Home Insurance in Madison, South Dakota
The median home value in Madison is $193,100, 22% lower than the Lake County median.
The typical home in Madison was built around 1970. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 38% of homes were built before 1960, about 5 points above Lake County's 33%.
In Madison, the housing stock is 66% single-family homes, 16% apartments in buildings with 5+ units and 7% 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.
In Madison, about 55% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 10%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 60% of occupied homes in Madison are owner-occupied.
67% of homes in Madison are primarily heated with natural gas.
FEMA rates Lake County's overall risk as Very Low, led by winter weather (Relatively Moderate). Lake County had 141 active NFIP flood policies as of September 2026. See the full Lake County home insurance overview for all FEMA hazard ratings and flood coverage details.
In South Dakota, the statewide average premium for a standard HO-3 homeowners policy is $1,614 per year (NAIC, 2023 data).
Key figures
| Median home value | $193,100 |
|---|---|
| Median year built | 1970 |
| Owner-occupied share | 60% |
| Share of owner-occupied homes with a mortgage | 55% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Lake County | 141 |
| 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)