How to Manage Hidden Costs of Homeownership

Posted on March 6, 2026February 27, 2026 by Nicole Coleman

Owning a home in Richmond is exciting, but the expenses go far beyond the mortgage. According to Bankrate, the average U.S. homeowner spent over $21,000 in 2025 on maintenance and ownership costs alone. In Central Virginia, our weather patterns, aging housing stock, and local tax structure can all contribute to unexpected financial surprises.

Here’s what Virginia homeowners should keep in mind & how Bacon Insurance Group helps protect your biggest investment:

1. Property Taxes & Homeowners Insurance

Property taxes in Richmond, Henrico, and Chesterfield can rise with each reassessment, even if you haven’t made upgrades. On the insurance side, premiums may increase due to rising local claims, older roofs and aging systems and severe weather.

Standard homeowners policies do not cover flood damage. Homes near the James River or other low-lying areas may need separate flood insurance to be fully protected.

2. Maintenance, Repairs & Utility Costs

Richmond’s humid summers and cold winters can be tough on HVAC systems, roofing, plumbing, and siding. If you own an older home you may face higher energy bills, increased repair frequency and replacement needs for outdated or inefficient systems.

Underinsurance is a common issue here. Without accurate dwelling limits or key endorsements like sewer/back-up coverage, even a small incident can turn into a major expense.

The Good News: You Can Stay Ahead of These Costs

At BIG, we help you compare options, identify missing coverage, and make sure rising local risks don’t leave you underinsured. We specialize in ensuring your policy aligns with your home’s current condition, age, and risk exposure.

With the right planning, Richmond homeowners can keep surprises to a minimum. We provide comprehensive annual policy reviews, local expertise on Central Virginia risks, guidance on coverage gaps, discounts, and protection upgrades. We work together to support personalized long-term financial security for you.

Ready for peace of mind?

Give us a call! We’re here to help you protect your home, your budget, and your future.

Are You Responsible If a Fire from Your Home Spreads to a Neighbor’s House?

Posted on March 28, 2025March 25, 2025 by admin

A house fire is one of the most devastating events a homeowner can experience. But what happens if the fire doesn’t just damage your home, but also spreads to a neighbor’s house? Could you be held responsible for the destruction beyond your property? At Bacon Insurance Group in Richmond, VA, we help homeowners understand their coverage and potential liabilities so they can be prepared for the unexpected.

When Might You Be Liable for a Fire That Spreads?

In most cases, homeowners are not automatically responsible for fire damage to neighboring properties. Insurance policies typically cover accidents, meaning that if a fire started in your home due to an unforeseen event, like an electrical malfunction or a kitchen mishap, your neighbor’s insurance would likely cover their own damages.

However, if the fire was caused by negligence, the situation changes. If you left candles burning unattended, failed to maintain faulty wiring, or neglected fire hazards that you were aware of, you could be found liable for the damages. In these cases, your homeowners insurance may help cover the costs, but only if you have sufficient liability coverage.

How Can You Protect Yourself?

The best way to safeguard yourself from financial responsibility is by ensuring your homeowners insurance includes adequate liability coverage. This can help protect you if a fire from your home causes damage to others. Regular home maintenance, fire prevention measures, and open communication with your insurance provider are also key.

Secure the Right Coverage Today

Fire damage can be unpredictable, but your insurance coverage shouldn’t be. Bacon Insurance Group in Richmond, VA, can help you find the right homeowners policy to protect you and your property. Contact us today to review your options and gain peace of mind.

Things home insurance won’t cover

Posted on November 25, 2024November 23, 2024 by admin

Home insurance offers a wide selection of protection for your home. It shields you from the consequences of fires, tornadoes, and many other hazards. It provides protection when you get sued and offers you a place to live if your home is damaged. However, it does not cover everything that could go wrong. At Bacon Insurance Group in Richmond, VA, our agents represent many different carriers, which allows us to offer more choices and better rates.

Despite the many things that home insurance covers, there are some things that it won’t cover.

Earth movement

Several different things come under the category of earth movement. If your home is damaged by an earthquake, sinkhole, mudslide, or landslide, the damage will not be covered by a traditional home insurance policy. However, you can get coverage for these things from your insurance agent.

Floods

Floods are one of the most common natural disasters. Thousands of people suffer from devastating losses due to floods every year. Floods that result from surface water are not covered by home insurance. Flood insurance is available through the NFIP. This is available through your independent insurance agent.

Owner neglect

Owner neglect might sound like you are letting your home run to rack and ruin, but it doesn’t need to be nearly as extreme as that. If your roof is old, and you are not getting it replaced, that is neglect. If you end up with termites, that is neglect. You should have gotten your home treated. Your insurance company expects you to do the basic repairs that are needed to your home to avoid damage.

Aggressive dog breeds

If you are considering getting a dog, check with your insurance agent to ensure it is a covered breed.

Bacon Insurance Group in Richmond, VA is here for you when you are ready to discuss your home insurance coverage. Our independent agents are here for you.