The Best and Cheapest Renters Insurance in Kentucky for 2021: Rankings, Reviews and Rates

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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Company

Amountper year

1. USAA

In 2021, USAA ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Kentucky.

$80

2. State Farm

In 2021, State Farm ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Kentucky.

$105

3. Allstate

In 2021, Allstate ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Kentucky.

$121

4. Nationwide

In 2021, Nationwide ranked #4 for the cheapest renters insurance with $20,000 in personal property coverage in Kentucky.

$150

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According to market share data, the biggest insurance providers in Kentucky are State Farm with 24% of the market share, Kentucky Farm Bureau (22%), Liberty Mutual (10%), Allstate (7%) and USAA (5%). These represent over 67% of all renters insurance policies sold in the state.

Choosing a larger provider can give you confidence that your policy is supported by a financially stable company that would have no problem paying legitimate claims.

The average cost of renters insurance in Kentucky is $125 per year. This is $34 less than the national annual average. These are average rates for a policyholder with $20,000 worth of personal property coverage, $100,000 in liability protection and a $500 deductible.

People in Kentucky can save money by comparing renters insurance quotes. For example, our sample renter could save $70 per year by choosing the most affordable option, USAA, over the most expensive, Nationwide. This can help them save a little over $5 per month. Renters who don’t qualify for USAA could save $45 per year by choosing State Farm.

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 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.

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.

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.

• 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.

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.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

COMPARE QUOTES