Home Insurance in Park Rapids, Minnesota
The median home value in Park Rapids is $227,500, 19% lower than the Hubbard County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Park Rapids was built around 1979. About 22% of homes were built before 1960, about 2 points above Hubbard County's 20%.
The housing stock in Park Rapids is 66% single-family homes, 29% apartments in buildings with 5+ units and 3% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
63% of owner-occupied homes in Park Rapids carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 6%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 55% of occupied homes in Park Rapids are owner-occupied.
Most homes in Park Rapids - 58% - are primarily heated with natural gas. Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
What's the biggest home insurance risk near Park Rapids? FEMA's National Risk Index points to winter weather (Relatively Moderate) in Hubbard County and Hubbard County had 4 active NFIP flood policies as of September 2026. See the full Hubbard County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Minnesota is $1,988 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $227,500 |
|---|---|
| Median year built | 1979 |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Hubbard County | 4 |
| 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)