Home Insurance in Wakefield, Michigan
The median home value in Wakefield is $79,100, 26% lower than the Gogebic County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Wakefield was built around 1948. About 75% of homes were built before 1960, about 18 points above Gogebic County's 56%.
In Wakefield, the housing stock is 87% single-family homes, 4% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
In Wakefield, about 35% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 82% of occupied homes in Wakefield are owner-occupied. The vacancy rate is 23%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Wakefield - 68% - are primarily heated with natural gas.
Gogebic County's top FEMA-rated hazard is winter weather (Relatively Moderate), per FEMA's National Risk Index. Gogebic County had 13 active NFIP flood policies as of September 2026. See the full Gogebic 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 | $79,100 |
|---|---|
| Median year built | 1948 |
| Owner-occupied share | 82% |
| Share of owner-occupied homes with a mortgage | 35% |
| Top county hazard | Winter Weather (Relatively Moderate) |
| Active NFIP policies in Gogebic County | 13 |
| 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)