Home Insurance in Novi, Michigan
Homes in Novi carry a median value of $421,900 - 23% higher than the Oakland County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Novi was built around 1993. About 5% of homes were built before 1960, about 23 points below Oakland County's 28%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Novi is 62% single-family homes, 26% apartments in buildings with 5+ units and 7% mobile or manufactured homes.
In Novi, about 59% 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 66% of occupied homes in Novi are owner-occupied.
In Novi, 87% of homes are primarily heated with natural gas.
What's the biggest home insurance risk near Novi? FEMA's National Risk Index points to tornado (Very High) in Oakland County and 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 | $421,900 |
|---|---|
| Median year built | 1993 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 59% |
| 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
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)