Home Insurance in Banks, Oregon
With a median home value of $446,800, Banks is 24% lower than the Washington County median.
The typical home in Banks was built around 1994. About 15% of homes were built before 1960, about 5 points above Washington County's 10%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
In Banks, the housing stock is 78% single-family homes, 9% apartments in buildings with 5+ units and 2% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Banks, about 85% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 1%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 73% of occupied homes in Banks are owner-occupied.
Most homes in Banks - 59% - are primarily heated with natural gas.
FEMA rates Washington County's overall risk as Relatively High, led by earthquake (Relatively High). Washington County had 1,460 active NFIP flood policies as of September 2026. See the full Washington County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
In Oregon, the statewide average premium for a standard HO-3 homeowners policy is $1,003 per year (NAIC, 2023 data).
Key figures
| Median home value | $446,800 |
|---|---|
| Median year built | 1994 |
| Owner-occupied share | 73% |
| Share of owner-occupied homes with a mortgage | 85% |
| Top county hazard | Earthquake (Relatively High) |
| Active NFIP policies in Washington County | 1,460 |
| Home insurance premium | $1,003 - 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)