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Buying homeowners insurance involves a lot of research — from learning your insurance needs to deciding on the amount of coverage and considering optional coverages. MoneyGeek analyzed companies to help homeowners get the cheapest homeowners insurance in Kentucky. Our top choice overall is Travelers.
For those willing to spend a little more for great customer service and affordability, we found the best homeowners insurance in Kentucky.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Kentucky
A home’s location, dwelling coverage, deductible, credit score and various other factors impact homeowners insurance policy rates.
After entering your information into MoneyGeek’s homeowners insurance calculator for Kentucky, the tool will generate a personalized estimate based on it.
You can save on homeowners insurance by knowing exactly how much you need.
Location is a big factor for homeowners insurance costs in Kentucky. Some areas are more expensive than others due to having a higher risk of theft, natural disasters or fires. Although Kentucky ranks 30th among the cheapest states, with an average cost that is 9% less than the national average for $250K dwelling coverage, your cost will vary based on where you live.
Dwelling coverage refers to the amount you need to repair/rebuild your home in case of damage or a total loss. In Kentucky, the average baseline dwelling coverage is $100,000. Finding the right amount of dwelling coverage for your home is possible with the help of an appraiser.
Just like most insurance, your chosen deductible amount is the money you pay out of pocket before coverage kicks in on a homeowners insurance policy. The higher the deductible, the cheaper your monthly payments, and vice versa.
A homeowners insurance policy includes liability coverage for events that happen on your property that cause injuries to a nonhousehold member or damages to other people or their property. Legal fees, replacement costs and medical bills are just some of the expenses under this coverage.
Personal property coverage pays for the replacement or repair of the contents of your home, such as furniture, clothes and other valuable items, in a covered loss. MoneyGeek’s calculator estimates how much personal property coverage you need based on the value of your declared items.
Having a good credit score can help you find even cheaper homeowners insurance in Kentucky. Alternatively, it may be hard to find affordable insurance if you have bad credit since most companies review your credit history when calculating a homeowners insurance policy premium.
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Average Cost of Home Insurance in Kentucky
Kentucky ranked 30th for the cheapest to the most expensive states for $250K of dwelling coverage in a homeowners insurance policy. MoneyGeek found that Kentucky homeowners insurance is less than the national average by around 9%.
The average cost of homeowners insurance in Kentucky, with a $250,000 dwelling coverage amount, is $2,190 per year.
Refer to the table below to see the average cost of a homeowners insurance policy in Kentucky if you need a lower or higher dwelling coverage amount.
Average Annual Premium in Kentucky for Homeowners Insurance
Choosing the right amount of dwelling coverage is crucial to homeowners insurance in Kentucky. Keep in mind that your dwelling coverage should cover the amount to entirely rebuild your home in case of a total loss.
The overall replacement cost included in a homeowners insurance policy is affected by property factors, including height, square footage and building materials. An appraiser can help you calculate potential rebuilding costs.
Meanwhile, personal property coverage in your policy covers the contents of your home, such as furniture, electronics and clothing.
Average Cost of Home Insurance in Kentucky Cities
Homeowners insurance costs vary between cities in Kentucky. MoneyGeek gathered data from some cities in Kentucky to compare the cost of home insurance throughout the state.
Average Annual Premium in Kentucky Cities for Homeowners Insurance
The best homeowners insurance nationwide, according to MoneyGeek's analysis, is provided by Allstate.
It is important to shop around and compare homeowners insurance quotes to know how much insurance costs for a home like yours from multiple companies. If budget is not a concern, you may think about choosing Allstate because it balances affordability with quality service.
MoneyGeek also found the best homeowners insurance companies for various profiles, such as military families, homeowners that want online tools to manage a policy and those who need many coverage options.
Frequently Asked Questions About Home Insurance in Kentucky
There’s a lot of research involved when getting homeowners insurance in Kentucky. MoneyGeek helps you learn more by answering frequently asked questions.
To determine the average cost of homeowners insurance in Kentucky, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
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