ZIP 24641 Insurance Data

Data Snapshot: ZIP 24641 (Richlands, VA)

ZIP 24641 (Richlands, VA) shows an average homeowners insurance premium of $967 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 120 reported policies. That is 46% below the national average of $1,776 per year, placing this ZIP in the 6th percentile nationally. Compared to the Virginia state average of $1,369, this ZIP runs 29% below, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 24641 is 11.3%, meaning insurers retained a working margin after claims. Claim frequency — the share of policies with at least one claim — is 1.38%, and the average claim severity (amount paid per claim) is $7,978. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 2.88% in this ZIP, a rise of 218.7% over the past five years; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 24641 have risen by 9.0%, ranging from $887 to $967 with a five-year average of $926 — an annualized rate of +2.2% per year. FIO data aggregates voluntary reporting from the 40 largest homeowners insurers, covering roughly 80% of the U.S. market, so figures represent market averages rather than individual policy quotes; your own premium will vary with dwelling value, deductible, coverage limits, construction type, and insurer-specific underwriting. This page is educational research only and is not insurance advice — homeowners should request quotes from multiple licensed carriers or an independent agent before purchasing or renewing coverage.