Home Insurance in Wallace, Indiana
The median home value in Wallace is $103,400, 28% lower than the Fountain County median.
The median home in Wallace was built in 1939 or earlier. About 84% of homes were built before 1960, about 39 points above Fountain County's 45%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
Housing in Wallace breaks down to 98% single-family homes and 2% mobile or manufactured homes.
About 76% of owner-occupied homes in Wallace have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Wallace has an owner-occupancy rate of 92% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
Homes heated with propane and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Wallace, 65% of homes are primarily heated with propane.
Fountain County had 10 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively Moderate). See the full Fountain County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Indiana is $1,259 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $103,400 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 92% |
| Share of owner-occupied homes with a mortgage | 76% |
| Top county hazard | Strong Wind (Relatively Moderate) |
| Active NFIP policies in Fountain County | 10 |
| Home insurance premium | $1,259 - 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)