The Cheapest and Best Renters Insurance in Lexington
The Companies With the Cheapest Renters Insurance in Lexington
Since companies offer the same coverages, renters should consider the cost of renters insurance in Lexington when choosing a policy. Keep in mind that comparing quotes is essential to find the best option for your needs.
MoneyGeek found that the cheapest renters insurance in Lexington is with:
- USAA: $74 per year (only available to military members and their families)
- State Farm: $101 per year
USAA policyholders get great value for their money since all renters insurance policies reimburse items at replacement cost. Plus, policies cover flood and earthquake damage.
The sample policy in this guide has $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Review the table below to see how prices can change when you adjust your personal property coverage limit.
If you live anywhere else in the state, you can compare renters insurance in Kentucky as a whole.
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What Are the Best Renters Insurance Companies in Lexington?
MoneyGeek scored the best renters insurance companies in Lexington and found that the top companies are:
- Best Overall: USAA (only available to active/retired military and their families)
- Runner-Up: State Farm
MoneyGeek calculated the scores using a unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We also found that these companies have rare coverages that other providers in the market may not offer.
USAA earned perfect scores across all categories, including affordability and customer service, making it MoneyGeek’s top pick in Lexington. Nationwide, it provides competitive rates. Its renters insurance policy is available to current and former military members and their families.
USAA’s renters insurance policies include coverage for earthquakes and flood damage. If you’re currently serving in the military, you can get an additional discount. Plus, if you’re deployed abroad, USAA still provides you coverage.
State Farm is ideal for renters in Lexington with no military background. It earned high scores for affordability and customer service. State Farm offers add-on inflation coverage, which is rare.
State Farm is another company that’s consistently affordable across the U.S. It allows you to easily increase limits for valuable items, like jewelry, while getting a quote. With State Farm, you can also purchase inflation coverage, so your personal property coverage limit automatically increases over time.
The Average Cost of Renters Insurance in Lexington for 2024
renters insurance is equal to the average.
In Lexington, the average cost of renters insurance is $122 per year or $10 per month. That price is around $37 cheaper than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Lexington?
While there are several factors influencing the cost of renters insurance, the following are the most impactful to the amount you will spend.
- Personal property coverage amount. The most important factor affecting the cost of renters insurance in Lexington is your coverage amount. Typically, the more coverage you purchase, the higher your premium.
- Location. Your location plays a role in your insurance cost. For instance, renters in a neighborhood with a history of property theft or risk of severe weather tend to pay more for coverage.
- Deductible. Your deductible is how much you pay out of pocket when your insurer accepts a claim to replace your items — a higher deductible means a lower premium.
- ACV vs. RCV. You are reimbursed by your insurer in one of two ways: actual cash value (ACV) or replacement cost value (RCV). ACV considers your used items’ depreciated value. Meanwhile, RCV reimburses the equivalent cost of a new item that’s similar in kind and quality.
- Liability coverage amount. Your liability coverage amount has a minor effect on your premium. A standard renters policy usually has $100,000 in liability coverage, but you can add thousands of dollars for a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Lexington Neighborhood Impact Cost of Renters Insurance?
Your neighborhood location influences the cost of your renters insurance. However, the impact is only minimal. MoneyGeek’s study found that your location may only increase your insurance costs by a few dollars per month.
Understanding Renters Insurance in Lexington
Renters insurance in Lexington isn’t mandatory, but having a policy is a good way to protect your belongings from theft or damage at a low cost. Also, some landlords require you to purchase coverage as part of your lease agreement.
What Does Renters Insurance Cover in Lexington?
It’s important to select the right coverage when shopping for renters insurance. Having enough coverage can financially protect your personal items against theft. According to the FBI, Lexington had a property crime rate of 2,720 per 100,000 residents in 2019, 43.91% above the national average.
Furthermore, renters insurance covers your personal property against certain events, like fire and plumbing issues. MoneyGeek lists what renters insurance in Lexington usually covers:
- Personal property: Renters insurance covers damage or theft of personal property, like clothes, electronics and appliances, in your home.
- Additional living expenses: If your apartment is not livable due to a covered peril, your renters insurance policy pays for temporary housing to policy limits.
- Personal liability: Renters insurance includes personal liability coverage to protect you if an accident in your rental property results in damages or injuries to other people. The coverage usually pays for legal expenses and court fees.
- Medical payments: Your renters policy has medical payments coverage, which pays for injuries sustained on your property regardless of who is at fault, to policy limits.
What Is Not Covered by Renters Insurance in Lexington?
It’s worth noting that renters insurance doesn’t cover the building’s physical structure. It falls on your landlord to insure the property’s structure. It won’t cover certain events as well.
Typically, renters insurance doesn’t cover damage caused by floods. You need to buy incremental insurance through the National Flood Insurance Program (NFIP) to protect your belongings against flood damage.
Additionally, a renters insurance policy doesn’t cover your roommate’s possessions, damage from earthquakes (with most companies), damage to your car, and jewelry or similar items that cost more than your policy limit. It’s best to read your policy carefully before purchasing it to ensure you have adequate coverage.
Frequently Asked Questions About Renters Insurance in Lexington
Before getting renters insurance in Lexington, you should review MoneyGeek’s answers to some frequently asked questions to learn more information.
Renters Insurance in Lexington Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Lexington to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that we derive from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 9, 2022.