Home Insurance in Princeton, Minnesota
The median home value in Princeton is $218,700, 15% lower than the Mille Lacs County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Princeton was built around 1974. About 33% of homes were built before 1960, about 8 points above Mille Lacs County's 25%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Princeton is 69% single-family homes, 19% apartments in buildings with 5+ units and 8% mobile or manufactured homes.
About 55% of owner-occupied homes in Princeton have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 62% of occupied homes in Princeton are owner-occupied. The vacancy rate is 9%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
87% of homes in Princeton are primarily heated with natural gas.
Mille Lacs County's top FEMA-rated hazard is wildfire (Relatively Low), per FEMA's National Risk Index. Mille Lacs County had 58 active NFIP flood policies as of September 2026. See the full Mille Lacs 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 | $218,700 |
|---|---|
| Median year built | 1974 |
| Owner-occupied share | 62% |
| Share of owner-occupied homes with a mortgage | 55% |
| Top county hazard | Wildfire (Relatively Low) |
| Active NFIP policies in Mille Lacs County | 58 |
| 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)