Renters Insurance in Kentucky

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Cost of Renters Insurance in Kentucky

The average cost of Kentucky renters insurance is $14 a month, although you may find basic plans for as low as $10 a month. The price of your plan depends on the amount of coverage you choose. For just a few bucks a month, the right policy could protect your belongings from damage, theft and disaster.

Average cost of renters insurance in Kentucky
Coverage amount Average cost per month Average cost per year
<$13,999 $10 $123
$14,000 $12 $143
$20,000 $14 $163
$26,000 $15 $178
$32,000 $16 $187
$38,000 $18 $210
$44,000 $18 $216
$50,000 $20 $241
$75,000 $25 $302
>$100,000 $34 $408
Kentucky average $14 $168
Source: National Association of Insurance Commissioners (2019)

Considering the average cost of renters insurance in Kentucky is only $14 a month, it provides good value for its relatively low price. Basic policies start out cheap, with rates remaining low even as you increase coverage limits. Since it doesn’t cost much to significantly increase your protection, we recommend selecting a plan that fully covers all your needs.

For example, a plan with $14,000 of coverage costs an average of $12 per month. However, plans with $32,000 of coverage only cost $16 a month in Kentucky. In this case, paying only $4 more per month could nearly double your protection. As many renters’ belongings are worth between $20,000 and $30,000 in total, that extra $4 could go a long way in helping to replace or repair your items after a covered incident.

If you’re on a budget, there are steps you can take to reduce your rates. Bundling renters insurance with another existing policy, like car insurance, can save you cash. Paying for a full year of insurance up front may also lower your costs. Finally, you could consider choosing a plan with a higher deductible.

Kentucky renters can get insurance as cheap as $10 a month.

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Which companies offer renters insurance in Kentucky?

When it comes to choosing a renters insurance company, Kentuckians have lots of options. Most national insurance companies operate in the Bluegrass State. While price is important, we recommend evaluating renters insurance policies based on customer service reviews.

The key to renters insurance is getting the best value for your monthly premium. While you may be able to purchase a very inexpensive plan, it won’t do much good if the company doesn’t have your best interests in mind. Because renters insurance is intended to help you recover from disasters, it’s important to have a company that cares about its customers on your side.

One way we measure a company’s customer service is through the J.D. Power overall satisfaction score. There’s also the National Association of Insurance Commissioners (NAIC) Complaint Index, which measures how many complaints an insurance company receives relative to its size. Here’s how some of the best renters insurance companies in Kentucky compare:

Kentucky renters insurance companies
Company 2019 J.D. Power overall satisfaction 2019 NAIC Complaint Index (lower is better)
State Farm 5/5 0.35
Kentucky Farm Bureau 0.12
Liberty Mutual 2/5 0.57
Allstate 2/5 0.47
USAA 5/5 0.25
Travelers 2/5 0.46
Auto-Owners 0.25
Erie 3/5 0.26
Nationwide 2/5 0.50
State Auto 0.26
The Cincinnati Insurance Cos. 0.15
MetLife 0.41

With high reported satisfaction and few complaints, USAA offers the best customer service of any Kentucky insurer, according to our study. However, USAA is only available to military members, veterans and their eligible family members.

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Renters insurance quotes in Kentucky

Not all renters insurance policies are the same. Different policies have unique coverage limits and replacement rules. We recommend comparing renters insurance quotes from multiple insurers. Instead of just going for the cheapest policy, be sure to read each quote carefully so you can find a plan that’s a good fit.

What does renters insurance cover?

Renters insurance is usually a package of four different types of coverage: personal property, loss of use, liability protection and medical payments to others. The amount of money each of these will pay out to you is determined by your coverage limit, which can often be adjusted as needed.

Often when people think about renters insurance, they focus on personal property coverage, which is designed to replace your belongings after a covered loss, such as theft, wind or fire.

Personal property coverage often protects:

  • Clothing
  • Sporting equipment
  • Kitchen appliances and accesories
  • Furniture
  • Collectibles
  • Musical instruments
  • Electronics
  • Jewelry

Some policies have coverage limits on expensive items such as jewelry, furs or electronics. Be sure to read your policy's fine print. You can always ask an agent to increase your coverage or even add a floater or endorsement so that nothing gets left out.

In addition to personal property coverage, many insurance policies also include coverage for loss of use. If a covered event renders your home unlivable, this coverage is designed to take care of some of your additional living expenses. For example, if your house catches on fire, your policy may cover the cost of a short-term hotel stay.

Personal liability protection is designed to cover you if you’re found liable for damaging someone else’s property or contributing to someone else’s injury on your property. $100,000 is often suggested as a coverage amount for many renters, but plans can cover as high as $500,000.

Similarly, medical payments to others may cover the cost of someone’s medical visits if they are injured in your home. Because medical payments coverage applies regardless of fault, it tends to have lower limits of around $3,000 to $5,000.

Kentucky renters insurance laws and regulations

There is no Kentucky state law requiring tenants to have renters insurance. However, there are several reasons it’s a good idea. Renters insurance can save you money and heartache in case an incident occurs in your home. Having a renters insurance policy may also make the process of securing a lease easier, as landlords could see you as a responsible applicant. Also, landlords can require renters insurance as part of your lease.

Even though Kentucky renter protections are stronger than in most Southeastern states, the law doesn’t protect you or your stuff in the same way renters insurance does. While landlords in Kentucky are required to have insurance, landlord insurance covers only the structure of the home, not tenants or their belongings. That’s why it’s a good idea to have renters insurance.

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