Home Insurance in Troy, Michigan
The median home value in Troy is $420,300, 22% higher than the Oakland County median.
The typical home in Troy was built around 1977. About 11% of homes were built before 1960, about 16 points below Oakland County's 28%. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.
Housing in Troy breaks down to 77% single-family homes, 18% apartments in buildings with 5+ units and 1% mobile or manufactured homes.
About 61% of owner-occupied homes in Troy have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 4%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 73% of occupied homes in Troy are owner-occupied.
Most homes in Troy - 89% - are primarily heated with natural gas.
Oakland County's top FEMA-rated hazard is tornado (Very High), per FEMA's National Risk Index. 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.
The statewide average premium for a standard HO-3 homeowners policy in Michigan is $1,110 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $420,300 |
|---|---|
| Median year built | 1977 |
| Owner-occupied share | 73% |
| Share of owner-occupied homes with a mortgage | 61% |
| 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
- Clawson
- Birmingham
- Bloomfield Hills
- Rochester Hills
- Madison Heights
- Sterling Heights
- Berkley
- Beverly Hills
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)