Home Insurance in Red Lake Falls, Minnesota
Homes in Red Lake Falls carry a median value of $139,300 - 14% lower than the Red Lake County median.
The typical home in Red Lake Falls was built around 1968. About 37% of homes were built before 1960, about 3 points below Red Lake County's 40%. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Red Lake Falls is 69% single-family homes, 16% apartments in buildings with 5+ units and 13% mobile or manufactured homes.
About 48% of owner-occupied homes in Red Lake Falls have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Red Lake Falls has an owner-occupancy rate of 80% and a vacancy rate of 10%; unoccupied homes typically need a different coverage form.
32% of homes in Red Lake Falls are primarily heated with electricity. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
Red Lake County's top FEMA-rated hazard is wildfire (Very Low), per FEMA's National Risk Index. Red Lake County has no active NFIP flood policies on file. See the full Red 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 | $139,300 |
|---|---|
| Median year built | 1968 |
| Owner-occupied share | 80% |
| Share of owner-occupied homes with a mortgage | 48% |
| Top county hazard | Wildfire (Very Low) |
| 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)