Home Insurance in Milbank, South Dakota
The median home value in Milbank is $155,000, 9% lower than the Grant County median.
The typical home in Milbank was built around 1972. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 37% of homes were built before 1960, about 1 point below Grant County's 38%.
The housing stock in Milbank is 69% single-family homes, 12% apartments in buildings with 5+ units and 4% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 51% of owner-occupied homes in Milbank have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 70% of occupied homes in Milbank are owner-occupied. The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Milbank, 60% of homes are primarily heated with natural gas.
Grant County's top FEMA-rated hazard is winter weather (Relatively Low), per FEMA's National Risk Index. Grant County had 19 active NFIP flood policies as of September 2026. See the full Grant 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 South Dakota carries a statewide average premium of $1,614 per year.
Key figures
| Median home value | $155,000 |
|---|---|
| Median year built | 1972 |
| Owner-occupied share | 70% |
| Share of owner-occupied homes with a mortgage | 51% |
| Top county hazard | Winter Weather (Relatively Low) |
| Active NFIP policies in Grant County | 19 |
| 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)