Home Insurance in Velva, North Dakota
The median home value in Velva is $194,600, 29% higher than the McHenry County median.
The typical home in Velva was built around 1967. About 42% of homes were built before 1960, in line with McHenry County (41%). Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Velva is 82% single-family homes, 12% apartments in buildings with 5+ units and 5% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
57% of owner-occupied homes in Velva carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 11%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 78% of occupied homes in Velva are owner-occupied.
Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Velva, 41% of homes are primarily heated with propane.
What's the biggest home insurance risk near Velva? FEMA's National Risk Index points to winter weather (Relatively High) in McHenry County and McHenry County had 34 active NFIP flood policies as of September 2026. See the full McHenry County home insurance overview for all FEMA hazard ratings and flood coverage details.
In North Dakota, the statewide average premium for a standard HO-3 homeowners policy is $1,414 per year (NAIC, 2023 data).
Key figures
| Median home value | $194,600 |
|---|---|
| Median year built | 1967 |
| Owner-occupied share | 78% |
| Share of owner-occupied homes with a mortgage | 57% |
| Top county hazard | Winter Weather (Relatively High) |
| Active NFIP policies in McHenry County | 34 |
| Home insurance premium | $1,414 - 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)