Home Insurance in Franklin, Wisconsin
With a median home value of $364,200, Franklin is 58% higher than the Milwaukee County median.
The typical home in Franklin was built around 1990. About 14% of homes were built before 1960, about 42 points below Milwaukee County's 56%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Franklin is 69% single-family homes and 26% apartments in buildings with 5+ units.
61% of owner-occupied homes in Franklin carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 3%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 77% of occupied homes in Franklin are owner-occupied.
80% of homes in Franklin are primarily heated with natural gas.
Milwaukee County's top FEMA-rated hazard is tornado (Very High), per FEMA's National Risk Index. Milwaukee County had 1,390 active NFIP flood policies as of September 2026. See the full Milwaukee 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 Wisconsin is $923 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $364,200 |
|---|---|
| Median year built | 1990 |
| Owner-occupied share | 77% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Milwaukee County | 1,390 |
| Home insurance premium | $923 - 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)