Home Insurance in Richmond, Minnesota
The median home value in Richmond is $241,300, 12% lower than the Stearns County median.
The typical home in Richmond was built around 1976. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 37% of homes were built before 1960, about 16 points above Stearns County's 21%.
The housing stock in Richmond is 92% single-family homes and 8% apartments in buildings with 5+ units.
About 68% of owner-occupied homes in Richmond have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 4%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 86% of occupied homes in Richmond are owner-occupied.
In Richmond, 84% of homes are primarily heated with natural gas.
FEMA rates Stearns County's overall risk as Relatively Moderate, led by strong wind (Relatively High). Stearns County had 160 active NFIP flood policies as of September 2026. See the full Stearns 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 | $241,300 |
|---|---|
| Median year built | 1976 |
| Owner-occupied share | 86% |
| Share of owner-occupied homes with a mortgage | 68% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Stearns County | 160 |
| 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)