An electron moving in a magnetically ordered background feels an effective magnetic field that can be both stronger and more rapidly varying than typical externally applied fields. One consequence is that insulating magnetic materials in three dimensions can have topologically nontrivial properties of the effective band structure. For the simplest case of two bands, these "Hopf insulators" are characterized by a topological invariant as in quantum Hall states and Z2 topological insulators, but instead of a Chern number or parity, the underlying invariant is the Hopf invariant that classifies maps from the three-sphere to the two-sphere. This Letter gives an efficient algorithm to compute whether a given magnetic band structure has nontrivial Hopf invariant, a double-exchange-like tight-binding model that realizes the nontrivial case, and a numerical study of the surface states of this model.