Home Insurance in Medicine Lake, Minnesota
The median home value in Medicine Lake is $1,083,300, 176% higher than the Hennepin County median.
The typical home in Medicine Lake was built around 1966. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 38% of homes were built before 1960, about 2 points above Hennepin County's 36%.
In Medicine Lake, the housing stock is 93% single-family homes and 5% apartments in buildings with 5+ units.
About 73% of owner-occupied homes in Medicine Lake have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Medicine Lake has an owner-occupancy rate of 81% and a vacancy rate of 1%; unoccupied homes typically need a different coverage form.
79% of homes in Medicine Lake are primarily heated with natural gas.
What's the biggest home insurance risk near Medicine Lake? FEMA's National Risk Index points to tornado (Very High) in Hennepin County and Hennepin County had 959 active NFIP flood policies as of September 2026. See the full Hennepin 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 | $1,083,300 |
|---|---|
| Median year built | 1966 |
| Owner-occupied share | 81% |
| Share of owner-occupied homes with a mortgage | 73% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Hennepin County | 959 |
| 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)