Lakewood, WA
Lakewood, WA landlord and rental property insurance
What Lakewood landlords should know before insuring a rental. A quote is not a binder.
Lakewood is home to roughly 62,709 people in Pierce County, and about 52% of its 26,500 occupied homes are rented rather than owner-occupied, above the Washington rate of 36%. That mix shapes who is buying landlord coverage here and what underwriters expect to see.
Lakewood rental housing by the numbers
| Measure | Lakewood | Washington |
|---|---|---|
| Renter-occupied homes | 52% (13,910) | 36% |
| Median owner-occupied home value | $461,200 | $564,600 |
| Median gross rent | $1,525/mo | $1,760/mo |
| Median year structure built | 1975 | 1985 |
| Homes in 2–4 unit buildings | 13% | 6% |
| Single-family homes (detached or attached) | 51% | 66% |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (tables B25003, B25077, B25064, B25035, B25024), retrieved via Census Reporter; population from U.S. Census Bureau, Vintage 2024 population estimates.
What home values in Lakewood mean for your dwelling limit
Homes in Lakewood carry a median value near $461,200 according to the Census, compared with $564,600 statewide. Because land is never rebuilt, many owners find their rebuild estimate differs from that figure in either direction.
If your rental is insured somewhere around Lakewood's median, the closest NAIC benchmark is the $450,000–$499,999 band, where the 2023 Washington dwelling-fire average was $865. The all-amounts state figure was $886.
Loss-of-rents planning in Lakewood
Median gross rent in Lakewood is about $1,525 a month. A year of lost rent at that level is roughly $18,300 per unit, a useful yardstick when you choose fair rental value coverage.
Construction era of Lakewood rentals
The median Lakewood home was built around 1975. Rentals from that era may still have original panels, aging supply lines, or roofs on a second or third replacement, which are the details underwriters ask about first.
Lakewood's mix of rental buildings
Two-to-four-unit buildings make up about 13% of Lakewood's housing, well above many places. Duplexes and fourplexes can usually stay on dwelling forms; see our duplex and fourplex guide for shared-area and per-unit rent questions.
Comparing Lakewood to neighboring cities
For comparison, Tacoma comes in at 44% rented and $479,600 median value, with median rent of $1,676. Puyallup has a renter share of 48% with homes valued around $551,800 at the median. Seattle has a renter share of 56% with homes valued around $938,600 at the median. Lakewood places 4 of 30 profiled Washington cities by share of rented homes. Buildings with five or more units hold about 32% of Lakewood's homes; those generally need commercial apartment coverage rather than dwelling forms.
Weather and property risks for Lakewood rentals
In Lakewood, think about earthquake, which standard dwelling forms exclude unless added first, then freezing pipes during cold snaps. Both appear frequently in Washington property claims and can change which policy form and deductible make sense.
Hazard themes reflect FEMA’s National Risk Index and NOAA’s Storm Events Database; check the index for your specific county.
Getting a landlord quote in Lakewood
- The Lakewood address and how many units it has
- Construction year plus the age of the roof
- Lease type and whether the unit is ever empty
- Any system updates, with years
- Your existing policy and recent claims
- Lender name for the mortgagee clause
- Liability limit and months of rent to protect
Request a Lakewood landlord quote
Questions from Lakewood rental owners
What share of Lakewood homes are rentals?
About 52% of occupied homes in Lakewood, roughly 13,910 households, are renter-occupied according to the 2020–2024 American Community Survey.
Do Lakewood landlords have to carry insurance?
No Washington law mandates it for Lakewood owners, though lenders, HOAs, and property managers commonly require it.
What is a typical landlord premium in Lakewood?
It depends on the building, coverage, and deductible. For background, the NAIC reported a 2023 Washington dwelling-fire average of $886; see our Washington page for the full table.
Other Washington cities
Landlord insurance in Washington · Cost by state
Last updated October 15, 2026. Sources and method: how we research.