Home Insurance in Homer, Alaska
With a median home value of $388,400, Homer is 20% higher than the Kenai Peninsula Borough median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Homer was built around 1992. About 4% of homes were built before 1960, in line with Kenai Peninsula Borough (4%).
Housing in Homer breaks down to 71% single-family homes, 10% apartments in buildings with 5+ units and 3% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
About 59% of owner-occupied homes in Homer have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 17%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 66% of occupied homes in Homer are owner-occupied.
Most homes in Homer - 63% - are primarily heated with natural gas. Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
FEMA rates Kenai Peninsula Borough's overall risk as Relatively Moderate, led by earthquake (Relatively High). Kenai Peninsula Borough had 354 active NFIP flood policies as of September 2026. See the full Kenai Peninsula Borough home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
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 | $388,400 |
|---|---|
| Median year built | 1992 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 59% |
| Top county hazard | Earthquake (Relatively High) |
| Active NFIP policies in Kenai Peninsula Borough | 354 |
| 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)