Home Insurance in Prior Lake, Minnesota
With a median home value of $450,700, Prior Lake is 7% higher than the Scott County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Prior Lake was built around 1998. About 6% of homes were built before 1960, about 4 points below Scott County's 9%.
The housing stock in Prior Lake is 87% single-family homes and 12% apartments in buildings with 5+ units.
About 76% of owner-occupied homes in Prior Lake have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 86% of occupied homes in Prior Lake 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 Prior Lake - 82% - are primarily heated with natural gas.
Scott County had 136 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Very High). See the full Scott 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 | $450,700 |
|---|---|
| Median year built | 1998 |
| Owner-occupied share | 86% |
| Share of owner-occupied homes with a mortgage | 76% |
| 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)