Home Insurance in Lakewood, Ohio
Homes in Lakewood carry a median value of $262,200 - 34% higher than the Cuyahoga County median.
The median home in Lakewood was built in 1939 or earlier. About 73% of homes were built before 1960, about 18 points above Cuyahoga County's 56%. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild.
In Lakewood, the housing stock is 40% single-family homes and 37% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
About 66% of owner-occupied homes in Lakewood have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 8%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 44% of occupied homes in Lakewood are owner-occupied.
Most homes in Lakewood - 77% - are primarily heated with natural gas.
Cuyahoga County's top FEMA-rated hazard is tornado (Very High), per FEMA's National Risk Index. Cuyahoga County had 1,221 active NFIP flood policies as of September 2026. See the full Cuyahoga 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 Ohio is $1,116 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $262,200 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 44% |
| Share of owner-occupied homes with a mortgage | 66% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Cuyahoga County | 1,221 |
| Home insurance premium | $1,116 - 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)