Home Insurance in New Richmond, Indiana
With a median home value of $89,200, New Richmond is 48% lower than the Montgomery County median.
The median home in New Richmond was built in 1939 or earlier. About 83% of homes were built before 1960, about 41 points above Montgomery County's 43%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
In New Richmond, the housing stock is 95% single-family homes and 2% mobile or manufactured homes.
About 66% of owner-occupied homes in New Richmond have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 91% of occupied homes in New Richmond are owner-occupied. The vacancy rate is 5%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in New Richmond - 81% - are primarily heated with propane. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA rates Montgomery County's overall risk as Very Low, led by strong wind (Relatively Moderate). Montgomery County had 38 active NFIP flood policies as of September 2026. See the full Montgomery 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 | $89,200 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 91% |
| Share of owner-occupied homes with a mortgage | 66% |
| Top county hazard | Strong Wind (Relatively Moderate) |
| Active NFIP policies in Montgomery County | 38 |
| 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)