Home Insurance in Millwood, Washington
The median home value in Millwood is $358,900, 13% lower than the Spokane County median.
The typical home in Millwood was built around 1957. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 59% of homes were built before 1960, about 29 points above Spokane County's 31%.
The housing stock in Millwood is 77% single-family homes, 8% apartments in buildings with 5+ units and 2% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
About 63% of owner-occupied homes in Millwood have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
About 64% of occupied homes in Millwood are owner-occupied. The vacancy rate is 5%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
53% of homes in Millwood are primarily heated with natural gas.
What's the biggest home insurance risk near Millwood? FEMA's National Risk Index points to wildfire (Relatively Moderate) in Spokane County and Spokane County had 273 active NFIP flood policies as of September 2026. See the full Spokane 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 Washington is $1,232 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $358,900 |
|---|---|
| Median year built | 1957 |
| Owner-occupied share | 64% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Wildfire (Relatively Moderate) |
| Active NFIP policies in Spokane County | 273 |
| Home insurance premium | $1,232 - 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)