Home Insurance in Madison, Minnesota
The median home value in Madison is $97,000, 38% lower than the Lac qui Parle County median.
The typical home in Madison was built around 1955. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 57% of homes were built before 1960, about 4 points below Lac qui Parle County's 60%.
In Madison, the housing stock is 74% single-family homes and 20% apartments in buildings with 5+ units.
About 44% of owner-occupied homes in Madison have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Madison has an owner-occupancy rate of 73% and a vacancy rate of 19%; unoccupied homes typically need a different coverage form.
66% of homes in Madison are primarily heated with natural gas.
FEMA rates Lac qui Parle County's overall risk as Very Low, led by winter weather (Relatively Moderate). Lac qui Parle County had 3 active NFIP flood policies as of September 2026. See the full Lac qui Parle 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 | $97,000 |
|---|---|
| Median year built | 1955 |
| Owner-occupied share | 73% |
| Share of owner-occupied homes with a mortgage | 44% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Lac qui Parle County | 3 |
| 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)