Home Insurance in Bingham Farms, Michigan
Homes in Bingham Farms carry a median value of $580,500 - 69% higher than the Oakland County median.
The typical home in Bingham Farms was built around 1985. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 14% of homes were built before 1960, about 13 points below Oakland County's 28%.
The housing stock in Bingham Farms is 87% single-family homes and 11% apartments in buildings with 5+ units.
In Bingham Farms, about 57% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 5%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 97% of occupied homes in Bingham Farms are owner-occupied.
In Bingham Farms, 92% of homes are primarily heated with natural gas.
FEMA rates Oakland County's overall risk as Relatively High, led by tornado (Very High). Oakland County had 1,433 active NFIP flood policies as of September 2026. See the full Oakland County home insurance overview for all FEMA hazard ratings and flood coverage details.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Michigan carries a statewide average premium of $1,110 per year.
Key figures
| Median home value | $580,500 |
|---|---|
| Median year built | 1985 |
| Owner-occupied share | 97% |
| Share of owner-occupied homes with a mortgage | 57% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Oakland County | 1,433 |
| Home insurance premium | $1,110 - statewide average (NAIC, 2023 data) |
Nearby towns
- Beverly Hills
- Southfield
- Lathrup Village
- Birmingham
- Bloomfield Hills
- Berkley
- Farmington Hills
- Oak Park
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)