Home Insurance in Fairbanks North Star Borough, Alaska
With a median home value of $298,200, Fairbanks North Star Borough is 16% lower than the Alaska median.
The typical home in Fairbanks North Star Borough was built around 1985. About 8% of homes were built before 1960, in line with Alaska (8%). Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
In Fairbanks North Star Borough, the housing stock is 69% single-family homes, 14% apartments in buildings with 5+ units and 3% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
About 57% of owner-occupied homes in Fairbanks North Star Borough have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 15%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 62% of occupied homes in Fairbanks North Star Borough are owner-occupied.
Most homes in Fairbanks North Star Borough - 71% - are primarily heated with fuel oil. Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
The top hazards for Fairbanks North Star Borough, per FEMA's National Risk Index, are wildfire (Relatively Moderate), earthquake (Relatively Moderate) and winter weather (Very High). Standard homeowners policies exclude earthquake, so separate coverage is usually needed.
Standard homeowners insurance does not cover flood damage, so flood coverage needs a separate NFIP or private flood policy. As of September 2026, Fairbanks North Star Borough has 597 active NFIP flood policies on file.
The statewide average premium for a standard HO-3 homeowners policy in Alaska is $1,216 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $298,200 |
|---|---|
| Median year built | 1985 |
| Owner-occupied share | 62% |
| Share of owner-occupied homes with a mortgage | 57% |
| Top hazards (FEMA National Risk Index) | Wildfire (Relatively Moderate), Earthquake (Relatively Moderate), Winter Weather (Very High) |
| Active NFIP flood policies (county) | 597 |
| Home insurance premium | $1,216 - statewide average (NAIC, 2023 data) |
Towns and cities
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)