Best Home Insurance Rates In Kentucky

On average, your neighbors pay $88 a month.

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Compare Homeowners Insurance In Kentucky

The Bluegrass State is famous for its college basketball, horse racing, and bourbon. That said, its unique location between the Midwest and the Deep South leads to some unique homeowners insurance risks to consider.

Average Kentucky Homeowners Insurance Rates

How much is home insurance in Kentucky? Kentucky is in the middle when it comes to homeowners insurance premiums. The average cost of homeowners insurance in the state of Kentucky is $1,062. That's just slightly lower than the national average of $1,173. 24 states have lower average home insurance rates than Kentucky.

Kentucky Average Annual Homeowners Insurance Rates
  2013 2014 2015
Kentucky Annual Average $981 $1,023 $1,062
Kentucky Price Per Month $82 $85 $88
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 24 24 27
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Kentucky home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Kentucky homeowners insurance rates increased from $839 in 2011 to $1,062 in 2015, a jump of $223 dollars, or 26.58 percent.

Kentucky average homeowners insurance rates

Choosing a homeowners insurance company in Kentucky should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance quotes comparison in Kentucky from multiple companies.

Most Popular Kentucky Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Kentucky. Out of the 12,058 Kentucky homeowners that used QuoteWizard to request insurance quotes last year, 832 had no home insurance.

  1. Allstate Insurance
  2. Liberty Mutual
  3. Progressive
  4. Farmers
  5. AAA Insurance
  6. GEICO
  7. Nationwide
  8. USAA
  9. Safeco
  10. 21st Century
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Best Homeowners Insurance Companies in Kentucky

The above list shows the most popular home insurers in Kentucky according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Kentucky Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Kentucky Farm Bureau Insurance A 22.6%
2 Liberty Mutual A 9.7%
3 Allstate A+ 6.9%
4 USAA Insurance A++ 3.8%
5 State Auto Insurance Companies NR 3.1%
6 Auto-Owners Insurance A++ 2.8%
7 Travelers Companies A++ 2.7%
8 Nationwide A+ 2.7%
9 Cincinnati Financial A+ 2.4%
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Kentucky Home Insurance Rate Factors

How much does homeowners insurance cost in Kentucky? Insurers check many different details when calculating your rates. They focus on you, your home, and the area you live in.

Your Personal Rate Factors

Your house

One of the most important factors for home insurance is, naturally, the house itself. There are a few specific house characteristics that insurers care about.

Your home’s age

The older the house is, the more it will cost to insure it. The reason for this is simple; as a house ages, the odds of filing a claim increase. This is especially true if the house hasn’t been well maintained.

23.7 percent of the houses in Kentucky were built before 1960. Houses in this age range have a higher chance of needing to file a claim. Because of this, they’ll come with higher insurance rates than a newer house.

Roof quality

The roof is your house’s first line of defense from bad weather, so your insurer will look at it carefully. Weather can put a lot of stress on your roof over time. This can result in severe damage to the roof and the home itself if not properly maintained.

Most homes in Kentucky have asphalt shingle roofs. It’s a solid and affordable option for most homeowners. But with Kentucky’s propensity for bad weather, homeowners should also consider other options. Metal roofs are an excellent alternative to standard tiling. Metal roofing can be done in interlocking plates, reducing the chances of being torn off by high winds. And metal roofs last years longer because of their weather resistance that other types of roofing simply don’t have.

Your home’s replacement cost

Dwelling coverage protects the physical structure of the house. It’s the lynchpin of a home insurance policy. How much dwelling coverage do you need? It’s based on your home’s replacement cost value.

Replacement cost is the dollar amount needed to rebuild a house after a disaster. Don’t assume that a home’s replacement cost is the same as the market value. Replacement cost only concerns the house, not the land’s value. It’s based primarily on the house’s size, style, and general finish. As such, it could cost less to rebuild a home worth $250,000 in Bowling Green than a home worth $150,000 in Louisville.

Claims history

When you make a homeowner’s claim, it’s pretty much a sure thing that your premium will increase. Claims stay on your record for an average of five to seven years. Should you file another claim while you already have one on your record, your premium will spike even higher. You may even get your policy cancelled.

While home insurance is there for accidents and emergencies, make sure you really need it before filing that claim. Given that a claim means higher rates, damages for less than or right around your deductible isn’t going to be worth it. You’re better off paying for repairs yourself.

Pets

According to the AVMA’s U.S. Pet Ownership & Demographics Sourcebook, Kentucky has the third largest amount of dog owners in the country. If you’re one of them, be aware that some dog breeds are considered a high insurance risk. This can result in higher premiums. Some insurers will decline coverage altogether. Be sure to check with your insurance company about your dog.

Credit Score

Insurance companies review your credit score. Your credit debt, limit, and history are factors considered in your rate. And if your credit is poor, you’re going to pay more for insurance. The average credit score in Kentucky is 680. This is just barely below the national average credit rating of 682.

Kentucky Rate Factors

Weather

If you live in a region with a history of weather hazards, you’ll face higher insurance costs. And unfortunately, Kentuckians have their fare share of natural disasters and bad weather. In fact, they’ve had the 11th most natural disasters in America since 1953. That fact makes insuring a house in Kentucky more of a risk, leading to a rate increase.

According to Kentucky Emergency Management, the state sees rain, freezing rain, sleet, snow, thunderstorms, and tornadoes. And hurricanes, of course. They suggest taking the following steps before a hurricane:

  • Declutter drains and gutters
  • Install check valves in plumbing to prevent backups
  • Review your insurance policies to see what is and isn’t covered
  • Buy flood insurance

Property Crime

If you live in an area with a high property crime rate, you and your neighbors will pay more for insurance. Crime rates vary city to city in Kentucky. Somerset has an average property crime rate of 25.91. Owensboro, on the other hand, has a property crime rate of 43.72. There’s a good chance that Owensboro homeowners will have to pay more for insurance.

Prevention is the best way to personally keep your rates as low as possible. Installing a home security system can help you qualify for a discount and give you peace of mind.  

Types of Home Insurance Policies

  • HO-1: The most bare-bones coverage available. It only covers the ten named perils like fire, hail, and theft.  
  • HO-2: This is the same type of coverage as the HO-1, but includes more perils such as smoke damage, theft, and vandalism.  
  • HO-3:  This is the most common and comprehensive type of homeowners policy.  Unless a policy specifically excludes a peril in writing, the HO-3s takes care of it. It also covers your home structure, attached structures, liability, and belongings. 
  • HO-5: A HO-5 covers the same as the HO-3 except with fewer exclusions.  
  • HO-6: If you have a condo, the HO-6 covers it’s interior, liability and your belongings.
  • HO-7: This policy is for manufactured or mobile homes, which are not usually covered by standard homeowners insurance.
  • HO-8: Vintage houses are usually high-risk because replacement costs tend to be higher due to out-of-date materials and building methods. The HO-8 provides coverage like an HO-3 but is based on the cash value of the home, making its premium more affordable.

Kentucky Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Sharon P. Clark
Insurance Hotline:
(800) 595 - 6053
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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