Prices for home insurance in Richmond, Virginia an average $936/year for a $250K residence This is less than $80 per monthly for coverage. There are many options for homeowners insurance in Richmond, as nearly two-thirds residents own their homes.
You may find that $946 per annum is too much for you to afford home insurance. Bankrate’s average rates include higher and lower rates. There are several factors that can influence your ability to obtain lower rates, including the insurance company you choose and the coverages you choose.
The best Richmond home insurance companies
These are the top-rated providers in the region and offer affordable home insurance premiums for Richmond. They also provide excellent customer service. J.D. was used to narrow down the list to five companies. We used J.D. Power’s 2020 U.S. Home Insurance Study to Customer Satisfaction results to determine which companies had the highest customer satisfaction ratings.
Mercury
Mercury’s homeowners insurance rates in Richmond are among the lowest of all the carriers that we reviewed. It is $632 per annum for a $250,000 home, which is significantly lower than the $936 city average for a standard-HO-3. Optional coverages can be added to the standard coverage. You have the option of service line insurance which covers underground, electric, and telecommunications repairs, cyber protection for your computer equipment, and home systems insurance which repairs or replaces appliances.
Travelers
Mercury is the most affordable home insurance in Richmond for travelers. The average rates of the two carriers is only $2. Travelers offers the most options and add-ons of any carrier, so if you want to increase your coverage, it is the best choice.
You have the option of replacing damaged or lost items with newer versions, water/sump pump back up and green coverage which pays for green upgrades to your home.
Auto-Owners
Don’t let the name fool your eyes — Auto-Owners is more than just car insurance. J.D. gave Auto-Owners insurance an impressive 839 out of 1,000 points. Based on responses from homeowners insurance policyholders.
Personal service may be the key to unlocking the secret. Although many companies are moving to the internet to cut costs, Auto-Owners continues to work the old-fashioned way. Local agents will help you get quotes, assist you in selecting the right coverage and make sure your claims are handled quickly.
Progressive
Progressive Insurance rates for Richmond are $856 annually. You could save even more if you are eligible for the carrier’s discount programs. Bundling home and auto insurance could result in an average of 5.5%. You can also get safety/alarm discounts, pay in full, paperless billing and new homeowner discounts. There are many discounts available. You may be eligible for multiple discounts to reduce your home insurance bills.
Erie
Erie’s home-insurance is not the most affordable of the five, but it does include guaranteed replacement value which could be worth the extra cash. Most policies are based on actual cash value. Your carrier will pay you the value of your TV if it is stolen. This is done by subtracting the age and condition. Imagine that you own a large flatscreen television that costs $600 new. A policy that pays you actual cash value may only pay $150, as the TV is more than three years old. It may be difficult to find a flat-screen television that works for $150 as a replacement. You can get a replacement model of the same model with a guarantee cost policy.
You might also be interested in other Richmond home insurance policies
Although home insurance is not required in Richmond, it may be a wise decision. Hurricanes are possible in Richmond, VA and the East Coast. As sea levels rise, flood risks are increasing in the area. Repairing damage from a tropical storm, flood or other natural disaster could cost thousands of dollars. Home insurance can be a great way to protect your most valuable investment, your home. You may also want to look at the following coverages:
- Flood insurance: Home insurance doesn’t include flooding as a peril. You would need to add flood insurance to your home to protect yourself from flooding.
- Scheduled personal property riders: Home insurance policies have limits on high-value items like jewelry, art, and collectibles. A scheduled personal property rider allows you to insure more costly items for a minimal fee.
- Your utility company usually does not cover service line protection. This includes internet cables, pipes, and wiring that runs from your property to the municipal connection. These lines are covered by service line protection, which pays for their replacement or repair.
Richmond home insurance discount
Many Insurance companies offer discounts for a variety reasons. These include automatic payments, paperless billing and upgrading your roof or electrical system. You should consider these discounts:
- Bundling: By purchasing auto and home insurance from the same company, you can save money on your premiums.
- Protective equipment: You could be eligible for a safety-related discount when you install smoke detectors, alarm systems or deadbolts in your home.
- A discount may be offered to new homeowners who have recently bought a home.
Questions frequently asked
Which is the best company for home insurance?
Mercury, Travelers and Progressive are the best home insurance providers in Richmond. They offer the best rates and have positive reviews. The best home insurance company may not be right for you. It will depend on your personal factors, such as the age and size of your home, and the discounts you are eligible for. Before you make a decision, it is a good idea to research and compare the providers.
What is the cost of Richmond home insurance?
For a $250K home, the average Richmond home insurance rate is $936 per annum. You can get lower premiums if you compare quotes from multiple carriers.
What amount of home insurance do you need in Richmond?
While home insurance is not required, an HO-3 policy will financially protect your home and contents in the event of damage or loss due to fire, burglary, windstorm, or other covered perils.