Home Insurance in Iron River, Michigan
The median home value in Iron River is $85,000, 22% lower than the Iron County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Iron River was built around 1952. About 73% of homes were built before 1960, about 24 points above Iron County's 49%.
In Iron River, the housing stock is 81% single-family homes and 10% apartments in buildings with 5+ units.
46% of owner-occupied homes in Iron River carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 70% of occupied homes in Iron River are owner-occupied. The vacancy rate is 25%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
83% of homes in Iron River are primarily heated with natural gas.
FEMA rates Iron County's overall risk as Relatively Low, led by hail (Relatively Moderate). 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.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Michigan carries a statewide average premium of $1,110 per year.
Key figures
| Median home value | $85,000 |
|---|---|
| Median year built | 1952 |
| Owner-occupied share | 70% |
| Share of owner-occupied homes with a mortgage | 46% |
| 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)