Home Insurance in Melbourne, Arkansas
Homes in Melbourne carry a median value of $172,800 - 34% higher than the Izard County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Melbourne was built around 1984. About 12% of homes were built before 1960, about 1 point above Izard County's 11%.
In Melbourne, the housing stock is 73% single-family homes, 5% apartments in buildings with 5+ units and 5% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
In Melbourne, about 44% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 20%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 55% of occupied homes in Melbourne are owner-occupied.
Most homes in Melbourne - 58% - are primarily heated with electricity. Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
What's the biggest home insurance risk near Melbourne? FEMA's National Risk Index points to earthquake (Relatively Low) in Izard County and Izard County had 46 active NFIP flood policies as of September 2026. See the full Izard County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
In Arkansas, the statewide average premium for a standard HO-3 homeowners policy is $1,870 per year (NAIC, 2023 data).
Key figures
| Median home value | $172,800 |
|---|---|
| Median year built | 1984 |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 44% |
| Top county hazard | Earthquake (Relatively Low) |
| Active NFIP policies in Izard County | 46 |
| Home insurance premium | $1,870 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)