Home Insurance in New Hope, Minnesota
With a median home value of $337,000, New Hope is 14% lower than the Hennepin County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in New Hope was built around 1969. About 14% of homes were built before 1960, about 22 points below Hennepin County's 36%.
In New Hope, the housing stock is 52% single-family homes and 44% apartments in buildings with 5+ units.
In New Hope, about 65% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
New Hope has an owner-occupancy rate of 53% and a vacancy rate of 4%; unoccupied homes typically need a different coverage form.
Most homes in New Hope - 69% - are primarily heated with natural gas.
FEMA rates Hennepin County's overall risk as Relatively High, led by tornado (Very High). 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.
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 | $337,000 |
|---|---|
| Median year built | 1969 |
| Owner-occupied share | 53% |
| Share of owner-occupied homes with a mortgage | 65% |
| 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)