Home Insurance in Richfield, Minnesota
The median home value in Richfield is $344,000, 12% lower than the Hennepin County median.
The typical home in Richfield was built around 1959. About 53% of homes were built before 1960, about 18 points above Hennepin County's 36%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
In Richfield, the housing stock is 62% single-family homes and 36% apartments in buildings with 5+ units.
In Richfield, about 67% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 62% of occupied homes in Richfield are owner-occupied. The vacancy rate is 4%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Richfield, 73% of homes 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.
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 | $344,000 |
|---|---|
| Median year built | 1959 |
| Owner-occupied share | 62% |
| Share of owner-occupied homes with a mortgage | 67% |
| 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)