Home Insurance in Franklin, Minnesota
The median home value in Franklin is $89,800, 45% lower than the Renville County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Franklin was built around 1958. About 54% of homes were built before 1960, about 3 points above Renville County's 51%.
In Franklin, the housing stock is 93% single-family homes and 7% apartments in buildings with 5+ units.
About 56% of owner-occupied homes in Franklin have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Franklin has an owner-occupancy rate of 84% and a vacancy rate of 3%; unoccupied homes typically need a different coverage form.
64% of homes in Franklin are primarily heated with propane. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
Renville County had 5 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is winter weather (Relatively Moderate). See the full Renville 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 | $89,800 |
|---|---|
| Median year built | 1958 |
| Owner-occupied share | 84% |
| Share of owner-occupied homes with a mortgage | 56% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Renville County | 5 |
| 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)