Home Insurance in Lakewood, Washington
With a median home value of $461,200, Lakewood is 12% lower than the Pierce County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Lakewood was built around 1975. About 22% of homes were built before 1960, about 3 points above Pierce County's 20%.
In Lakewood, the housing stock is 51% single-family homes, 32% apartments in buildings with 5+ units and 4% 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.
59% of owner-occupied homes in Lakewood carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 7%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 48% of occupied homes in Lakewood are owner-occupied.
In Lakewood, 67% of homes are primarily heated with electricity.
Pierce County's top FEMA-rated hazard is earthquake (Relatively High), per FEMA's National Risk Index. Pierce County had 2,517 active NFIP flood policies as of September 2026. See the full Pierce County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
In Washington, the statewide average premium for a standard HO-3 homeowners policy is $1,232 per year (NAIC, 2023 data).
Key figures
| Median home value | $461,200 |
|---|---|
| Median year built | 1975 |
| Owner-occupied share | 48% |
| Share of owner-occupied homes with a mortgage | 59% |
| Top county hazard | Earthquake (Relatively High) |
| Active NFIP policies in Pierce County | 2,517 |
| Home insurance premium | $1,232 - 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)