Home Insurance in Spencer, Iowa
The median home value in Spencer is $184,800, close to the Clay County median.
The typical home in Spencer was built around 1972. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 37% of homes were built before 1960, about 6 points below Clay County's 43%.
In Spencer, the housing stock is 68% single-family homes, 21% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
About 58% of owner-occupied homes in Spencer have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Spencer has an owner-occupancy rate of 68% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
Most homes in Spencer - 57% - are primarily heated with natural gas.
Clay County's top FEMA-rated hazard is hail (Relatively Moderate), per FEMA's National Risk Index. Clay County had 77 active NFIP flood policies as of September 2026. See the full Clay 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 | $184,800 |
|---|---|
| Median year built | 1972 |
| Owner-occupied share | 68% |
| Share of owner-occupied homes with a mortgage | 58% |
| Top county hazard | Hail (Relatively Moderate) |
| Active NFIP policies in Clay County | 77 |
| 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)