Insurance
Kentucky Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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Jul 26, 2024
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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.
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.
Kentucky
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
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.
Deductible
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.
Liability
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
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.
Credit Score
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.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
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
| $100,000 | Average Annual Premium$1,808 |
| $250,000 | Average Annual Premium$2,190 |
| $500,000 | Average Annual Premium$5,265 |
| $750,000 | Average Annual Premium$7,457 |
| $1,000,000 | Average Annual Premium$10,376 |
| $2,000,000 | Average Annual Premium$24,456 |
| $3,000,000 | Average Annual Premium$37,443 |
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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
| Bowling Green | Average Annual Premium ($100K Dwelling Coverage)$4,143 | Average Annual Premium ($250K Dwelling Coverage)$6,754 |
| Lexington | Average Annual Premium ($100K Dwelling Coverage)$1,361 | Average Annual Premium ($250K Dwelling Coverage)$1,827 |
| Louisville | Average Annual Premium ($100K Dwelling Coverage)$1,672 | Average Annual Premium ($250K Dwelling Coverage)$2,239 |
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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.
How much does homeowners insurance cost in Kentucky?
The average cost of homeowners insurance in Kentucky is $2,190 for a policy with $250,000 of dwelling coverage. That premium in Kentucky is around 9% cheaper than the national average.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Kentucky is $250,000. Determining how much dwelling coverage you need depends on the size and shape of your home, among other factors, and is determinable by a professional appraiser or through a homeowners insurance provider.
Insurance
Methodology
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
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.