Home Insurance in Chatham, Michigan
The median home value in Chatham is $131,300, 25% lower than the Alger County median.
The typical home in Chatham was built around 1965. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 46% of homes were built before 1960, about 13 points above Alger County's 32%.
The housing stock in Chatham is 87% single-family homes, 9% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
In Chatham, about 31% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Chatham has an owner-occupancy rate of 86% and a vacancy rate of 21%; unoccupied homes typically need a different coverage form.
Homes heated with propane and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Chatham - 75% - are primarily heated with natural gas.
FEMA rates Alger County's overall risk as Very Low, led by hail (Relatively Low). Alger County had 19 active NFIP flood policies as of September 2026. See the full Alger 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 Michigan is $1,110 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $131,300 |
|---|---|
| Median year built | 1965 |
| Owner-occupied share | 86% |
| Share of owner-occupied homes with a mortgage | 31% |
| Top county hazard | Hail (Relatively Low) |
| Active NFIP policies in Alger County | 19 |
| Home insurance premium | $1,110 - 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)