Home Insurance in Owatonna, Minnesota
The median home value in Owatonna is $245,200, close to the Steele County median.
The typical home in Owatonna was built around 1978. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 28% of homes were built before 1960, about 5 points below Steele County's 33%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Owatonna is 76% single-family homes, 16% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
61% of owner-occupied homes in Owatonna carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 4%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 76% of occupied homes in Owatonna are owner-occupied.
78% of homes in Owatonna are primarily heated with natural gas.
Steele County's top FEMA-rated hazard is strong wind (Relatively Moderate), per FEMA's National Risk Index. Steele County had 85 active NFIP flood policies as of September 2026. See the full Steele 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 | $245,200 |
|---|---|
| Median year built | 1978 |
| Owner-occupied share | 76% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Strong Wind (Relatively Moderate) |
| Active NFIP policies in Steele County | 85 |
| 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)