Home Insurance in Madrid, Iowa
Homes in Madrid carry a median value of $185,600 - 13% lower than the Boone County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Madrid was built around 1955. About 57% of homes were built before 1960, about 7 points above Boone County's 50%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Madrid is 84% single-family homes, 10% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
About 66% of owner-occupied homes in Madrid have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Madrid has an owner-occupancy rate of 84% and a vacancy rate of 7%; unoccupied homes typically need a different coverage form.
Most homes in Madrid - 81% - are primarily heated with natural gas.
FEMA rates Boone County's overall risk as Very Low, led by hail (Relatively Low). Boone County had 33 active NFIP flood policies as of September 2026. See the full Boone County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Iowa, the statewide average premium for a standard HO-3 homeowners policy is $1,342 per year (NAIC, 2023 data).
Key figures
| Median home value | $185,600 |
|---|---|
| Median year built | 1955 |
| Owner-occupied share | 84% |
| Share of owner-occupied homes with a mortgage | 66% |
| Top county hazard | Hail (Relatively Low) |
| Active NFIP policies in Boone County | 33 |
| Home insurance premium | $1,342 - 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)