The average cost of homeowners insurance in Louisville, Kentucky, is $1,245 per year or $104 per month. These prices differ greatly depending on the insurer you go with. Allstate offers the cheapest average home insurance quote in Louisville at $856 yearly. The most expensive is from Auto-Owners at $2,249 annually, which means that homeowners can save up to $1,393 yearly by shopping around for the best quotes. MoneyGeek ranked the best homeowners insurance providers in Louisville to assist those looking for affordable and high-quality service.
The Best Cheap Homeowners Insurance in Louisville, KY for 2022: Quotes and Reviews
The Cheapest and Best Homeowners Insurance in Louisville
The Cheapest Home Insurance Companies in Louisville
The majority of Louisville insurance providers have similar key coverages for home insurance policies. Therefore, the cost of insurance should be an important determinant to consider while selecting a home insurance policy.
The cheapest home insurance providers in Louisville for a $100,000 dwelling coverage policy are:
- Allstate: $856 per year
- Travelers: $865 per year
For expensive homes protected by a $2 million dwelling coverage, the two cheapest insurance companies in Louisville are, on average:
- USAA: $6,885 per year (available to current and former members of the military)
- Allstate: $9,312 per year
The dwelling coverage limits you choose largely determine your home insurance premiums. The table below shows how adjusting your dwelling coverage affects your insurance rates.
The Cheapest Home Insurance in Louisville, Ranked
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All the policies considered for this study have an initial baseline dwelling coverage of $100,000 and personal property coverage of $40,000. For plans with $2,000,000 in dwelling coverage, the personal property limit rises to $800,000. The liability coverage is $100,000 on all policies, regardless of the home coverage limits. You can also compare home insurance rates with various insurers on a statewide basis if you live in another part of Kentucky.
The Average Cost of Homeowners Insurance in Louisville for 2021
Home insurance in Louisville costs an average of $1,245 a year or $104 a month. This is more than the Kentucky state average of $1,120 a year but much lower than the national average of $2,103.
Calculate the Cost of Home Insurance in Louisville
Although your location affects the price of your home insurance policy in Louisville, other factors, such as the amount of dwelling and personal property coverage you purchase and your credit score, also have an impact. MoneyGeek's home insurance calculator is a useful tool for comparing quotes from different insurers in your state.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Louisville
While cost is a significant factor to consider when purchasing homeowners insurance in Louisville, you should consider the customer service experience and financial stability of the insurance companies you're comparing. You're more likely to file a claim when you're in distress, and a financially stable insurer will be prepared to pay your legitimate claim fairly and on time, providing significant peace of mind.
Based on a MoneyGeek study, the best homeowners insurance companies in Louisville are:
- Best Overall: USAA (only serving current and former military members and their families)
- Runner-up: Allstate
MoneyGeek used a unique rating system to determine the best homeowners insurance companies in Louisville based on their affordability, customer satisfaction and financial stability.
USAA covers active military members’ loss of uniforms without applying the deductible. Some insurance companies in Kentucky don't offer coverage for earthquake-induced damages, but USAA offers earthquake damage coverage as an add-on to your existing home insurance policy.
With a score of 99.2 out of 100, USAA is MoneyGeek's top pick. It earned top ratings in several areas, including customer satisfaction from J.D. Power and financial stability from AM Best. However, the company only insures houses of current and retired military personnel.
While most home insurance policies do not cover flood damage, an Allstate agent can help you buy a policy via the National Flood Insurance Program (NFIP). And, if you go a year without filing a claim with Allstate, the deductible will be reduced by $100, up to a limit of $500, which makes it a cost-effective option.
Allstate was named the second-best company for Louisville homeowners after receiving top ratings in a range of categories, including MoneyGeek's affordability metric. Its Claim Rateguard add-on coverage can protect your existing home insurance from price increases even after filing a claim.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Louisville for Newly Constructed Homes
It's usually cheaper to insure a newly constructed home in Louisville. As new homes are constructed using new and modern materials, they will be more resistant to damage. And, owners of new homes rarely find the need to make a claim. Insurers also find it easier to replace newer materials.
A newly built home in Louisville costs an average of $904 per year in home insurance, while a home built in 2000 costs an average of $1,245 per year.
The following are the cheapest companies providing a dwelling coverage of $100,000 for owners of a newly built home in Louisville:
- USAA: $606 per year (available to current and former members of the military)
- Allstate: $624 per year
The Cheapest Home Insurance in Louisville for New Homes, Ranked
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Cheapest Home Insurance Companies in Louisville if You Have a Lot of Personal Property
Your home insurance protects both the structure of your home and your personal belongings. The more personal property you want to insure, the higher your premium. For Louisville homeowners, a standard home insurance policy with personal property limits of $250,000 will cost an average of $1,305 per year. A $100,000 personal property coverage limit, on the other hand, will cost an average of $1,245 per year.
The two cheapest home insurance providers in Louisville for homes with a $100,000 dwelling coverage and high personal property limits are:
- Travelers: $905 per year
- USAA: $940 per year (available to current and former members of the military)
Cheap Companies in Louisville for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Louisville for High Deductibles
Your home insurance policy’s deductible is the out-of-pocket amount that you must pay before your insurer covers a loss. The policy deductible you choose will also help insurers determine how much your homeowners insurance in Louisville costs. If you go for a higher deductible, your insurance premium will be lower.
For example, on average, a home insurance policy with a $2,000 deductible in Louisville costs $1,093 per year and a policy with a $1,000 deductible costs $1,245.
For homes with a $2,000 deductible on their home insurance plans, the following two companies offer the cheapest homeowners insurance in Louisville:
- Allstate: $709 per year
- Travelers: $770 per year
The Cheapest Companies in Louisville for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Louisville if You Have Poor Credit
Insurance companies in Louisville consider your credit score when determining home insurance quotes. Most insurers find a person with a low credit score to be highly likely to make a claim. Therefore, homeowners with a low credit score will pay higher annual home insurance premiums in Louisville.
For instance, if you have a bad credit score, a standard home insurance policy in Louisville will cost you an average of $2,098 per year. Those with a good credit record, on the other hand, will pay an average of $1,245 per year for the same policy.
For those with a bad credit score, the following two are the cheapest homeowners insurance companies in Louisville:
- Travelers: $1,345 per year
- Allstate: $1,642 per year
The Cheapest Companies in Louisville for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Louisville
Homeowners looking for home insurance quotes in Louisville will need to include a few specifics, including the ones mentioned below, to find the quotes online:
- Home replacement cost: This is an estimate of the cost of repairing your home if it is destroyed as a result of a covered risk. This cost also determines the dwelling coverage limits of your insurance policy.
- Personal property value: The total value of the personal possessions you want to insure determines the personal property coverage limit of your home insurance policy.
- Personal details: You will also be asked to provide personal information, such as your home address, credit score, insurance claim background and the number of people living in your home, to receive online home insurance quotes.
- Home details: In order to provide you with a more accurate home insurance quote, insurers will need to know the age of your home, its size and any built-in safety features, among other things.
Homeowners Insurance in Louisville Analysis: Methodology
Using data given by Quadrant, MoneyGeek compared home insurance quotes from five different insurance companies in Louisville. We considered a home with varying levels of coverage for the affordability ratings. We used J.D. Power's surveys to assess each company's customer satisfaction scores.
The baseline profile was an average homeowner of a 2,500-square-foot home constructed in 2000 with $100,000 in dwelling coverage, $40,000 in personal property coverage and $100,000 in liability coverage. All home insurance policies considered for the study had a $1,000 deductible, regardless of the amount of coverage.
Profiles of homeowners with newly constructed homes, higher deductibles, poor credit scores and those who increased dwelling or personal property coverage limits were used to receive quotes for different situations.
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