Best for customer service
Allstate: Best for bundling
Cincinnati Insurance: Best for high-value properties
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 $121 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 $128.
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.[?]
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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 are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company  | Average Annual Premium |
|---|---|
| Virginia Farm Bureau | $540 |
| Chubb | $636 |
| Travelers | $636 |
| Farmers | $708 |
| Mercury | $732 |
| Allstate | $780 |
| Auto-Owners | $852 |
| Nationwide | $912 |
| Encompass | $972 |
| Homeowners Of America | $1,020 |
| State Farm | $1,020 |
| Erie | $1,284 |
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| Virginia Farm Bureau | $1,536 |
| Travelers | $1,896 |
| Allstate | $1,956 |
| Nationwide | $1,980 |
| Chubb | $2,040 |
| Mercury | $2,112 |
| Farmers | $2,220 |
| Auto-Owners | $2,256 |
| Encompass | $2,328 |
| State Farm | $2,352 |
| Homeowners Of America | $2,508 |
| Erie | $3,240 |
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| Virginia Farm Bureau | $2,304 |
| Nationwide | $2,604 |
| Allstate | $2,664 |
| Travelers | $2,712 |
| Mercury | $2,760 |
| Chubb | $2,976 |
| Encompass | $3,072 |
| State Farm | $3,084 |
| Auto-Owners | $3,276 |
| Farmers | $3,336 |
| Homeowners Of America | $3,564 |
| Erie | $4,824 |
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.[?]
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:
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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 are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
City | Average Annual Premium: With $300,000 in Dwelling Coverage |
|---|---|
| Roanoke | $1,248 |
| Richmond | $1,452 |
| Virginia Beach | $2,460 |
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 $121 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.[?]
Virginia Farm Bureau has the cheapest homeowners insurance in Richmond, with an average monthly premium of $82.
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.
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