Home Insurance in Lakeland, Tennessee
Homes in Lakeland carry a median value of $388,900 - 56% higher than the Shelby County median.
The typical home in Lakeland was built around 2000. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 2% of homes were built before 1960, about 25 points below Shelby County's 27%.
The housing stock in Lakeland is 84% single-family homes, 12% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
About 70% of owner-occupied homes in Lakeland have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Lakeland has an owner-occupancy rate of 79% and a vacancy rate of 4%; unoccupied homes typically need a different coverage form.
In Lakeland, 56% of homes are primarily heated with natural gas.
Shelby County had 2,196 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is tornado (Very High). See the full Shelby County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Tennessee, the statewide average premium for a standard HO-3 homeowners policy is $1,649 per year (NAIC, 2023 data).
Key figures
| Median home value | $388,900 |
|---|---|
| Median year built | 2000 |
| Owner-occupied share | 79% |
| Share of owner-occupied homes with a mortgage | 70% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Shelby County | 2,196 |
| Home insurance premium | $1,649 - 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)