Olympia, WA
Rental property insurance for Olympia landlords
What Olympia landlords should know before insuring a rental. A quote is not a binder.
Olympia is home to roughly 56,271 people in Thurston County, and about 50% of its 25,451 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.
Key housing figures for Olympia, WA
| Measure | Olympia | Washington |
|---|---|---|
| Renter-occupied homes | 50% (12,766) | 36% |
| Median owner-occupied home value | $486,200 | $564,600 |
| Median gross rent | $1,599/mo | $1,760/mo |
| Median year structure built | 1982 | 1985 |
| Homes in 2–4 unit buildings | 8% | 6% |
| Single-family homes (detached or attached) | 58% | 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 Olympia mean for your dwelling limit
Olympia's median home value, roughly $486,200, gives a rough sense of what rentals here are worth; the state median is $564,600. For insurance, ask for a replacement-cost estimate on your specific building.
If your rental is insured somewhere around Olympia'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.
Protecting rental income in Olympia
The Census median gross rent for Olympia, $1,599 per month, is a reasonable starting point for fair rental value. At that rate, 12 months is about $19,188 per unit.
Construction era of Olympia rentals
With a median year built of 1982, many Olympia rentals are reaching the age where original roofs, water heaters, and HVAC units are replaced. Note those dates on your request.
Single-family, small multi-unit, and apartments in Olympia
Roughly 58% of Olympia homes are single-family, 8% sit in small 2–4 unit buildings, and 31% are in larger apartment buildings. Owners of up to four units can generally use a dwelling fire policy.
Comparing Olympia to neighboring cities
In Lacey, 44% of occupied homes are rented and the median value is $457,100. In Seattle, 56% of occupied homes are rented and the median value is $938,600. For comparison, Spokane comes in at 41% rented and $363,500 median value, with median rent of $1,215. Among the 30 largest Washington cities we profile, Olympia ranks 7 for renter share. Buildings with five or more units hold about 31% of Olympia's homes; those generally need commercial apartment coverage rather than dwelling forms.
Storm and hazard considerations in Olympia
Typical Washington property risks such as winter windstorms and heavy rain west of the Cascades and wildfire and smoke in drier eastern counties affect owners in Olympia and the rest of Thurston County. Flood and earthquake are excluded from standard dwelling forms and need their own coverage.
Hazard themes reflect FEMA’s National Risk Index and NOAA’s Storm Events Database; check the index for your specific county.
What to have ready for a Olympia quote
- Your existing policy and recent claims
- Lender name for the mortgagee clause
- Liability limit and months of rent to protect
- Property location in Olympia and unit count
- When the building went up and when the roof was last replaced
- Occupancy: long-term lease, month-to-month, short-term, or vacant
- Dates of wiring, plumbing, and HVAC upgrades
Request a Olympia landlord quote
Questions from Olympia rental owners
What share of Olympia homes are rentals?
About 50% of occupied homes in Olympia, roughly 12,766 households, are renter-occupied according to the 2020–2024 American Community Survey.
Do Olympia landlords have to carry insurance?
Not by statute. In practice, a Olympia rental with a mortgage will need property coverage, and associations or managers often insist on liability limits.
How much does landlord insurance cost in Olympia?
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.
More landlord pages near Olympia
Landlord insurance in Washington · Cost by state
Last updated October 15, 2026. Sources and method: how we research.