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2024

The Cheapest and Best Homeowners Insurance in Richmond

The Cheapest Home Insurance Companies in Richmond

The core coverages offered by home insurance companies in Richmond tend to be similar, so it is important to consider cost when choosing a policy.

The cheapest insurance companies in Richmond for home insurance with $250,000 in dwelling coverage on average are:

  • Universal Property: $676 per year
  • Travelers: $769 per year

On average, for expensive homes with $2 million in dwelling coverage, the cheapest home insurance companies in Richmond are:

  • Universal Property: $3,934 per year
  • Erie: $4,337 per year

You can find the rates for different dwelling coverage limits using the table below.

The Cheapest Home Insurance in Richmond, Ranked

Dwelling Coverage:

$250,000

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Insurance Rates

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For policies with the initial baseline dwelling coverage of $250,000, the personal property limit is $100,000, while policies with a $2,000,000 dwelling coverage limit have personal property limits of $800,000. All policies have $100,000 in liability coverage.

Virginia residents living in other cities in the state can look up the home insurance rates for Virginia.

The Average Cost of Homeowners Insurance in Richmond for 2022

Richmond$1,384
Virginia$2,058
U.S.$2,103

The cost of home insurance in Richmond is significantly lower than the state average of $2,058 per year. Richmond homeowners pay an average of $1,384 per year, which is also lower than the national average of $2,103 per year.

Calculate the Cost of Home Insurance in Richmond

Homeowners insurance costs in Richmond depend on a variety of factors, including your location, the dwelling coverage limit you purchase, the value of the personal property you want covered, your credit score and more.

You can compare quotes in your state using MoneyGeek’s home insurance calculator to find the best rates.

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Home Insurance Calculator

State

Virginia

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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Low

Average

High

These are annual estimates. Get a personalized quote to determine your costs.

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The Best Home Insurance Companies in Richmond

Apart from cost, an insurer’s customer service ratings and financial stability are important factors since they determine the kind of experience you will have when filing a claim. It is important to choose an insurer with good customer satisfaction ratings to avoid running into claim settlement issues in the event you need to file a claim.

MoneyGeek found that the best homeowners insurance companies in Richmond are:

  • Best Overall: Nationwide
  • Runner-up: Travelers

To rank the best homeowners insurance in Richmond, MoneyGeek used a comprehensive rating system based on customer satisfaction scores, affordability rankings and financial stability scores.


1
Nationwide
Score:93

4.9/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

For Richmond homeowners, a Nationwide policy offers coverage benefits, including replacement cost coverage for personal items and better roof replacement. This means that you can have your roof replaced with better materials in case of damage. A Nationwide policy also comes with an optional flood damage coverage, which most insurers Richmond do not offer.

More About Nationwide

Our top pick, Nationwide, outscored the rest of the insurers in Richmond with high ratings in both affordability and customer satisfaction. This policy also offers earthquake coverage as an add-on for customers in certain states.

2
Travelers
Score:92

4.9/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

If you are an environmentally conscious homeowner in Richmond, a Travelers home insurance policy offers extra coverage in case you choose to repair your home with eco-friendly materials. The additional replacement coverage in the Travelers policy means even if the cost of replacing your home exceeds your dwelling coverage limit, you will still be covered.

More About Travelers

Our analysis found that Travelers is the runner-up based on its high affordability scores and financial stability. Travelers protects you from identity fraud with up to $25,000 in coverage in case your identity is stolen.

3
Erie
Score:92
4
Chubb
Score:91
5
MetLife
Score:90
6
State Farm
Score:89
7
Allstate
Score:88
8
Universal Property
Score:87
9
ASI
Score:86
10
Farmers
Score:84
11
Auto-Owners
Score:77

Cheapest Home Insurance Companies in Richmond for Newly Constructed Homes

Newer homes are considered lower risk to insure because modern construction materials are typically more damage resistant and easier to replace. This means that it costs less to insure a newly constructed home in Richmond compared to older homes.

The average cost of insuring a newly constructed home in Richmond is $987 per year, while an older home built in 2000 would cost $1,384 yearly.

On average, the cheapest insurance companies in Richmond for newly constructed homes with $250,000 in dwelling coverage are:

  • Universal Property: $482 per year
  • Travelers: $548 per year
The Cheapest Home Insurance in Richmond for New Homes, Ranked

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Cheapest Home Insurance Companies in Richmond if You Have a Lot of Personal Property

The value of your personal property is one of the key factors that influence how much home insurance costs in Richmond. The more personal property you have to cover, the higher the premiums that you’ll pay.

On average, Richmond homeowners will pay $1,500 yearly for personal property limits of $250,000, while it costs $1,384 yearly for personal property limits of $100,000.

For homeowners with personal property coverage limits of $250,000, the cheapest insurance companies in Richmond on average are:

  • Universal Property: $732 per year
  • Travelers: $833 per year
Cheap Companies in Richmond for Extra Personal Property Coverage

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Cheapest Home Insurance Companies in Richmond for High Deductibles

In Richmond, a deductible can significantly impact the cost of home insurance. A policy with a higher deductible attracts lower premiums. However, if you need to file a claim, your out-of-pocket costs will be higher compared to someone with a lower deductible.

If you pick a policy with a $2,000 deductible, you will pay an average of $1,224 yearly in Richmond. A policy with a $1,000 deductible will cost you roughly $1,384 yearly.

On average, for policies with a high deductible of $2,000, the cheapest insurance companies in Richmond are:

  • Universal Property: $597 per year
  • Travelers: $679 per year
The Cheapest Companies in Richmond for High Deductibles, Ranked

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Cheapest Home Insurance Companies in Richmond if You Have Poor Credit

In Richmond, a poor credit score means that you will pay more for homeowners insurers since insurers factor in your credit score when calculating premiums.

Homeowners with a poor credit score will pay roughly $2,461 per year for home insurance in Richmond, while those with good credit scores pay lower premiums at around $1,384 yearly.

The cheapest insurance companies in Richmond for homeowners with poor credit are:

  • Universal Property: $676 per year
  • Chubb: $1,019 per year
The Cheapest Companies in Richmond for Poor Credit, Ranked

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Getting Online Homeowners Insurance Quotes in Richmond

Homeowners insurance quotes in Richmond depend on a variety of factors. If you want to get a quote online, you will need to provide your insurer with the following details:

  • Home replacement cost: You need to consult a construction expert to give you an estimate of the cost it would take to rebuild your home exactly as it is. This cost is referred to as the replacement cost and is used in calculating your home insurance cost.
  • Personal property value: Home insurance rates vary depending on the value of the personal property that needs to be covered. You will need to let the insurer the value of your items so they can determine the appropriate personal property coverage limits and costs.
  • Personal information: Your insurer will require personal details, such as the number of occupants in your home, your address and your insurance history as well as other details they may deem necessary.
  • House specifications: The size of your house, when it was constructed and the presence of any safety or protective devices are all factored in when determining home insurance costs.
Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

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Homeowners Insurance in Richmond Analysis: Methodology

MoneyGeek analyzed home insurance rates from eleven companies in Richmond for this analysis. The data used was provided in partnership with Quadrant. Quotes were collected for a home with varying coverage levels to calculate affordability scores. The customer satisfaction ratings used in this study were drawn from J.D. Power surveys.

MoneyGeek used a base profile of the average homeowner with a 2,500 square-foot home built in 2000, with dwelling coverage of $250,000, personal property coverage of 100,000 and liability coverage of $100,000. All policies have deductibles worth $1,000.

Quotes were also analyzed for homeowners with newly constructed homes, higher dwelling or personal property coverage, larger deductibles and lower credit scores.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.