Home Insurance in Faribault, Minnesota
Homes in Faribault carry a median value of $241,500 - 25% lower than the Rice County median.
The typical home in Faribault was built around 1974. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 35% of homes were built before 1960, about 6 points above Rice County's 30%.
The housing stock in Faribault is 69% single-family homes, 19% apartments in buildings with 5+ units and 5% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 59% of owner-occupied homes in Faribault have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 66% of occupied homes in Faribault are owner-occupied. The vacancy rate is 4%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Faribault - 73% - are primarily heated with natural gas.
Rice County's top FEMA-rated hazard is strong wind (Relatively High), per FEMA's National Risk Index. Rice County had 81 active NFIP flood policies as of September 2026. See the full Rice 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 | $241,500 |
|---|---|
| Median year built | 1974 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 59% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Rice County | 81 |
| 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)