Kentucky’s homeowners insurance rates are slightly higher than the national average, underscoring the need to consider factors beyond cost alone when choosing coverage.
insurers statewide to pinpoint the top homeowners insurance options.
Note that some insurers mentioned may have changed their underwriting practices and may not offer new policies in your state.
Top Homeowners Insurance Options in Kentucky
If you’re in the market for homeowners insurance from a highly-rated provider, consider these insurers, all boasting a NerdWallet star rating of 4.5 or higher.
Chubb insurance
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- NerdWallet rating: 5.0
- Average annual rate: Not available
- Highlights: Chubb caters primarily to affluent homeowners, offering extensive coverage and perks such as protection against water damage from backed-up sewers and drains, and covering the costs of bringing your home up to code after a claim. Additionally, Chubb’s HomeScan service utilizes infrared cameras to detect issues within your home’s walls.
Cincinnati Insurance
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- NerdWallet rating: 4.5
- Average annual rate: $1,745
- Highlights: Cincinnati Insurance sells homeowners policies through independent agents nationwide, providing options for both standard and high-value homes. Policyholders may also add coverage for identity theft, cyber attacks, or specific types of water damage. Discounts are available for bundling home and auto insurance, having a newer home, installing a centrally monitored alarm system, or maintaining a claims-free record.
State Farm insurance
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- NerdWallet rating: 4.5
- Average annual rate: $2,190
- Highlights: State Farm, known for its extensive coverage options, operates through a vast network of agents, offering personalized service. The company prioritizes customer satisfaction, boasting fewer complaints to state regulators than expected for its size. State Farm also provides a free Ting device to homeowners, which monitors electrical networks to prevent fires.
Auto-Owners Insurance
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- NerdWallet rating:
- Average annual rate: $2,650
- Highlights: With over a century of experience, Auto-Owners Insurance offers customizable policies, allowing homeowners to tailor coverage to their needs. Optional add-ons include protection against identity theft and appliance failures. Auto-Owners also provides guaranteed replacement cost coverage, enabling homeowners to rebuild after a total loss even if their dwelling coverage limit is insufficient.
Nationwide insurance
NerdWallet rating Nationwide is ideal for those seeking a wide array of coverage options.
Coverage options On par with the average Discounts Offers an excellent range of discounts.
NAIC complaints Within expected range Nationwide stands out for its extensive coverage options, including standard features like ordinance or law coverage to update your home to current building codes after a covered claim.
Additional coverage options are available for identity theft and damage from backed-up sewers and drains.
Erie insurance
Rates generally fall below the national average. Policies often include guaranteed replacement cost coverage. Receives fewer complaints than expected given its size. Cons
No online quoting available. In states where it operates, Erie, headquartered in Pennsylvania, typically provides guaranteed replacement cost coverage for your home’s structure. This ensures complete rebuilding post-disaster, even if it surpasses your dwelling limit.
Considering bundling your home and auto insurance? Erie offers potential discounts of up to 16%.
Additionally, savings may apply if your home boasts specific safety features like smoke alarms or sprinkler systems.
What is the average cost of homeowner’s insurance in Kentucky?
The typical yearly expense for home insurance in Kentucky amounts to $2,370, marking a 30% increase compared to the national average of $1,820.
In Kentucky, as in most states across the U.S., many insurers factor in your credit-based insurance score to determine rates.
This score, while akin to your conventional credit score, possesses its own unique characteristics.
According to NerdWallet’s rate analysis, individuals with poor credit in Kentucky face an average annual homeowners insurance cost of $4,625.
This figure represents a staggering 95% hike compared to those with good credit.
Understanding Home Insurance Costs in Kentucky Cities
In Kentucky, the cost of homeowners insurance varies significantly by city. Factors such as location, crime rates, and local weather patterns can influence these costs.
Louisville: Mid-range Rates
Louisville homeowners pay an average of $2,175 per year for home insurance, which translates to around $181 per month.
Lexington: Affordable Options
Homeowners in Lexington enjoy relatively lower rates, with an average annual premium of $1,830, or about $153 per month.
Regional Disparities
Costs can fluctuate further across other cities in Kentucky.
For instance, Bowling Green residents face average annual premiums of $2,235, while those in Florence pay around $1,755 annually.
City-wise Breakdown of Home Insurance Costs
Here’s a breakdown of average annual and monthly rates across various Kentucky cities:
| City | Average Annual Rate | Average Monthly Rate |
|---|---|---|
| Ashland | $2,040 | $170 |
| Bowling Green | $2,235 | $186 |
| Covington | $1,845 | $154 |
| … | … | … |
Finding Affordable Options
Despite regional differences, there are insurers offering rates below the state average.
The Cheapest Home Insurance in Kentucky
Here are some insurers with rates below the Kentucky average of $2,370:
| Company | NerdWallet Rating | Average Annual Rate |
|---|---|---|
| Allstate | 4.0 | $1,560 |
| Cincinnati Insurance | 4.5 | $1,745 |
| Westfield | 4.0 | $1,755 |
| … | … | … |
Also read: Cheap FR44 Insurance
Commonly Asked Questions
Is homeowners insurance mandatory in Kentucky?
Kentucky law doesn’t require homeowners insurance, but your mortgage lender might insist on it. Find out more in “Is Homeowners Insurance Required?”
Does Kentucky home insurance cover sinkholes?
Some Kentucky home insurance policies do cover sinkholes. If yours doesn’t, you might be able to add sinkhole coverage as an option.
Talk to your agent if you’re unsure about your policy.
How can I cut costs on home insurance in Kentucky?
Here are some ways to save money on homeowners insurance in Kentucky:
- Compare prices from different insurers to ensure you’re getting the best deal.
- Consider raising your deductible. You’ll pay more if you file a claim, but your premiums will likely be lower if you stay claim-free.
- Bundle your home and auto insurance with the same provider for potential discounts.
- Inquire with your insurer about any available home insurance discounts you might qualify for.