Home Insurance in Fairbanks, Alaska
The median home value in Fairbanks is $268,400, 10% lower than the Fairbanks North Star Borough median.
The typical home in Fairbanks was built around 1979. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 19% of homes were built before 1960, about 11 points above Fairbanks North Star Borough's 8%.
The housing stock in Fairbanks is 48% single-family homes and 31% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
In Fairbanks, about 59% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 40% of occupied homes in Fairbanks are owner-occupied.
Most homes in Fairbanks - 54% - 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.
FEMA rates Fairbanks North Star Borough's overall risk as Relatively Moderate, led by wildfire (Relatively Moderate). Fairbanks North Star Borough had 597 active NFIP flood policies as of September 2026. See the full Fairbanks North Star Borough home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $268,400 |
|---|---|
| Median year built | 1979 |
| Owner-occupied share | 40% |
| Share of owner-occupied homes with a mortgage | 59% |
| Top county hazard | Wildfire (Relatively Moderate) |
| Active NFIP policies in Fairbanks North Star Borough | 597 |
| Home insurance premium | $1,216 - 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)