Home Insurance in Ely, Minnesota
The median home value in Ely is $157,300, 29% lower than the St. Louis County median.
The typical home in Ely was built around 1942. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 69% of homes were built before 1960, about 21 points above St. Louis County's 48%.
The housing stock in Ely is 69% single-family homes, 21% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
45% of owner-occupied homes in Ely carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 63% of occupied homes in Ely are owner-occupied. The vacancy rate is 10%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Homes heated with propane, fuel oil and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Ely, 42% of homes are primarily heated with fuel oil.
St. Louis County's top FEMA-rated hazard is winter weather (Very High), per FEMA's National Risk Index. St. Louis County had 343 active NFIP flood policies as of September 2026. See the full St. Louis 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 | $157,300 |
|---|---|
| Median year built | 1942 |
| Owner-occupied share | 63% |
| Share of owner-occupied homes with a mortgage | 45% |
| Top county hazard | Winter Weather (Very High) |
| Active NFIP policies in St. Louis County | 343 |
| 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)