How much is homeowners insurance in Richmond,MA

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As per Insure.com’s rate data analysis, the average cost of homeowners insurance in Richmond is $1,180 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), It’s $1,324 less than the national average of $2,504 .

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Richmond depend on several factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

State Farm is the cheapest homeowners insurance company in Richmond with an average annual premium of $1,180 per year.

This guide covers everything from available coverage options to companies with the cheapest homeowners insurance rates in Richmond. Keep reading to learn about the monthly cost of homeowners insurance in Richmond, the cost for different dwelling coverage levels, and discover which companies provide the most affordable home insurance in Richmond.

Key takeaways

In Richmond, homeowners insurance costs $1,180 annually.
State Farm offers the most affordable homeowners insurance in Richmond with an average annual premium of $735.
If you increase your dwelling coverage from $200,000 to $300,000, your annual home insurance premium will be $240 higher.

How much is homeowners insurance in Richmond per month

Richmond homeowners pay an average of $98 a month, based on our rate analysis. It’s $37 less than the state average of $135 and $111 less than the national average for home insurance across the United States. The price of your homeowners insurance policy in Richmond may vary depending on where you live, the value of your home, and the coverage you choose.

How much is homeowners insurance for a $200,000 house in Richmond

In Richmond, MA, homeowners pay an average of $940 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

How much is homeowners insurance for a $300,000 house in Richmond

As per rate analysis by Insure.com, homeowners residing in Richmond typically pay an average of $1,180 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $240 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance sufficient insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Richmond by company

Among the carriers analyzed, State Farm is the cheapest homeowners insurance company in Richmond. It’s average annual rate for Richmond homeowners is $735. Andover Insurance ranks second and Heritage Insurance Holdings makes it to the third spot with an average annual home insurance rate of $800.

Before choosing a homeowners insurance policy, it is important to do some research on the company. Our experts have analyzed all the insurance companies across Richmond and prepared a list of the cheapest home insurance providers. You can find below the Richmond home insurance companies and their average annual premium.

Home insurance company	Annual rate
State Farm	$735
Andover Insurance	$747
Heritage Insurance Holdings	$800
Travelers	$891
Vermont Mutual	$896
Arbella Insurance	$1,069
Safety Insurance	$1,223
Mapfre Insurance	$1,368
Amica Mutual	$1,425
Allstate	$1,437
USAA*	$1,690

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Richmond for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.