Home Insurance in Lake Wales, Florida
Homes in Lake Wales carry a median value of $239,300 - 10% lower than the Polk County median.
The typical home in Lake Wales was built around 1991. About 17% of homes were built before 1960, about 7 points above Polk County's 10%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
The housing stock in Lake Wales is 66% single-family homes, 17% apartments in buildings with 5+ units and 5% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 56% of owner-occupied homes in Lake Wales have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Lake Wales has an owner-occupancy rate of 59% and a vacancy rate of 16%; unoccupied homes typically need a different coverage form.
93% of homes in Lake Wales are primarily heated with electricity.
Polk County's top FEMA-rated hazard is strong wind (Very High), per FEMA's National Risk Index. Polk County had 7,575 active NFIP flood policies as of September 2026. See the full Polk 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 Florida is $2,779 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $239,300 |
|---|---|
| Median year built | 1991 |
| Owner-occupied share | 59% |
| Share of owner-occupied homes with a mortgage | 56% |
| Top county hazard | Strong Wind (Very High) |
| Active NFIP policies in Polk County | 7,575 |
| Home insurance premium | $2,779 - 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)