Home Insurance in Panama, Iowa
Homes in Panama carry a median value of $142,200 - 13% lower than the Shelby County median.
The typical home in Panama was built around 1951. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 57% of homes were built before 1960, about 1 point below Shelby County's 59%.
The housing stock in Panama is 92% single-family homes.
55% of owner-occupied homes in Panama carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 6%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 77% of occupied homes in Panama are owner-occupied.
Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Panama, 58% of homes are primarily heated with propane.
FEMA rates Shelby County's overall risk as Very Low, led by hail (Relatively Moderate). Shelby County had 31 active NFIP flood policies as of September 2026. See the full Shelby 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 Iowa is $1,342 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $142,200 |
|---|---|
| Median year built | 1951 |
| Owner-occupied share | 77% |
| Share of owner-occupied homes with a mortgage | 55% |
| Top county hazard | Hail (Relatively Moderate) |
| Active NFIP policies in Shelby County | 31 |
| 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)