Home Insurance in Balsam Lake, Wisconsin
Homes in Balsam Lake carry a median value of $210,200 - 23% lower than the Polk County median.
The typical home in Balsam Lake was built around 1978. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 26% of homes were built before 1960, in line with Polk County (26%).
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Balsam Lake is 74% single-family homes, 7% apartments in buildings with 5+ units and 17% mobile or manufactured homes.
43% of owner-occupied homes in Balsam Lake carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 81% of occupied homes in Balsam Lake are owner-occupied. The vacancy rate is 40%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
77% of homes in Balsam Lake are primarily heated with natural gas.
Polk County had 43 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively High). See the full Polk 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 | $210,200 |
|---|---|
| Median year built | 1978 |
| Owner-occupied share | 81% |
| Share of owner-occupied homes with a mortgage | 43% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Polk County | 43 |
| 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)