Renters Insurance Kentucky 2021

Last modified: September 15, 2021

Even though renters insurance in Kentucky isn’t mandated by state legislation, it is worth having. A renters policy ensures that you do not have to bear the financial loss in case your home and your valuables get damaged or lost due to fire, theft, and a range of other unfortunate incidents.

The average cost of renters insurance in Kentucky is $186, which is $1 higher than the national average but still quite affordable. While the price is an important metric when choosing a renters policy, it alone should not be the determining factor. 

You should check what the company has to offer and if it truly lives up to its claims. Sounds too much work? Don’t worry; we’ve got you covered! If you are looking for affordable insurance outside of Kentucky- make sure to check out our list of best renters insurance providers in the US.

We did the research for you and compiled a list of the best companies for renters insurance in KY

Our Methodology

To choose the best renters insurance in Kentucky, we adopted a comprehensive approach. 

We focused on the leading Kentucky renters insurance companies to figure out what coverage options they offer, their costs, ratings, user reviews, and customer support. 

Next, we evaluated each company’s pros and cons and compared them to figure out if a company offers good value for money. 

To shortlist the best renters insurance in Kentucky, we generated quotes using the following metrics:

  • Personal property coverage – $20,000
  • Liability coverage – $100,000
  • Medical payment coverage – $1,000
  • Deductible – $500
  • Loss of Use – 0

Below you’ll find a list of companies that offer the best renters insurance in Kentucky, along with all the essential details you need to know to make an informed decision. Take a look to choose the right renters insurance in Kentucky! If you are looking for renters insurance companies nationwide – make sure to check out our list of best renters insurance companies.

Best Companies for Renters Insurance in Kentucky

The following KY renters insurance providers offer the best policies for a good price:

State Farm

State Farm offers cheap renters insurance in KY. This, when coupled with the fact that the company has been in the industry for about 100 years, makes it one of the best renters policy providers for Kentucky tenants. Let’s see what renters insurance in KY by State Farm has to offer:

Coverage Details

  • Personal property – No limit
  • Liability – $100,000, $300,000, $400,000, $500,000, $750,000, $1,000,000
  • Loss of use – No limit

Optional Coverage Plans

  • Additional liability coverage
  • Identity restoration
  • Earthquake damage 
  • Additional business property
  • Incidental business liability 

Financial Strength and Customer Support Ratings

  • NAIC – 0.35
  • JD Power – 5/5
  • AM Best – A++
  • BBB – Not rated

Cost Per Month

The average cost of renters insurance in KY with State Farm is $16 per month.

Pros 

  • Provides good additional coverage options
  • Low monthly premium
  • Excellent customer satisfaction rating
  • No limit on personal property and loss of use

Cons

  • Limited discounts

Travelers

Travelers has been in the insurance industry for over 160 years. If this isn’t enough to convince you about the company’s reliability and quality of service, the company is also known for providing a wide range of coverage options in every category of renters insurance. 

Let’s take a look at what its renters policy includes:

Coverage Details

  • Personal property – $30,000 to $100,000
  • Liability  – $100,000, $300,000, and $500,000
  • Loss of use – 1%, 5%, 10%, 30%, 50% 75% or even 100% of personal property
  • Medical payments to others – $1,000, $2,000, $5,000, and $10,000

Optional Coverage Plans

  • Personal property replacement
  • Additional coverage package
  • Equipment breakdown
  • Identity fraud expense
  • Decreasing deductible

Financial Strength and Customer Support Ratings

  • NAIC – 0.46
  • JD Power – 3/5
  • AM Best – A++
  • BBB – A+

Cost Per Month

The average cost of Travelers renters insurance in Kentucky is $17 per month.

Pros 

  • One of the oldest insurance providers in the U.S.
  • Offers multiple financial coverage options for each category of renters insurance
  • Provides unique optional coverage plans

Cons

  • Doesn’t offer personal property coverage for less than $30,000

Safeco

Here’s what the standard renters insurance provided by Safeco in Kentucky looks like:

Coverage Details

  • Personal property protection (both at home and in your car)
  • Liability
  • Living expenses (for up to 24 months)

Optional Coverage Plans

  • Identity recovery
  • Valuable articles
  • Personal property replacement cost protection

Financial Strength and Customer Support Ratings

  • JD Power – 3/5
  • AM Best – A
  • BBB – A+

Cost Per Month

For Safeco renters insurance in Kentucky, you can expect to pay about $12 to $13 per month, on average. 

Pros 

  • Has a strong financial rating
  • Offers several discounts

Cons

  • Average customer satisfaction rating
  • You cannot buy insurance online

Nationwide

Nationwide is one of the most well-known and reliable names in the insurance industry. Let’s take a look at what its KY renters policy includes:

Coverage Details

  • Contents (personal property) – No limit
  • Personal liability – $100,000 to $500,000
  • Loss of use – 20% of personal property 
  • Medical payments to others – $1,000 to $5,000
  • Building additions and alterations – 10% of personal property
  • Credit card misuse – $500, $1,000, $2,500, $5,000, $7,500, and $10,000 

Optional Coverage Plans

  • Valuable plus – for high-value items
  • Theft extension
  • Water backup
  • Earthquake
  • Brand new belongings 

Financial Strength and Customer Support Ratings

  • NAIC – 0.50
  • JD Power – 2/5
  • AM Best – A+
  • BBB – A+

Cost Per Month

Nationwide’s KY renters insurance costs about $19 per month. This makes it the second most expensive renters insurance in Kentucky.

Pros 

  • Provides comprehensive coverage as part of the standard renters policy
  • Offers multi-policy, protective device, and claims-free discounts

Cons

  • Has a poor customer satisfaction rating

Allstate

Here’s what Allstate offers to Kentucky renters:

Coverage Details

  • Personal property – $25,000 to $150,000
  • Liability coverage – $100,000 to $500,000
  • Guest medical coverage – $1,000 to $5,000
  • Reimbursed living expenses – No limit

Optional Coverage Plans

  • Scheduled property coverage (for expensive items not included in the personal property coverage)
  • Identity restoration coverage
  • Increased coverage on business property
  • Personal umbrella policy
  • Flood insurance 

Financial Strength and Customer Support Ratings

  • NAIC – 0.76
  • JD Power – 2/5
  • AM Best – A+
  • BBB – A+

Cost Per Month

The average cost of Allstate renters insurance in Kentucky is $18 per month. 

Pros 

  • Provides renters insurance at highly affordable rates
  • Offers a special discount for seniors
  • Gives customers the option to choose from RCV and ACV for personal property coverage
  • Offers great bundle insurance rates

Cons

  • Covered losses aren’t clearly stated on the company’s website

Liberty Mutual

Liberty Mutual is one of the most experienced and dependable renters insurance providers in the US. However, their renters policy also costs more than most others. Let’s take a look at what they offer to Kentucky residents:

Coverage Details

  • Personal property – $15,000 to $25,000
  • Personal liability – $100,000 to $1,000,000
  • Medical payment to others – $1,000 to $5,000 
  • Additional living expenses/ loss of use – 20% of personal property

Optional Coverage Plans

  • Blanket jewelry 
  • Personal property replacement cost
  • Earthquake damage 

Financial Strength and Customer Support Ratings

  • NAIC – 0.65

  • JD Power – 3/5

  • AM Best – A

  • BBB – A+

Cost Per Month

Liberty Mutual offers the most expensive renters insurance in Kentucky at the average cost of $21 per month.

Pros 

  • Provides a good range of discounts
  • Offers customer service 24/7 

Cons

  • Has low upper limit for personal property coverage
  • Has the highest rates for renters insurance in Kentucky

 

Average Cost of Renters Insurance by City

Here’s a brief overview of the prices you can expect in different cities in KY. Renters insurance in Louisville, KY, is the most expensive, whereas renters insurance in Covington is the cheapest in the state. Renters insurance in Lexington, KY ranks as the second cheapest.

City Average Cost Per Year
Louisville $245
Lexington $181
Bowling Green   $214
Owensboro $217
Covington $173

 

A Buyer’s Guide to Renters Insurance in Kentucky

The state law of Kentucky doesn’t require tenants to carry renters insurance. Still, many landlords have made it a prerequisite for renting their properties. 

It’s also wise for you as a tenant to have an insurance policy that covers the damage or loss of your personal items due to an unfortunate incident because your landlord’s policy won’t cover your personal losses. 

Renters insurance in Kentuckycovers damage and/or loss of your personal belongings due to fire, theft, or vandalism. It also offers liability coverage for damage to the property as well as pays the medical bills if a guest gets injured in your house.

Renters insurance in Kentucky also covers additional living expenses in cases where your house becomes uninhabitable due to an incident that is covered by the policy.

Insurance companies in Kentucky typically do not provide protection against earthquake and flood damages as part of the standard renters policy. Most policies also have a total dollar limit for the amount they’ll pay in case of damage or loss, which may not cover the cost of highly valuable items, like antiques, expensive watches, and jewelry

What most companies do is give you the option to increase your coverage by providing a range of optional coverage plans for tenants. You can either buy additional coverage plans or look for comprehensive packages offered by various renters insurance companies. 

For those who do not know, you have two basic types of renters insurance in Kentucky:

  • Broad renters insurance 
  • Comprehensive renters insurance 

The first one has a list of named perils that you are offered protection against, whereas the latter provides protection from all-risks.

Tips on Saving on Renters Insurance in Kentucky

On average, renters insurance in Kentucky costs $15.5 per month or $186 per year, which is quite affordable. You can further reduce the cost of your renters policy by looking for a discount on the company’s website. 

Most renters insurance companies offer different types of discounts, including but not limited to bundle policy discounts, member discounts, safety discounts, discounts for certain professionals, and for retirees. You can also lower your premium by opting for a higher deductible. 

Lastly, some companies also offer better rates to people with good credit scores, so if you have a strong credit history, it’s worth checking with your insurance company to find out if they can offer you a discount for that.

If all of this is too much hassle for you, simply choose the cheapest KY renters insurance from our list of cheap renters insurance in Kentucky given above.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

Can a landlord require renters insurance in Kentucky?

Yes, a landlord can make it mandatory for tenants to have renters insurance.

Can I be forced to have renters insurance in Kentucky?

Technically, no one can force you to have renters insurance in Kentucky. However, landlords can refuse to lease their property to you if you do not have a renters policy.

What are the renter insurance laws in Kentucky?

There’s no law in Kentucky that requires tenants to carry a renters policy. But there are several state laws to regulate landlord-tenant relationships and that can lead to disputes between them.

Is flood damage and wind damage covered under renters insurance in Kentucky?

While most renters insurance companies in Kentucky offer coverage against wind damage, they do not offer protection against damage caused by floods as part of the standard renters policy. What you can do is buy flood protection as optional coverage.

Does Kentucky renters insurance cover liability outside the house?

Yes, Kentucky renters insurance covers liability both inside and outside the house.

What is the cost of average renters insurance in Kentucky?

If you wonder how much is renters insurance in Kentucky – it’s quite affordable. On average, standard KY renters insurance costs about $186 per year. Use this guide for renters insurance in Kentucky to choose the best renters policy for yourself.