Home Insurance in Wallace, South Dakota
The median home value in Wallace is $86,700, 64% lower than the Codington County median.
The median home in Wallace was built in 1939 or earlier. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 74% of homes were built before 1960, about 44 points above Codington County's 31%.
In Wallace, the housing stock is 87% single-family homes. The rest are 2-4 unit or other housing types.
About 6% of owner-occupied homes in Wallace have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Wallace has an owner-occupancy rate of 75% and a vacancy rate of 38%; unoccupied homes typically need a different coverage form.
Most homes in Wallace - 62% - 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.
What's the biggest home insurance risk near Wallace? FEMA's National Risk Index points to winter weather (Relatively High) in Codington County and Codington County had 288 active NFIP flood policies as of September 2026. See the full Codington County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in South Dakota is $1,614 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $86,700 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 75% |
| Share of owner-occupied homes with a mortgage | 6% |
| Top county hazard | Winter Weather (Relatively High) |
| Active NFIP policies in Codington County | 288 |
| Home insurance premium | $1,614 - 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)