Finding the Best Homeowners Insurance in Kentucky
Homeowners insurance in Kentucky is relatively cheap compared to other states. It has an average annual rate of $1062, one of the US's cheapest average annual rates. If you want to get yourself a homeowners insurance to cover your home and provide financial protection to your private property, which includes your home and all your personal belongings, the homeowner's insurance serves as your guaranteed security in the event of damages or losses that might be incurred during accident, disasters and some other unplanned occurrences. It is important to take note of the cost of houses and the real estate market in Kentucky, which is currently booming. This is because of the high demand for real estate in Kentucky, following the economic rule of an increase in the price of goods (good being real estate in Kentucky) if there's an increase in demand but insufficient supply. This increase in price doesn't affect the affordable living condition for people in Kentucky, making things a lot easier because the residents can easily afford to have their homes and purchasing homeowners insurance.
| Kentucky Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in Kentucky | $954.00 |
| Costs Per Month for Homeowners Insurance in Kentucky | $79.50 |
How Much is Homeowners Insurance in Kentucky
The state of Kentucky is prone to awful and highly damaging natural disasters like landslides, mudslides, flooding, tornadoes, rockslides, etc. It ranks as one of the top states with the most natural disasters in the US. This information should be considered when getting a homeowner insurance in Kentucky; your home's geological location is a major determinant of how much will be spent to get a homeowner's insurance. Based on the country's natural average of 100, Kentucky's cost of living is 83.6, with housing being 63.3 out of 100. The median home cost of Kentucky is $146,400, while the average annual rate is $1062. This means Kentucky is a really affordable state to reside in. it has homeowner insurance that's quite low compared to other states. About 38.7% of Kentucky residents spend at least 30% of their income on rent and utilities. This shows that Kentucky is definitely one of the most affordable states to reside in, also having one of the cheapest homeowners insurance rates across the country.
| City in Kentucky | Monthly Costs | Yearly Costs |
|---|---|---|
| Louisville, KY | $103.58 | $1,243.00 |
| Lexington, KY | $83.50 | $1,002.00 |
| Bowling Green, KY | $109.92 | $1,319.00 |
| Owensboro, KY | $98.92 | $1,187.00 |
| Covington, KY | $85.50 | $1,026.00 |
| Hopkinsville, KY | $110.33 | $1,324.00 |
| Richmond, KY | $92.17 | $1,106.00 |
| Florence, KY | $85.08 | $1,021.00 |
| Georgetown, KY | $84.83 | $1,018.00 |
| Henderson, KY | $99.83 | $1,198.00 |
| Elizabethtown, KY | $102.75 | $1,233.00 |
| Nicholasville, KY | $90.75 | $1,089.00 |
| Jeffersontown, KY | $101.08 | $1,213.00 |
| Frankfort, KY | $88.33 | $1,060.00 |
| Paducah, KY | $112.75 | $1,353.00 |
| Independence, KY | $85.83 | $1,030.00 |
| Radcliff, KY | $105.08 | $1,261.00 |
| Ashland, KY | $99.58 | $1,195.00 |
| Madisonville, KY | $110.67 | $1,328.00 |
| Winchester, KY | $92.25 | $1,107.00 |
| Erlanger, KY | $85.08 | $1,021.00 |
| Murray, KY | $111.33 | $1,336.00 |
| St. Matthews, KY | $102.33 | $1,228.00 |
| Fort Thomas, KY | $80.92 | $971.00 |
| Danville, KY | $99.17 | $1,190.00 |
| Newport, KY | $82.00 | $984.00 |
| Shively, KY | $103.50 | $1,242.00 |
| Shelbyville, KY | $98.25 | $1,179.00 |
| Glasgow, KY | $112.83 | $1,354.00 |
| Berea, KY | $99.83 | $1,198.00 |
| Bardstown, KY | $104.25 | $1,251.00 |
| Shepherdsville, KY | $107.58 | $1,291.00 |
| Somerset, KY | $112.92 | $1,355.00 |
| Lyndon, KY | $101.83 | $1,222.00 |
| Lawrenceburg, KY | $94.25 | $1,131.00 |
| Mayfield, KY | $117.08 | $1,405.00 |
Kentucky Homeowners Insurance Laws
Kentucky's mortgage providers have made homeowners insurance mandatory in Kentucky. Meaning, though it is not compulsory to get one based on the Kentucky homeowners insurance laws, it is mandatory that you must get one while buying your home. This might seem like a huge deterrent to your dream of owning your home because of the extra costs you have to spend on your homeowner's insurance. Getting homeowners insurance might not seem okay to you because you probably feel it's unneeded, but, quite the contrary a homeowners insurance is very important. As a Kentucky resident, you understand that Kentucky is a state prone to natural disasters like earthquakes, tornadoes, landslides, etc. Now, this is not to instil fear, but you let you know why getting homeowners insurance is very important. Your homeowner's insurance grants you financial security when unexpected emergencies come up. See your homeowners insurance as an investment that's totally worth it, rather than a waste of your precious money. If you would like to ensure your personal property's safety when accidents occur, or disasters happen, or a property crime occurs, getting homeowners insurance is the right step to take.
What Does Homeowners Insurance Cover in Kentucky
Let's say an accident occurs leading to an emergency and incurring unplanned costs, or a natural disaster happens which leaves homes damaged and properties destroyed, or a property crime occurs resulting in your private property being stolen and massive financial losses, without homeowners insurance, all these unplanned costs from these unexpected events will have to be handled solely by you. This could be a pretty difficult task considering no emergency backup plan was put in place by you. So what does the homeowner's insurance cover? In the event of some of the occurrences listed earlier, your homeowner's insurance plan guarantees your security, ensuring you have enough to replace your lost property. There are different coverage options and plans from different insurance providers. Depending on whichever you decide to go with, you can stay rest assured that you have a backup plan and the security of your property is guaranteed
| Costs of Home Insurance in Kentucky by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Barren County, KY | $100.58 | $1,207.00 |
| Boone County, KY | $71.50 | $858.00 |
| Boyd County, KY | $86.25 | $1,035.00 |
| Bullitt County, KY | $94.58 | $1,135.00 |
| Campbell County, KY | $69.33 | $832.00 |
| Christian County, KY | $96.67 | $1,160.00 |
| Daviess County, KY | $93.08 | $1,117.00 |
| Fayette County, KY | $68.25 | $819.00 |
| Franklin County, KY | $75.25 | $903.00 |
| Hardin County, KY | $96.42 | $1,157.00 |
| Henderson County, KY | $92.75 | $1,113.00 |
| Hopkins County, KY | $101.92 | $1,223.00 |
| Jefferson County, KY | $90.83 | $1,090.00 |
| Jessamine County, KY | $78.83 | $946.00 |
| Kenton County, KY | $70.42 | $845.00 |
| Laurel County, KY | $130.33 | $1,564.00 |
| Madison County, KY | $77.17 | $926.00 |
| McCracken County, KY | $97.67 | $1,172.00 |
| Nelson County, KY | $93.25 | $1,119.00 |
| Oldham County, KY | $87.33 | $1,048.00 |
| Pike County, KY | $125.42 | $1,505.00 |
| Pulaski County, KY | $99.67 | $1,196.00 |
| Scott County, KY | $73.00 | $876.00 |
| Shelby County, KY | $86.25 | $1,035.00 |
| Warren County, KY | $97.58 | $1,171.00 |
Top Rated Homeowners Insurance Companies in Kentucky Based on Ratings
When choosing the best homeowners insurance companies in Kentucky, some factors usually considered by the organisations in charge of making the rankings are the homeowners company's average rate, coverage options, affordability, and customer services. J.D. Power rates homeowners insurance companies on customer satisfaction and reviews. According to J.D. Power and AM Best, which ranks homeowners insurance companies based on their financial stability, Eries is one of the best insurance providers in Kentucky with a 5 out of 5 ratings from J.D. Power and an A+ rating from AM Best. These rankings, as explained earlier, were based on the customer satisfaction reviews and financial stability of Eries homeowners insurance company in Kentucky. We also have USAA meant for the military families in Kentucky. The USAA homeowners insurance company in Kentucky has a 5 out of 5 ratings from J.D. Power and an A++ rating from AM Best, making it the best homeowners insurance company in Kentucky. Another pretty good insurance company is the Statefarm homeowner's insurance company in Kentucky which has a 4 out of 5 ratings from J.D. Power and an A++ rating from AM Best. These companies offer coverage options and discounts, and you can decide which you would like to go with.
| Kentucky Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Auto Club Group Ratings for Homeowners Insurance in Kentucky | N/A | 0.66 |
| Auto-Owners Insurance Co Ratings for Homeowners Insurance in Kentucky | 4/5 | 0.21 |
| Allstate Ratings for Homeowners Insurance in Kentucky | 3/5 | 0.31 |
| Kentucky Farm Bureau Ratings for Homeowners Insurance in Kentucky | N/A | 0.11 |
| Liberty Mutual Ratings for Homeowners Insurance in Kentucky | 2/5 | 0.53 |
| Nationwide Ratings for Homeowners Insurance in Kentucky | 2/5 | 0.24 |
| State Auto Ratings for Homeowners Insurance in Kentucky | N/A | 0.23 |
| State Farm Ratings for Homeowners Insurance in Kentucky | 4/5 | 0.2 |
| Travelers Ratings for Homeowners Insurance in Kentucky | 2/5 | 0.3 |
| Erie Ratings for Homeowners Insurance in Kentucky | 5/5 | 0.2 |
| Metropolitan Ratings for Homeowners Insurance in Kentucky | 2/5 | 0.23 |
| USAA Ratings for Homeowners Insurance in Kentucky | 5/5 | 0.15 |
| Shelter Ratings for Homeowners Insurance in Kentucky | N/A | 0.34 |
| Kentucky Growers Insurance Co Ratings for Homeowners Insurance in Kentucky | N/A | N/A |
| American Family Ratings for Homeowners Insurance in Kentucky | 3/5 | 0.68 |
How to Lower Homeowners Insurance in Kentucky
Getting discounts or lowering your costs while buying a homeowners insurance can help save more money while at the same time getting quality services from your homeowner's insurance provider. Homeowners insurance rates are constantly on the rise because of increasing demand for it; getting a Kentucky homeowners insurance discount is the desire of several homeowners in Kentucky. In a bid to find a favorable rate, the question of how to get lower homeowners insurance in Kentucky comes up. Some possible ways to lower your homeowner's insurance rates are to update your home security by installing a home security system. This adds more value to your home and also reduces your premiums. Another way to lower your costs is by getting loyalty discounts as a long-term customer from a homeowners insurance provider. Also, shop the market to access competitive homeowners insurance premiums and discounts. In your search for what suits you best, you will always find one or more homeowners insurance policies meant just for you.
Compare Homeowners Insurance in Kentucky Before Buying
Now that you've learned the basics about homeowners insurance, their rates and some of their providers in Kentucky successfully, one last thing you should know is how you should compare and why you should compare homeowners insurance companies before making your final decision of purchasing a homeowners insurance. Different homeowners insurance companies offer different range of services at different rates and in different ways. Some companies offer more coverage options, while some are much more cheaper. Some offer the very best customer services and respond on time when needed urgently, while some offer more discounts to their customers, both old and new. Which of these features mentioned would you like to enjoy? Depending on whichever you decide on, properly comparing the available homeowner's insurance companies in Kentucky will help you decide which provides the feature you desire and is well suited for you. We understand searching for the best homeowners insurance can be pretty tasking, but it's totally worth it at the end of it all.