Home Insurance in Albert Lea, Minnesota
The median home value in Albert Lea is $157,500, 8% lower than the Freeborn County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Albert Lea was built around 1960. About 51% of homes were built before 1960, in line with Freeborn County (52%).
In Albert Lea, the housing stock is 78% single-family homes, 16% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
About 54% of owner-occupied homes in Albert Lea have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Albert Lea has an owner-occupancy rate of 74% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
Most homes in Albert Lea - 81% - are primarily heated with natural gas.
FEMA rates Freeborn County's overall risk as Relatively Low, led by strong wind (Relatively Moderate). Freeborn County had 18 active NFIP flood policies as of September 2026. See the full Freeborn 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 | $157,500 |
|---|---|
| Median year built | 1960 |
| Owner-occupied share | 74% |
| Share of owner-occupied homes with a mortgage | 54% |
| Top county hazard | Strong Wind (Relatively Moderate) |
| Active NFIP policies in Freeborn 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)