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The Best and Cheapest Renters Insurance Companies in Kentucky for 2022: Rankings, Reviews and Rates
Renters insurance can help you safeguard your personal property from unforeseen damage and theft at a low cost. MoneyGeek’s data shows that cheap renters insurance in Kentucky costs as little as $7 per month versus $12 for the most expensive option. This means that customers can save over $60 per year by shopping around.
To help you find the right coverage for your needs, MoneyGeek ranked the top renters insurance companies in Kentucky. Scores are based on affordability, financial stability and customer satisfaction.
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Last Updated: 4/19/2022
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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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Companies With the Cheapest Renters Insurance in Kentucky by City
City | Cheapest Company | Average Annual Premium |
|---|---|---|
Lexington, KY | USAA | $74 |
Lexington, KY | State Farm | $101 |
Lexington, KY | Allstate | $113 |
Lexington, KY | Nationwide | $152 |
Louisville, KY | USAA | $87 |
Louisville, KY | State Farm | $109 |
Louisville, KY | Allstate | $128 |
Louisville, KY | Nationwide | $147 |
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Kentucky
Price is just one of the factors you should evaluate when choosing renters insurance in Kentucky. You also want to be confident that your provider can offer timely and effective support.
To find the best renters insurance providers in Kentucky, MoneyGeek ranked companies according to affordability, customer service scores from J.D. Power and Associates and financial stability ratings from AM Best.
Based on these rankings, the best renters insurance provider for eligible customers is USAA with a perfect score of 100 points. For those not eligible for a USAA policy, the best option is State Farm with a score of 87 points.
1
USAA
Score:100
More About USAA
USAA offers renters insurance that is more comprehensive than most other companies. Typically, a standard renters insurance policy includes moving and storage, flood, earthquake and identity theft coverage. The company also scores well on financial strength and customer service ratings. USAA only offers policies to active military members, veterans and eligible family members.
2
State Farm
Score:86.8
More About State Farm
State Farm provides standard renters insurance with plenty of customization options. While the regular policy covers several weather events, theft and vandalism, customers can also purchase increased coverage for high-value items and identity theft protection. Getting a quote on State Farm’s website is easy. You can also learn more about renters insurance with their helpful resources.
3
Allstate
Score:80.6
More About Allstate
Allstate offers affordable insurance packages, good customer service and solid financial strength. Customers can add identity theft coverage to their standard policy. There are also discounts for homes with security systems. Allstate provides online tools like a quote system, a list of typical belongings with average prices and a tool that lets users create photo logs of their possessions.
4
Nationwide
Score:71.2
More About Nationwide
Nationwide’s standard policy covers damage caused by fires and burglary. Customers have the option to get specialized coverage for valuables. There are attractive discounts for bundling policies. Safe homes with burglar alarms, smoke and fire alarms also qualify for reduced rates. It only takes a few minutes to get a quote on Nationwide’s website.
Largest Renters Insurance Companies in Kentucky
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.
- CompanyMarket Share
- 1.State Farm23.7%
- 2.Kentucky Farm Bureau21.7%
- 3.Liberty Mutual9.8%
- 4.Allstate6.7%
- 5.USAA5.4%
Average Cost of Renters Insurance in Kentucky
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renters insurance is equal to the average.
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.
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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.
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: 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
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.
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FAQs About Renters Insurance in Kentucky
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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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