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Affordable homeowners insurance quotes near you within the city of Silver Bay, MN has never been easier with our comparitive rating system. We strive to help you save time and money by offering the most competitive rates for your home in Silver Bay. Let us help you shop up to 12 of the best rate quotes for homeowners insurance, plus we can help you review which coverage option is best. Our Minnesota home insurance agents are ready to help you discover better rates with companies you trust. Get your Silver Bay home insurance rate quotes online today or Call 855-976-2656.

Popular Silver Bay Home Insurance Questions:

What is the total Silver Bay popluation?
The city limit population in Silver Bay, MN is around 1,887.

How many homes are in this location?
The total homes in the city of Silver Bay is 1,163 housing units.

What is the average Silver Bay income per family?
The average income in the Silver Bay area is around $54,913.

How much do the homes in Silver Bay cost?
The average value of a home in Silver Bay is estimated to be around $110,900.

What do Silver Bay homeowners pay on average for homeowners coverage?
Home insurance cost around $1,481 per year on average in the Silver Bay area, this average is based on a $200K real estate value with a standard HO-3 policy. We help you compare rates and coverage options so you can review the best rate and policy for your home.

What is a standard homeowners insurance policy in Silver Bay cover?
A standard home insurance polciy in Silver Bay, MN is commonly known as an HO-3 policy that covers damage from all perils except those that are not covered or excluded from your coverage, exclusions are clearly documented within your policy. For example, earthquake or flood insurance coverage is not part of a standard HO-3 policy. There are other types of policies that cover condos, landlord (rentals), tenant (renters) and historical home policies known as HO-8 policy.

From our most common questions above, you have read that a Silver Bay homeowners insurance policy can sound complicated, but the process of getting the right coverage does not have to be. We are here to help you shop the best homeowners insurance rates and answer any questions you have about which home insurance policy is best for you. Click to review Silver Bay, MN home insurance quotes today!

Compare Homeowners Insurance Rates in Silver Bay, MN!

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Get up to 12 competitive Silver Bay, MN homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Silver Bay, MN rates all in one place!

Average Rates Nearby Silver Bay

Are you looking for homeowners insurance in a city near Silver Bay? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Silver Bay, MN

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Silver Bay.

55614,     

Silver Bay, MN Home Insurance Average Premiums

Local Silver Bay, MN home insurance quotes comparison

$856 /yr.

Shows Silver Bay's lowest average rates with discounts applied.

For the city of Silver Bay, 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)		$856 /yr.
Average Coverage:$1106 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1406 /yr.

What is the average home insurance cost for a home in Silver Bay, MN?

  • • The average homeowners insurance premium paid annually for a home in Silver Bay is around $1106 per year.

What does it cost on average per month for home insurance in Silver Bay, MN?

  • • Homeowners in Silver Bay pay an average cost per month around $92.00 for insurance coverage.

Silver Bay, MN Coastal Wind, Hail & Flood Information

Silver Bay is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Silver Bay is know for it's beautiful beaches and waterways. Because Lake County (FIPS: 27075) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Silver Bay, MN.

Silver Bay, MN - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $147,646 $135,958
February $147,552 $137,815
March $147,923 $139,678
April $148,385 $141,176

Homeowners insurance will help cover the cost to repair or replace your Silver Bay 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 Silver Bay
  • 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.
Enter your Zip Code:    

Get up to 12 competitive Silver Bay, MN homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Silver Bay, MN rates all in one place!

Saving Money Tips on Silver Bay Home Insurance

A great way to save money on Silver Bay 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 Silver Bay area? Check out what homeowners are paying on average for Minnesota homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation Details Homeowners Tips
1582 ft. This is the average home elevation in Silver Bay, MN

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Silver Bay, Minnesota.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Silver Bay, 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 Lake County.

Minnesota Homeowners Insurance News & Information

  • 2025 Spring Cleaning Insurance Tips for Homeowners Posted on Monday 31st March, 2025

    Spring is here, the days are getting longer, the weather is warming up and the trees are starting to bud. All of this makes it a great time for homeowners to knock out some spring cleaning and home maintenance.  We thought it might be a good idea to look at some spring cleaning and maintenance […]

  • Homeowners Now Use This Strategy To Save Money on Home Insurance. Is It a Good Idea? Posted on Wednesday 26th March, 2025

    According to a new Market Watch article, homeowners who are struggling with the cost of higher homeowner insurance premiums are making the move to policies with higher deductibles to help lower their costs. While this strategy may work for some, it is not the best idea for everyone.  Data from the Intercontinental Exchange (ICE) showed […]

  • Florida Homeowners With Insurance Are Struggling to Get Claims Paid – Why? Posted on Wednesday 19th March, 2025

    According to a recent Moneywise article, homeowners with insurance coverage in Florida are struggling to get claims paid.  Chad Zalva, a single dad in Riverview, Florida, was cited as an example in the article as a homeowner who is carrying homeowners insurance but was recently surprised to learn that the damage to his home from […]

  • 2025 List of States Where Finding Home Insurance Is Most Difficult and Why Posted on Tuesday 11th March, 2025

    Homeowners insurance is a necessity if you own a home, particularly if you are currently carrying a mortgage. Mortgage lenders require homeowners insurance to protect their investment in your home by always carrying homeowners insurance.  If your insurance is cancelled or you are non-renewed it can be a huge problem. As wildfires and major windstorms […]

  • Will Citizens Policyholders See a Home Insurance Rate Decrease?  Posted on Tuesday 11th March, 2025

    Recently, Gov. Ron DeSantis announced that over 20% of Citizens property insurance policyholders will see a premium decrease of roughly 5.6%. DeSantis also claimed that almost 73% of homeowners who have a policy with Citizens in Miami-Dade County will see a rate reduction of 6.3% on average. The state-run insurer, Citizens Property is finally shedding […]

Silver Bay, MN Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Silver Bay 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 Silver Bay, MN?

- The average square footage in Silver Bay is around 590 Sq. Ft. which would cost you around $110,900 to replace the home if you base the home on the price to build per square foot of $188.

Minimum Replacement Cost Total: $110,900

Location: Silver Bay, Minnesota (Lake County)

Average Building Cost Per Square Foot in Silver Bay: $188 (low end)

Average Square Footage in Silver Bay: 590 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$188$110,900
Some Additional Upgrades$235$138,625
Major Home Updates or Advancements$282$166,350

The dwelling coverage is calculated by the average cost per square foot ($188) in Silver Bay, Minnesota 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 $587,500 (Media price to build of $235 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.