The Best Cheap Homeowners Insurance in Lexington, Kentucky for 2022: Quotes and Reviews
Homeowners in Lexington, Kentucky, pay an average of $996 per year or $83 per month for insurance, but this can vary by company. The cheapest policy is offered by Travelers at an average of $632 per year, while the most expensive is from Auto-Owners Insurance Co at roughly $1,820. This shows that residents can save up to $1,188 by shopping around. For those who value both cost and quality, MoneyGeek identified the best homeowners insurance in Lexington.
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The Cheapest and Best Homeowners Insurance in Lexington
The Cheapest Home Insurance Companies in Lexington
If you’re looking for cheap homeowners insurance, the cost should be your determining factor. This is because there are plenty of policies from different insurers that offer the same core coverages at varying price points.
In Lexington, the cheapest home insurance policies on average with the baseline dwelling coverage of $100,000 are offered by:
- Travelers: $632 per year
- Allstate: $773 per year
Dwelling coverage can vary, however, based on how much it costs to rebuild your home. The more expensive it is, the higher limits you need. The cheapest insurers for Lexington residents who need $2 million in dwelling coverage limits are, on average:
- USAA: $6,121 per year (only available for current and former military members and their families)
- Travelers: $7,855 per year
Take a look at the table below to see how adjusting your dwelling coverage limits will change your premiums.
The Cheapest Home Insurance in Lexington, Ranked
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Policies mentioned with the baseline dwelling coverage limit have $40,000 in personal property limits, while policies with a dwelling coverage of $2 million have $800,000 in personal property limits. All policies mentioned come with $100,000 in liability coverage.
Homeowners in the state that don’t live in Lexington can also check out MoneyGeek’s guide to the best and cheapest homeowners insurance in Kentucky.
The Average Cost of Homeowners Insurance in Lexington for 2021
The cost of homeowners insurance changes based on a number of factors, including your location. Lexington residents pay an average of $966 per year for home insurance, which is $154 less than the state average of$1,120 annually. This is also $1,107 less than the average cost of home insurance across the nation, which stands at $2,103 per year.
Calculate the Cost of Home Insurance in Lexington
While location is a big factor that affects the cost of home insurance, other factors such as your coverage limits, credit score and even when your home was built are considered. To compare home insurance quotes, Lexington residents can use MoneyGeek’s home insurance calculator and find the best policy that suits their needs.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Lexington
The cost of a company’s policy shouldn’t be the only factor to consider when looking for the best homeowners insurance in Lexington. A company’s customer service experience and financial stability should be considered as well. After all, you’ll want the process of filing a claim to be handled by an efficient and reliable company.
MoneyGeek has ranked various home insurance companies in Lexington and found that these offer the best overall services:
- Best Overall: USAA (only available for current and former military members and their families)
- Runner-up: Travelers
Insurers were ranked based on three factors, including their affordability, user satisfaction and financial stability.
Great customer service aside, USAA also has a host of unique discounts and add-ons for their policyholders. For instance, those who are a landlord and rent out a room or their entire home can take advantage of USAA’s home-sharing coverage, which can cover the costs of being a landlord. Additionally, having a security system installed and remaining claims-free can grant policyholders additional discounts.
In Lexington, MoneyGeek’s top pick is USAA. Not only do they rank well across categories, but they also received a perfect score in user satisfaction. However, their policies are only available for military families.Read MoneyGeek's USAA home Insurance Review
Aside from being an affordable option for homeowners in Lexington, Travelers also offers unique coverages. For instance, if your home is damaged, Travelers has extra protection and can cover the costs of repairing their home with greener materials. Policyholders can also opt for additional replacement costs, which cover you even if the cost to replace your home is higher than your dwelling coverage limits.
Travelers is MoneyGeek’s runner-up as they also received good marks across categories and ranked perfectly in affordability. Policyholders can add identity fraud coverage up to $25,000 to restore their identity.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Lexington for Newly Constructed Homes
Newly constructed homes in Lexington cost less to insure since they are built with modern materials that are more resistant to damage and easier to replace. This means insurers view them as lower-risk to insure.
The average cost to insure a new home in Lexington is $722 per year, which is roughly $274 less than the cost to insure a home built in 2000.
On average, MoneyGeek found that the most affordable policies for newly constructed homes are offered by the following companies:
- Travelers: $469 per year
- USAA: $552 per year (only available for current and former military members and their families)
The Cheapest Home Insurance in Lexington for New Homes, Ranked
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Cheapest Home Insurance Companies in Lexington if You Have a Lot of Personal Property
Homeowners who own high-value items may opt for more personal property coverage to protect their belongings. However, this can increase your rates depending on how much you add.
For Lexington residents, the average cost of a home insurance policy with $250,000 in personal property limits stands at $1,053, while policies with $100,000 in personal property coverage limits cost roughly $996 annually.
On average, MoneyGeek found the cheapest insurers for Lexington homeowners who want higher personal property limits are:
- Travelers: $669 per year
- USAA: $843 per year (only available for current and former military members and their families)
Cheap Companies in Lexington for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Lexington for High Deductibles
A home insurance policy’s deductible is a significant factor that can affect one’s premiums, as the higher it is, the lower the monthly rates. However, higher deductibles mean you’ll pay more out of pocket if you file a claim.
In Lexington, residents with policies that have a $2,000 deductible pay an average of $872. This is $124 less than the average cost of policies with a $1,000 deductible.
For homeowners who want a higher deductible to pay lower rates every month, MoneyGeek found that, on average, these companies offer the cheapest home insurance policies with a $2,000 deductible:
- Travelers: $563 per year
- Allstate: $641 per year
The Cheapest Companies in Lexington for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Lexington if You Have Poor Credit
In the state of Kentucky, insurers also consider your credit scores when determining your home insurance premiums. Poor credit scores often lead to higher premiums.
In Lexington, low credit holders pay an average of $1,726 per year for home insurance. This is an average of $730 more than those with better credit standings.
There are still options for cheap homeowners insurance in Lexington if you have poor credit. On average, MoneyGeek found that these companies offer the most affordable policies:
- Travelers: $1,195 per year
- Allstate: $1,482 per year
The Cheapest Companies in Lexington for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Lexington
Before comparing home insurance quotes, Lexington residents need to provide insurers with a list of information. This includes the following:
- The replacement cost of your home: Dwelling coverage limits are determined by the cost it takes to rebuild your home. To get an estimate of this cost, you can hire a building contractor or construction professional.
- The value of your personal property: Personal property limits are determined by the value of your personal property.
- Personal information: Information such as your address, birthdate and Social Security number will be requested, along with who lives in your home, insurance history and other details.
- Information about your house: This includes technical details about the house, such as when it was built, how big it is, any safety devices in the home and more.
Homeowners Insurance in Lexington Analysis: Methodology
Rates were gathered from five insurers in Lexington, Kentucky. MoneyGeek used a sample profile of a Lexington resident with a 2,500 square foot home built in 2000. This profile was used to look for a policy with a baseline dwelling coverage of $100,000, personal property coverage of $40,000, liability limits of $100,000 and a deductible of $1,000.
To provide information for residents with various circumstances and preferences, MoneyGeek also collected rates for homeowners with newly built homes, poor credit, increased dwelling or personal property coverage and higher deductibles.
Data was collected in partnership with Quadrant, where quotes were collected for a home with varying coverage levels to calculate affordability scores. User satisfaction scores were taken from J.D. Power surveys.
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