Winona, MO Homeowners Insurance Rate Quotes!
In the great city of Winona there are 1,335 people living in a variety of different property types. Some of you in Winona are building your first single-family home. While others are looking for affordable home insurance quotes on your existing home or condo. While there are about 1,050 homes in the Winona area, many of the ones that are currently occupied are in need of lower rates and better home insurance coverage. In the majority of these Winona neighborhoods, the average family size is around 3 residents per house.
In Winona, the average income per household is around $31,513. While this is a fairly high number, it is slightly below the national median. Luckily, the cost of owning a home in Winona is fairly cheap, the average home price on the real estate market today is $75,100. Many residents living in Winona like to use our online home insurance shopping service to get upfront rates before buying there first home. If you are shopping for a house, simply use our online quoting application to compare multiple rates for each "dream" house on your list. Our free consultation process helps you quickly review the best carrier and premium so you know the exact cost of home insurance. Some carriers are competitive in different areas, so if you are thinking about certain zip codes in Winona, we help you decide which home will have the most affordable rates.
Winona, MO Demographics and Household Facts
The city of Winona is roughly around 1,335 residents in population growth with 529 occupied homes within the city of Winona. The average family household in Winona is 358.
| Demographic | Values |
|---|---|
| Population | 1,335 |
| Total Occupied Homes | 529 |
| Family Households (families) | 358 |
| Average Owner Occupied Household Size | 2.56 |
| Average Family Size | 3.02 |
| Total Housing Units | 595 |
Home Insurance In Winona Is Lower Than Expected - Review Averages!
With the local real estate market booming, what better way to shop rates and coverages than with us at GetHomeInsuranceQuotes.com of Winona. Average rates are around $970 per year. You can get rates as low as $720 per year. Larger homes in this area pay around $1,270 per year due to higher replacement cost coverage also known as dwelling coverage. This helps cover your expenses if you ever need to rely on your insurance company to replace or rebuild your home. This compares very favorably with the national average, which is $1,311 according to the latest data.
Missouri is now ranked number 20 in the United States for annual home insurance rates.
When it comes to Missouri home insurance, there are a variety of different policy types and each one is written for a certain type of home, condo or apartment. Having the right policy type is key to protecting your most valuable investment, your home.
Here is some information about the most common home insurance types in Winona:
| Type | Description |
|---|---|
| HO-3 | The HO-3 is the most common type of home insurance coverage. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded within the policy. Damages that are caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well. Make sure you ask the right questions and take the time to review your policy so you know what is covered. |
| HO-6 | Condos are a very popular housing option in Winona. In addition to condos, it also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own. |
| HO-8 | Winona is lucky to have a fair number of historical homes and if you own one, you may need a HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils. |
| HO-4 | This policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment. |
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Average Rates Nearby Winona
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Home Insurance Rates by Zipcode in Winona, MO
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Winona, MO Home Insurance Average Premiums
$720 /yr.
For the city of Winona, 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.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $720 /yr. |
| Average Coverage: | $970 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1270 /yr. |
What is the average home insurance cost for a home in Winona, MO?
- • The average homeowners insurance premium paid annually for a home in Winona is around $970 per year.
What does it cost on average per month for home insurance in Winona, MO?
- • Homeowners in Winona pay an average cost per month around $81.00 for insurance coverage.
Winona, MO - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $119,724 | $106,103 |
| February | $123,342 | $109,394 |
| March | $128,073 | $112,428 |
| April | $132,028 | $114,501 |
Homeowners insurance will help cover the cost to repair or replace your Winona 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 Winona
- 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.
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Saving Money Tips on Winona Home Insurance
A great way to save money on Winona 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 Winona area? Check out what homeowners are paying on average for Missouri homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 961 ft. | This is the average home elevation in Winona, MO | 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 Missouri 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 Winona, 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 Shannon County.
Missouri Homeowners Insurance News & Information
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What happens to my mortgage if my homeowners policy gets cancelled? Posted on Thursday 18th July, 2024
As more and more insurance companies stop writing policies in certain markets or cancel existing policyholders they find too big of a risk, homeowners are finding their policies cancelled or non renewed. While a cancelled policy is a shock, it doesn’t mean you need to panic. Following is a brief overview of what to do […]
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Why Are Homeowners Insurance Premiums Rising in 2024? Posted on Tuesday 9th July, 2024
As insurance rates rise at unprecedented rates, homeowners are cutting back on groceries, travel, dining out, and even medication to afford the cost of their insurance premiums. In even more shocking news, 1 in 10 homeowners are even consider moving to an area with lower premiums, according to a recent survey by Claimguide. According to […]
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Coastal Homeowners Insurance in Florida Posted on Monday 8th July, 2024
Florida has it all, constant sunshine, beaches,plenty of restaurants and entertainment. It also has some of the highest homeowner insurance premiums in the country. According to Value Penguin, the Sunshine State has the 14th most expensive homeowner insurance rates in the country with the average premium coming in at $1,727. While insurance premiums are high all […]
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Coastal Texas Home Insurance Rates Posted on Sunday 7th July, 2024
While windstorm insurance is not required in Texas, it is often a necessity if you live near the coast. In certain areas there is a good chance that your mortgage lender will require that you carry a windstorm policy. A windstorm policy will cover damage that is done by wind or hail. These are the […]
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North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Wednesday 5th June, 2024
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Sunset Beach, Oak Island Beach, Calabash, Bald Head Island, […]
Winona, MO Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Winona 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 Winona, MO?
- The average square footage in Winona is around 616 Sq. Ft. which would cost you around $75,100 to replace the home if you base the home on the price to build per square foot of $122.
Minimum Replacement Cost Total: $75,100
Location: Winona, Missouri (Shannon County)
Average Building Cost Per Square Foot in Winona: $122 (low end)
Average Square Footage in Winona: 616 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $122 | $75,100 |
| Some Additional Upgrades | $153 | $93,875 |
| Major Home Updates or Advancements | $183 | $112,650 |
The dwelling coverage is calculated by the average cost per square foot ($122) in Winona, Missouri 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 $381,250 (Media price to build of $153 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.