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