Home Insurance in Elwood, Indiana
The median home value in Elwood is $97,800, 39% lower than the Madison County median.
The typical home in Elwood was built around 1950. About 62% of homes were built before 1960, about 20 points above Madison County's 42%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Elwood is 80% single-family homes, 4% apartments in buildings with 5+ units and 4% 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.
64% of owner-occupied homes in Elwood carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Elwood has an owner-occupancy rate of 65% and a vacancy rate of 12%; unoccupied homes typically need a different coverage form.
71% of homes in Elwood are primarily heated with natural gas.
Madison County had 219 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively High). See the full Madison County home insurance overview for all FEMA hazard ratings and flood coverage details.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Indiana carries a statewide average premium of $1,259 per year.
Key figures
| Median home value | $97,800 |
|---|---|
| Median year built | 1950 |
| Owner-occupied share | 65% |
| Share of owner-occupied homes with a mortgage | 64% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Madison County | 219 |
| 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)