Home Insurance in Oakland, Maryland
The median home value in Oakland is $244,400, close to the Garrett County median.
The typical home in Oakland was built around 1960. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 50% of homes were built before 1960, about 29 points above Garrett County's 22%.
The housing stock in Oakland is 69% single-family homes, 24% apartments in buildings with 5+ units and 1% mobile or manufactured homes.
About 63% of owner-occupied homes in Oakland have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Oakland has an owner-occupancy rate of 48% and a vacancy rate of 14%; unoccupied homes typically need a different coverage form.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Oakland, 45% of homes are primarily heated with natural gas.
Garrett County's top FEMA-rated hazard is winter weather (Relatively Moderate), per FEMA's National Risk Index. Garrett County had 74 active NFIP flood policies as of September 2026. See the full Garrett County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Maryland, the statewide average premium for a standard HO-3 homeowners policy is $1,578 per year (NAIC, 2023 data).
Key figures
| Median home value | $244,400 |
|---|---|
| Median year built | 1960 |
| Owner-occupied share | 48% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Garrett County | 74 |
| Home insurance premium | $1,578 - 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)