Home Insurance in Caspian, Michigan
Homes in Caspian carry a median value of $79,100 - 27% lower than the Iron County median.
The typical home in Caspian was built around 1950. About 66% of homes were built before 1960, about 18 points above Iron County's 49%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Caspian is 82% single-family homes, 14% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
About 43% of owner-occupied homes in Caspian have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 20%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 75% of occupied homes in Caspian are owner-occupied.
In Caspian, 86% of homes are primarily heated with natural gas.
What's the biggest home insurance risk near Caspian? FEMA's National Risk Index points to hail (Relatively Moderate) in Iron County and Iron County had 2 active NFIP flood policies as of September 2026. See the full Iron 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 | $79,100 |
|---|---|
| Median year built | 1950 |
| Owner-occupied share | 75% |
| Share of owner-occupied homes with a mortgage | 43% |
| Top county hazard | Hail (Relatively Moderate) |
| Active NFIP policies in Iron County | 2 |
| 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)