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Find the Best Homeowners Insurance in Richmond, VA

Homeowners insurance protects you from financial loss involving your most valuable investment and your personal possessions inside. The Richmond Times-Dispatch has partnered with ConsumerAffairs to create this guide by comparing national ratings and local customer reviews of more than 30 businesses and choosing five favorites from the top home insurance companies in Richmond.

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What to know about homeowners insurance in Richmond

richmond skyline

There are different types of homes and homeowners in Richmond, so it makes sense there are also different types of home insurance coverage to consider. For example, those living near the James River are more vulnerable to floods and need specialty coverage; those in high-crime areas tend to buy homeowners insurance to protect their property from theft and vandalism.

As you research home insurance policies in Richmond, it's important to understand what is generally covered and what is not by home insurance. A home insurance policy will not cover all issues or accidents that occur in your home. Every plan has different coverages and policy limits, so it is essential to carefully analyze your risk factors and ensure they are covered in your coverage terms.

What homeowners insurance covers

Most major homeowners insurance providers cover the same basic perils. These typically include:

  • Fire and smoke
  • Lightning
  • Windstorms
  • Vandalism and theft
  • Water damage
  • Lawsuits as a result of someone getting hurt on your property

What homeowners insurance doesn’t cover

Home insurance policies don’t cover damages that are a result of neglect or poor maintenance. Other events that usually aren’t covered in a basic home insurance plan include:

  • Flooding
  • Earth movement
  • Normal wear and tear
  • Termites and other infestations
  • Mold and wet rot

While water damage coverage usually comes standard on home insurance plans, flooding does not — so you may consider adding flood protection to your policy if you live in a flood-prone area.

When it comes to finding coverage for your home, there is no shortage of insurance brokers and providers in the area. Contacting local agents in Richmond will help you find the right policy for your traditional home, condo, apartment or mobile home.

Average home insurance costs in Richmond

The average yearly premium for home insurance in Richmond is between $740 and $1,100, or $62 to $92 per month. The more coverage you need, the more you will pay for homeowners insurance. Older homes, high-value homes and homes in high-risk areas will have higher premiums than other houses in Richmond.

Factors that affect the cost of homeowners insurance in Richmond include the following:

  • Where in Richmond you live
  • The type of home you live in, its age and its size
  • The types of coverage you buy and the amounts
  • Your deductible amount
  • Your claims history

How to save on homeowners insurance in Richmond

Shop around at multiple insurance companies and agencies in Richmond to get quotes on homeowners insurance. This will ensure you get the most possible coverage at the lowest cost. More ways to protect your home and save money include:

  • Fix your credit: If you have the luxury of time, try to improve your credit score. Your claims and credit history play a big part in your eligibility for affordable home insurance. Minimize your debts and pay credit card payments on time to improve your credit score. For professional assistance, read about credit repair companies in Richmond.
  • Bundle policies: Many homeowners insurance companies offer discounts when you purchase homeowners insurance and auto insurance together. If you need other types of insurance, like life insurance, you may be able to bundle those with homeowners insurance to save money.
  • Ask about discounts: Most companies in Richmond offer a variety of discounts to help make buying homeowners insurance more affordable. Ask about discounts for being claims-free, switching from a different provider, being a new homeowner, being retired or signing up for automatic payments.

Richmond homeowners insurance FAQ

What are the different types of homeowners insurance?

The different types of homeowners insurance policies are HO-2 Broad Form, HO-3 Special Form, HO-5 Comprehensive Form, HO-6 Condominium Unit Owners and MV Modified Coverage Form. These types differ in the types of property they cover and whether the events covered are “named perils” or “open perils.” You can find a description of each type of policy starting on Page 9 of the homeowners insurance guide from the Virginia State Corporation Commission.

Can I be denied homeowners insurance in Virginia?

Yes, you can be denied homeowners insurance. Virginia law requires the insurer to give you the reason why you are denied. You can’t be denied insurance based only on the age or location of your home, because you were denied by another company or because of a previous owner’s losses. If you are denied based on incorrect information, you have the right to request a copy of the company’s file on you and make corrections.

Are fires covered by home insurance?

Yes, homeowners insurance covers loss of or damage to your home and possessions due to fire.

How is home insurance calculated?

Many factors go into calculating home insurance premiums, including your home’s location, the age of your home, the type of home construction, your claims history, the types and amount of coverage you request, the deductible and your credit history.

Can you change homeowners insurance at any time?

Yes, you can shop around and change homeowners insurance at any time, but some companies may have penalties for canceling coverage before the policy ends, so check with your insurer.

Are appliances considered personal property in homeowners insurance?

Appliances that plug into outlets, like a refrigerator, are considered personal property by homeowners insurance companies. Other appliances may fall under dwelling coverage.

How are homeowners insurance companies regulated in Virginia?

The State Corporation Commission (SCC) regulates insurance companies in Virginia.

Richmond home insurance company information

Nationwide

Nationwide offers a range of homeowners insurance policies, with add-ons for high-value items, flood insurance and water backup. Customers get an On Your Side review each year to evaluate current coverage and make updates if necessary. Nationwide provides discounts for having multiple policies, having smoke detectors or fire alarms, being claims-free and living in a gated community.

Nationwide

Liberty Mutual

Liberty Mutual customizes coverage for Richmond homeowners according to their needs. You can file a claim 24/7 by phone, online or through the company’s app, and estimates can be completed over video chat. Discounts are available for purchasing a policy online, bundling home and auto insurance and being claims-free.

Liberty Mutual

Allstate

Allstate homeowners insurance policies include dwelling coverage, personal property coverage, other structures coverage, liability protection and additional living expenses protection. Additional coverages are available. Claim Rateguard keeps your rates from increasing after you file a claim, and customers can get money off their deductible just for signing up, with Deductible Rewards. Visit Allstate’s website to find a local agent in Richmond.

Allstate

Virginia Insurance Group, Inc.

Virginia Insurance Group, Inc. is an independent insurance agency that gets Richmond residents free quotes from multiple homeowners insurance providers. Its online service center can help you file a claim, make a payment or change a policy. Virginia Insurance Group, Inc. is located at 5402 Glenside Drive, Ste. C, Richmond, VA 23228.

Virginia Insurance Group, Inc.

Travelers

Travelers has been in business for over 160 years and is one of the most popular insurers in the U.S. The company has a variety of policy options and packages. Richmond customers can save on coverage by having multiple policies, being new homeowners, being claims-free, having protective devices or living in an energy-efficient home. Call Travelers or go to its website to get a quote.

Travelers