Home Insurance in Bingham Lake, Minnesota
Homes in Bingham Lake carry a median value of $216,700 - 28% higher than the Cottonwood County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The median home in Bingham Lake was built in 1939 or earlier. About 66% of homes were built before 1960, about 20 points above Cottonwood County's 46%.
The housing stock in Bingham Lake is 100% single-family homes.
About 56% of owner-occupied homes in Bingham Lake have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Bingham Lake has an owner-occupancy rate of 88% and a vacancy rate of 18%; unoccupied homes typically need a different coverage form.
Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Bingham Lake - 54% - are primarily heated with natural gas.
Cottonwood County's top FEMA-rated hazard is winter weather (Relatively Moderate), per FEMA's National Risk Index. Cottonwood County had 35 active NFIP flood policies as of September 2026. See the full Cottonwood 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 | $216,700 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 88% |
| Share of owner-occupied homes with a mortgage | 56% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Cottonwood County | 35 |
| 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)