A higher-grade theory of non-ferromagnetic thermo-elastic dielectrics which incorporates the local mass displacement, the heat flux gradient, polarization inertia, and flexodynamic effects is developed. The process of local mass displacement is associated with changes in material microstructure. Using the fundamental principles of continuum mechanics, electrodynamics, and non-equilibrium thermodynamics, the gradient-type constitutive equations are derived. Due to accounting for the polarization inertia, the rheological constitutive equation for the polarization vector is obtained. In the balance equation of linear momentum, an additional term with the second time derivative of the polarization vector appears in comparison with the classical theory. This term controls the influence of the dynamic flexoelectric effect on the mechanical motion of dielectric solids. The propagation of a plane harmonic wave is analyzed within the context of the developed theory. It is shown that the theory allows for capturing the experimentally observed phenomenon of high-frequency dispersion of a longitudinal elastic wave. The theory may be useful for modeling coupled processes in nanodielectrics and heterogeneous polarized systems.