Home Insurance in Elko New Market, Minnesota
The median home value in Elko New Market is $433,100, close to the Scott County median.
The typical home in Elko New Market was built around 2005. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 3% of homes were built before 1960, about 6 points below Scott County's 9%.
The housing stock in Elko New Market is 98% single-family homes and 2% apartments in buildings with 5+ units.
In Elko New Market, about 84% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 8%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 96% of occupied homes in Elko New Market are owner-occupied.
In Elko New Market, 81% of homes are primarily heated with natural gas.
FEMA rates Scott County's overall risk as Relatively Low, led by strong wind (Very High). Scott County had 136 active NFIP flood policies as of September 2026. See the full Scott County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Minnesota, the statewide average premium for a standard HO-3 homeowners policy is $1,988 per year (NAIC, 2023 data).
Key figures
| Median home value | $433,100 |
|---|---|
| Median year built | 2005 |
| Owner-occupied share | 96% |
| Share of owner-occupied homes with a mortgage | 84% |
| Top county hazard | Strong Wind (Very High) |
| Active NFIP policies in Scott County | 136 |
| 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)