Home Insurance in Montevideo, Minnesota
With a median home value of $141,000, Montevideo is 10% lower than the Chippewa County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Montevideo was built around 1958. About 55% of homes were built before 1960, about 1 point above Chippewa County's 54%.
Housing in Montevideo breaks down to 71% single-family homes and 22% apartments in buildings with 5+ units.
In Montevideo, about 69% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 11%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 65% of occupied homes in Montevideo are owner-occupied.
Most homes in Montevideo - 78% - are primarily heated with natural gas.
Chippewa County's top FEMA-rated hazard is winter weather (Relatively Moderate), per FEMA's National Risk Index. Chippewa County had 18 active NFIP flood policies as of September 2026. See the full Chippewa 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 Minnesota carries a statewide average premium of $1,988 per year.
Key figures
| Median home value | $141,000 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 65% |
| Share of owner-occupied homes with a mortgage | 69% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Chippewa County | 18 |
| Home insurance premium | $1,988 - 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)