Home Insurance in Beaver Bay, Minnesota
The median home value in Beaver Bay is $238,200, close to the Lake County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Beaver Bay was built around 1965. About 28% of homes were built before 1960, about 13 points below Lake County's 41%.
The housing stock in Beaver Bay is 100% single-family homes.
About 24% of owner-occupied homes in Beaver Bay have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 32%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 96% of occupied homes in Beaver Bay are owner-occupied.
Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Beaver Bay, 65% of homes are primarily heated with propane.
What's the biggest home insurance risk near Beaver Bay? FEMA's National Risk Index points to strong wind (Relatively High) in Lake County and Lake County had 10 active NFIP flood policies as of September 2026. See the full Lake 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 | $238,200 |
|---|---|
| Median year built | 1965 |
| Owner-occupied share | 96% |
| Share of owner-occupied homes with a mortgage | 24% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Lake County | 10 |
| 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)