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CheapRenters InsuranceKentuckyThe Best and Cheapest Renters Insurance Companies in Kentucky for 2023: Rankings, Reviews and Rates
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MoneyGeek examined the quality and price of the best renters insurance providers in Kentucky to help you get the most value for your money. Companies were ranked based on affordability, customer service and financial soundness.
CheapRenters InsuranceKentuckyThe Cheapest Renters Insurance in Kentucky
Cheap Renters Insurance Companies in Kentucky
For many people, cost is the most important factor when choosing renters insurance. On average, the two most affordable insurance providers in Kentucky are USAA and State Farm.
For a typical renter, a policy from USAA costs an average of $80 per year or around $7 per month. However, USAA policies are only offered to members of the military, veterans and eligible family members.
If you don’t qualify for coverage from USAA, a State Farm policy costs an average of $105 annually or $9 per month.
These average monthly and annual premiums are calculated based on quotes from several different ZIP codes in Kentucky for a standard policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Kentucky by City
MoneyGeek’s research in Lexington and Louisville indicates that State Farm offers the cheapest renters insurance in Kentucky. Although USAA is the most affordable option in both cities, it is only available to active and retired military personnel and their families.
Companies With the Cheapest Renters Insurance in Kentucky by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$101
- State Farm$109
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Best Renters Insurance Companies in Kentucky
According to MoneyGeek, USAA is the best renters insurance company in Kentucky, with a perfect score of 100. However, USAA’s policies are only available to active and veteran military members and their families. With a score of 91 out of 100, State Farm came in second.
MoneyGeek ranked the companies based on their affordability, J.D. Power customer service ratings and AM Best financial stability ratings.
Note that the best renters insurance companies aren't always the cheapest but rather achieve a balance between quality and affordability. With the best company, you can expect quick and efficient service at a fair price.
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USAA
Score:100
USAA is Kentucky’s best renters insurance provider with perfect scores in financial stability, customer satisfaction and affordability. Its policies are, however, restricted to military personnel and their family members. USAA rental insurance covers damage caused by theft and vandalism, smoke and lightning, water, building collapse, falling objects and frozen pipes.
More About USAA
USAA renters insurance is available in all 50 states, but only to active-duty and retired military personnel and their families. The USAA website has various tools to help you obtain personalized quotes, and its mobile app allows you to make payments and file claims online.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:91
Due to its perfect financial stability ratings and high customer satisfaction and affordability scores, State Farm is Kentucky's second-best renters insurance provider. Renters may be protected from libel and slander charges by the company's personal injury coverage.
More About State Farm
State Farm's renters insurance is available across the nation. However, the company only offers five additional coverage options and two discounts, both lower than the national averages. Renters can access their insurance accounts, make payments, and file claims through State Farm's website or mobile app. You can also obtain an instant online quote through the company’s website.
Read MoneyGeek's State Farm renters Insurance Review3
Allstate
Score:83
With high customer satisfaction and financial stability scores, Allstate came in third in Kentucky. Renters can use flood insurance to pay the expense of restoring personal property destroyed by floodwater.
More About Allstate
Allstate's insurance products are available nationwide. It offers five discounts, including one for seniors aged 55 and older, and four add-on coverage options. The optional coverages and discounts offered are less than the national averages of seven and five, respectively. Allstate's website and mobile app enable policyholders to manage their accounts, schedule automatic payments, submit and track claims and more.
Read MoneyGeek's Allstate renters Insurance Review4
Nationwide
Score:73
Nationwide places fourth in Kentucky, with high scores for customer satisfaction and financial stability. Its theft extension coverage provides additional coverage for high-value objects, such as jewelry, antiques, fine art and watches.
More About Nationwide
Residents of 44 states have access to Nationwide's renters insurance policies. Policyholders can choose from 11 optional coverages, more than the industry average of seven. It also offers four discount options, less than the national average of five. The company's existing or former employees benefit from discounted offers. Renters can obtain customized quotes on Nationwide's website, and customers can use its mobile app and online portal to pay premiums, and file and track claims, among other things.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest insurance policies don’t always come with superior customer service. In the long run, you will save money by paying a little more for the best renters insurance that offers a balance of quality and customer service.
Largest Renters Insurance Companies in Kentucky
MoneyGeek recommends purchasing renters insurance from a large insurer with a significant market share in Kentucky, as these companies tend to be financially sound and customer-focused. They spend more time and money to enhance customer experience, which may translate to faster and more efficient processing of legitimate claims.
Company | Market Share | |
|---|---|---|
1. | State Farm | 23.7% |
2. | Kentucky Farm Bureau | 21.7% |
3. | Liberty Mutual | 9.8% |
4. | Allstate | 6.7% |
5. | USAA | 5.4% |
Average Cost of Renters Insurance in Kentucky
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renters insurance is equal to the average.
The average renters insurance costs $125 per year in Kentucky, $34 less than the national average of $159. This rate comes to about $10 per month, just $2 less than the national average. This average cost is for insurance with a $20,000 personal property limit, a $100,000 liability limit and a $500 deductible.
Remember that the amount of personal property your rental insurance covers affects the policy’s cost. Rates rise as personal property coverage increases. You can use the calculator below to evaluate your insurance coverage costs based on your personal property coverage needs.
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Total:
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Renters insurance costs can vary among companies in Kentucky, so it's important to shop around and compare prices from different companies. If you go with State Farm instead of Nationwide, the most expensive company, you can save about $45 a year on your insurance costs.
What Factors Impact Renters Insurance Cost in Kentucky
Several factors can impact how much you have to pay for renters insurance, including where you live and your deductible. When looking for renters insurance in Kentucky, keep these factors in mind.
Location
Your ZIP code can impact your renters insurance price since premiums can change based on crime rates and weather trends. If you live in a neighborhood with a history of severe weather or property theft, your rates could be higher.
Coverage Amount
The more coverage you purchase, the higher your rates will be. Before getting a quote, complete a home inventory to figure out how much it might cost to replace your property if an accident happens.
Deductible
Your deductible is the amount you have to pay when your insurance provider approves a claim to replace your possessions. With a higher deductible, you pay more out of pocket if you file a claim, but your monthly premium will be lower. A lower deductible means the insurance company will incur a larger expense if you file a claim and your premium will be higher.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Providers might offer reimbursement on an actual cash value (ACV) or replacement cost value (RCV) basis. With ACV policies, the payout for belongings is less since the company considers value depreciation over time. In RCV policies, the company pays for a new item of comparable quality and kind. ACV policies cost less per month but pay less in the event of a claim. RCV policies are pricier but provide larger payouts.
Credit Score
In Kentucky, credit scores can be used to calculate the probability of a claim. Generally, people with lower credit scores have a higher likelihood of making a claim. Therefore, people with lower scores might have to pay more for renters insurance than people with higher scores.
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Renters Insurance in Kentucky: What You Need to Know
Renters insurance is an affordable option to safeguard your property in the event of a disaster or accident. It can be useful if you experience theft, fire or destruction caused by severe weather.
In Kentucky, 30.9% of the population are renters and the average rent price is $773 per month. For a standard renters policy of $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is $10. This is 1.35% of the average price of rent.
What Renters Insurance Typically Covers in Kentucky
Before purchasing renters insurance in Kentucky, it is important to understand the scope of your coverage. While certain renters insurance policies will include benefits like identity protection, basic plans typically include coverage for personal property, medical payments, liability insurance and additional living expenses.
In Kentucky, personal property insurance can cover many of the damages resulting from natural disasters like tornadoes and wildfires.
What Renters Insurance Typically Does Not Cover in Kentucky
Be sure to read the fine print thoroughly to understand the exact scope of your coverage. You can also ask your agent relevant questions to get a better idea about the kind of claims your provider will approve.
Renters insurance in Kentucky provides coverage for some emergencies, but not all of them. Here are some common problems that are not usually covered by your rental insurance policy.
- EventDescription
Flooding
Your insurance might cover water damage resulting from a faulty water main or a burst pipe. However, damage from flooding is usually not covered. Flooding does occur in Kentucky, so it could be smart to consider purchasing flood insurance through the National Flood Insurance Program (NFIP).
Structural Damage
Your personal property is covered by renters insurance, but your rental home’s structure is not. This is your landlord’s responsibility. Roommate Property: Your renters insurance will only cover your property. This means that your roommate is responsible for getting their own policy to protect their belongings.
Valuables
High-value items like jewelry, cameras and gaming computers are usually excluded from standard renters insurance policies. You might need an additional rider if you want these covered.
Earthquake Damage
Kentucky is susceptible to earthquakes. Unfortunately, damage occurring from earthquakes is not usually covered by renters insurance.
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While Kentucky law does not obligate renters to get insurance, the state's Department of Insurance can provide further information on renters insurance. You may have questions about obtaining renters insurance, filing claims, what the insurance covers and what it does not, among other things.
You contact the Kentucky Department of Insurance in the following ways:
- Office Address: Kentucky Department of Insurance, 500 Mero St., 2 SE 11, Frankfort, KY 40601
- Phone: 502-564-3630
- Toll-Free: 800-595-6053
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FAQs About Renters Insurance in Kentucky
New tenants may be unsure of what renters insurance is. MoneyGeek answers some of the most frequently asked questions about renters insurance in Kentucky.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Kentucky Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Kentucky that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Kentucky. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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sources
- Kentucky Department of Insurance. "Department of Insurance." Accessed March 31, 2022.
- State Farm. "Do I Really Need Renters Insurance Coverage?." Accessed March 31, 2022.
- State Farm. "State Farm Renters Insurance Discounts." Accessed March 31, 2022.
- USAA. "Renters Insurance Quotes." Accessed March 31, 2022.