Kentucky Home Insurance

If you own a home in Kentucky, you may want to protect your property and belongings with a homeowners insurance policy. Homeowners insurance can cover the cost of repairing or replacing your home and its contents in case of damage caused by perils such as fire, windstorm, hail, theft, vandalism, or explosion. It can also provide liability coverage if someone gets injured on your property and sues you for damages.

Homeowners insurance is not required by law in Kentucky, but your mortgage lender may require it as a condition of your loan. Even if you don't have a mortgage, homeowners insurance can still be a wise investment to safeguard your financial assets.

There are different types of homeowners insurance policies available in Kentucky, depending on the level of coverage and features you want. According to Farmers Insurance, some of the common packages are:

- Standard: Reduced coverage for a reduced price

- Enhanced: Provides higher coverage limits and extra features

- Premier: Comes with the highest coverage limits and greatest choice of features

Within each package, you can adjust the coverage types and limits to suit your needs and preferences. Some of the typical coverage types are:

- Dwelling: Covers the structure of your home and attached structures

- Other structures: Covers detached structures on your property, such as fences, sheds, or garages

- Personal property: Covers your personal belongings inside or outside your home, such as furniture, clothing, appliances, or electronics

- Loss of use: Covers your additional living expenses if you have to temporarily move out of your home due to a covered loss

- Personal liability: Covers your legal expenses if you are found responsible for bodily injury or property damage to others

- Medical payments: Covers the medical bills of someone who gets injured on your property, regardless of fault

You can also add optional coverages to your policy for extra protection, such as:

- Replacement cost: Pays the full cost of repairing or replacing your home and belongings without deducting for depreciation

- Scheduled personal property: Provides additional coverage for specific items of high value, such as jewelry, art, or collectibles

- Identity theft: Provides assistance and reimbursement for expenses related to identity theft or fraud

- Water backup: Covers damage caused by water backing up from sewers, drains, or sump pumps

- Earthquake: Covers damage caused by earthquakes or earth movement

- Flood: Covers damage caused by flooding or mudslides

The cost of homeowners insurance in Kentucky depends on various factors, such as the location, size, age, and condition of your home; the amount and type of coverage you choose; the deductible you select; and your credit score and claims history. According to EINSURANCE, the average homeowners insurance premium in Kentucky was $1,109 in 2017, slightly below the national average of $1,211.

You may be able to lower your premium by taking advantage of discounts offered by some insurers. For example, you may qualify for discounts if you:

- Bundle your home and auto insurance with the same company

- Install protective devices such as smoke alarms, fire extinguishers, or security systems

- Have a newer or renovated home

- Have a good credit score or no claims history

- Are a senior citizen or a loyal customer

To find the best homeowners insurance policy for your needs and budget, you should compare quotes from different companies and review their coverage options, features, and customer service ratings. You should also check their financial stability and reputation with rating agencies such as A.M. Best or J.D. Power.

Some of the top homeowners insurance companies in Kentucky based on market share are State Farm, Kentucky Farm Bureau, Liberty Mutual, Allstate, and USAA. However, you may also find other companies that offer competitive rates and quality service in your area.