Home Insurance in Wallace, Nebraska
The median home value in Wallace is $107,900, 43% lower than the Lincoln County median.
The typical home in Wallace was built around 1951. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 57% of homes were built before 1960, about 17 points above Lincoln County's 40%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Wallace is 79% single-family homes, 7% apartments in buildings with 5+ units and 7% mobile or manufactured homes.
About 51% of owner-occupied homes in Wallace have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 16%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 82% of occupied homes in Wallace are owner-occupied.
Most homes in Wallace - 64% - are primarily heated with propane. Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
Lincoln County's top FEMA-rated hazard is hail (Relatively High), per FEMA's National Risk Index. Lincoln County had 144 active NFIP flood policies as of September 2026. See the full Lincoln 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 Nebraska carries a statewide average premium of $2,142 per year.
Key figures
| Median home value | $107,900 |
|---|---|
| Median year built | 1951 |
| Owner-occupied share | 82% |
| Share of owner-occupied homes with a mortgage | 51% |
| Top county hazard | Hail (Relatively High) |
| Active NFIP policies in Lincoln County | 144 |
| Home insurance premium | $2,142 - 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)