Home Insurance in South Lyon, Michigan
The median home value in South Lyon is $294,600, 14% lower than the Oakland County median.
The typical home in South Lyon was built around 1991. About 10% of homes were built before 1960, about 18 points below Oakland County's 28%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
In South Lyon, the housing stock is 73% single-family homes, 18% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
About 63% of owner-occupied homes in South Lyon have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 3%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 81% of occupied homes in South Lyon are owner-occupied.
86% of homes in South Lyon 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.
In Michigan, the statewide average premium for a standard HO-3 homeowners policy is $1,110 per year (NAIC, 2023 data).
Key figures
| Median home value | $294,600 |
|---|---|
| Median year built | 1991 |
| Owner-occupied share | 81% |
| Share of owner-occupied homes with a mortgage | 63% |
| 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
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)