Home Insurance in Bovey, Minnesota
The median home value in Bovey is $122,800, 45% lower than the Itasca County median.
The typical home in Bovey was built around 1943. About 65% of homes were built before 1960, about 40 points above Itasca County's 25%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
In Bovey, the housing stock is 78% single-family homes, 13% apartments in buildings with 5+ units and 4% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
62% of owner-occupied homes in Bovey carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Bovey has an owner-occupancy rate of 72% and a vacancy rate of 12%; unoccupied homes typically need a different coverage form.
In Bovey, 77% of homes are primarily heated with natural gas.
Itasca County's top FEMA-rated hazard is strong wind (Relatively High), per FEMA's National Risk Index. Itasca County had 18 active NFIP flood policies as of September 2026. See the full Itasca 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 | $122,800 |
|---|---|
| Median year built | 1943 |
| Owner-occupied share | 72% |
| Share of owner-occupied homes with a mortgage | 62% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Itasca County | 18 |
| 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)