Home Insurance in Wells, Minnesota
The median home value in Wells is $103,900, 23% lower than the Faribault 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 Wells was built around 1954. About 62% of homes were built before 1960, in line with Faribault County (62%).
The housing stock in Wells is 85% single-family homes and 6% apartments in buildings with 5+ units.
In Wells, about 45% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 76% of occupied homes in Wells are owner-occupied. The vacancy rate is 7%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Wells, 87% of homes are primarily heated with natural gas.
FEMA rates Faribault County's overall risk as Relatively Low, led by winter weather (Relatively Moderate). Faribault County had 7 active NFIP flood policies as of September 2026. See the full Faribault County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Minnesota, the statewide average premium for a standard HO-3 homeowners policy is $1,988 per year (NAIC, 2023 data).
Key figures
| Median home value | $103,900 |
|---|---|
| Median year built | 1954 |
| Owner-occupied share | 76% |
| Share of owner-occupied homes with a mortgage | 45% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Faribault County | 7 |
| 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)