Home Insurance in Elbow Lake, Minnesota
Homes in Elbow Lake carry a median value of $126,900 - 34% lower than the Grant County median.
The typical home in Elbow Lake was built around 1958. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 54% of homes were built before 1960, about 9 points above Grant County's 45%.
In Elbow Lake, the housing stock is 75% single-family homes, 19% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
About 55% of owner-occupied homes in Elbow Lake have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 9%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 69% of occupied homes in Elbow Lake are owner-occupied.
46% of homes in Elbow Lake are primarily heated with propane. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA rates Grant County's overall risk as Very Low, led by winter weather (Relatively Low). Grant County had 1 active NFIP flood policy as of September 2026. See the full Grant 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 | $126,900 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 69% |
| Share of owner-occupied homes with a mortgage | 55% |
| Top county hazard | Winter Weather (Relatively Low) |
| Active NFIP policies in Grant County | 1 |
| 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)