Get Mc Kinney, KY Home Insurance Rates!
Are you looking for a new homeowners policy in Mc Kinney, KY? While shopping for homeowners insurance is never fun, we can help make the process simple and easy. Our site lets you shop up to 12 competitive homeowners insurance rates all at once, so you can find a brand new policy without leaving the comfort of your own home.
The insurance companies we work with are top rated carriers who offer a wide variety of coverages and policy choices so you can be confident that your home is fully protected at a price you can afford.
We can help you shop a wide variety of insurers quickly and easily. Let us help you review and compare Mc Kinney home insurance rates today, enter your zip code above to start a free online quote or give us a call now.
A Few Facts about Mc Kinney, KY Home Insurance Rates
Home insurance cost around $1,174 per year on average in the Mc Kinney area which is slightly more than the national average of $1,311 .
While homeowner rates are fairly affordable in the Mc Kinney area, everyone loves to save a bit of money. Our site can compare rates and coverage options from a wide variety of insurance companies and in many cases, we can help you SAVE up to 40% or more on your current premium, while also making sure your home is fully protected.
We only work with national insurance companies that offer the highest quality polices at reasonable prices. When you use our site to shop for a new policy, you can see all the enhanced coverage features, deductible options plus home insurance discounts to make sure you are fully covered at a reasonable price.
Home Values in Mc Kinney and Coverage Options
With the home prices in Mc Kinney going up, what are my home insurance coverage options? This is a popular question we are hearing from our customers and we are so glad we can help them. Although, insurance coverage in Mc Kinney is not always about price, it is important to always consider the right coverage for your home. If your home has greatly increased in value, make sure you have the correct replacement cost to coverage your home. Here is some more information about home replacement cost estimates and values.
Another great thing about living in Mc Kinney is that houses are very affordable with the median price for a home running about $155,000. When shopping for homeowners insurance there are a number of different types of policies you can choose from to protect your home. Here is a quick rundown of the different types of insurance policies:
Dwelling Fire: This is a very basic, no frills homeowners policy. It offers extremely limited protection, only covering damage done by fire and smoke. You may be able to add wind, explosion, and vandalism damage to the list of covered perils.
This is usually the cheapest homeowners policy you can purchase because it offers such limited coverage. Dwelling Fire coverage is only a good idea if you have a home that is sitting empty.
HO-2: This policy is also called a named perils policy. In the policy wording it names all of the perils that are covered by the policy. If your home is damaged or destroyed by a peril not on that list, it is not covered.
While the perils named in these policies make up almost 90 percent of all homeowner insurance claims, there are perils that are not covered which leaves the chance that you could experience damage that is not covered, leaving you on the hook for those costs.
HO-3: This is considered the standard when it comes to homeowners insurance and is the most common type of homeowners policy in the market. These policies are typically referred to as “all risk” or “named exclusions” as they cover all perils except those that are specifically excluded in the policy wording. These are the most common policies that we sell and they offer robust coverage at an affordable price.
While the wording can vary between policies, most HO-3 policies list the following exclusions:
- Ordinance of Law
- Earth movement
- Governmental Action
- Nuclear Hazard
- Power failure
- War / military action
- Water (Flood)
- Inherent defects
HO-4: These policies are designed specifically for renters. They are more commonly called renters insurance. These policies protect the possessions in your apartment or other rental as well as offering liability protection. An HO-4 can be used regardless of whether you are renting an apartment, condo, home or townhome. These policies are named perils policy. It covers the same 16 perils as the HO-2. Renters insurance is very affordable and is a must have coverage if you rent.
HO-5: These policies expand the coverage offered by a HO-3 policy and are typically written on more upscale, newer homes. These policies may not be available on older homes.
An HO-5 policy offers higher coverage limits for both the home and your possessions which makes them a great option for higher value homes. If you live in a home that qualifies for a HO-5 policy, they offer some of the best protection available.
Compare Homeowners Insurance Rates in Mc Kinney, KY!
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Average Rates Nearby Mc Kinney
Are you looking for homeowners insurance in a city near Mc Kinney? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Mc Kinney, KY
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Mc Kinney.
Mc Kinney, KY Home Insurance Average Premiums
For the city of Mc Kinney, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
|1800 sq. ft. or below
|2600 sq. ft. or higher
(all discounts applied)
What is the average home insurance cost for a home in Mc Kinney, KY?
- • The average homeowners insurance premium paid annually for a home in Mc Kinney is around $887 per year.
What does it cost on average per month for home insurance in Mc Kinney, KY?
- • Homeowners in Mc Kinney pay an average cost per month around $74.00 for insurance coverage.
Mc Kinney, KY - 2023 Housing Information
|Current Home Value (2023)
|Last Year Home Value (2022)
Homeowners insurance will help cover the cost to repair or replace your Mc Kinney home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Mc Kinney
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Mc Kinney, KY homeowners insurance rates all in one place!
Saving Money Tips on Mc Kinney Home Insurance
A great way to save money on Mc Kinney homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Mc Kinney area? Check out what homeowners are paying on average for Kentucky homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
|This is the average home elevation in Mc Kinney, KY
Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local Kentucky flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954.
To get online quotes on your home and compare rates on home insurance premiums in Mc Kinney, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Lincoln County.
Kentucky Homeowners Insurance News & Information
2024 Average Homeowners Insurance Rate at $2,777 per year Posted on Tuesday 20th February, 2024
A recent report by Insurance.com, found that the average homeowners insurance rate in the U.S. came in at $2,777 per year which breaks down to $231 a month. The average was based on coverage levels of $300,000 in dwelling and liability and a $1,000 deductible. When Insurance.com ran the numbers, Oklahoma was the most expensive […]
NC Residents Speak Against 42% Rate Increase Requested by Rate Bureau Posted on Tuesday 13th February, 2024
During a recent public comment session held by the North Carolina Department of Insurance, dozens of North Carolina residents spoke out against an average rate increase of 42% that the North Carolina Rate Bureau is requesting. The Rate Bureau represents insurance companies in the state and earlier this year requested average rate increases of 42%. […]
Is Homeowners Insurance Part of Your New Years Resolution? Posted on Wednesday 31st January, 2024
The New Year is here for 2024, and you have probably made a list of resolutions involving everything from eating better to losing a bit of weight. One thing that should be on everyone’s list is a review and update of their homeowners policy. The beginning of the year is a great time to pull […]
North Carolina: 2024 Homeowners Insurance Rate Increase Proposed Posted on Friday 19th January, 2024
Recently, the North Carolina Rate Bureau requested that the N.C. Department of Insurance allow increases to homeowners’ insurance rates by an average of 42.2 percent. If the NCDOI agrees, the proposed rates will go into effect Aug. 1. However, it is also possible that the NCDOI will not agree to the increase and deny the […]
Shopping For Coastal NC Home Insurance Posted on Friday 19th January, 2024
Getting an affordable home insurance policy is crucial when shopping for home insurance online, especially if your home is considered to be in a flood zone. Most homes that are in a flood zone are near the coast, like the Outer Banks of North Carolina. Major cities along the North Carolina coast like Calabash, Oak […]
Mc Kinney, KY Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Mc Kinney so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Mc Kinney, KY?
- The average square footage in Mc Kinney is around 1,314 Sq. Ft. which would cost you around $155,000 to replace the home if you base the home on the price to build per square foot of $118.
Minimum Replacement Cost Total: $155,000
Location: Mc Kinney, Kentucky (Lincoln County)
Average Building Cost Per Square Foot in Mc Kinney: $118 (low end)
Average Square Footage in Mc Kinney: 1,314 Sq. Ft.
|Home Improvement Status
|Price per Sq. Ft.
|None or Very Minor Improvements
|Some Additional Upgrades
|Major Home Updates or Advancements
The dwelling coverage is calculated by the average cost per square foot ($118) in Mc Kinney, Kentucky times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $368,750 (Media price to build of $148 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.