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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Mar 7, 2024

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Are you adequately protecting one of your greatest assets—your home? Obrella is an easy-to-use online platform that makes it simple to find the right home insurance policy for your needs by connecting you with insurance experts who are familiar with all the ins and outs of home insurance in Kentucky. Agents can take care of everything over the phone—explaining your options, answering your questions, and even binding your policy once you’ve made your selection.

Homeowners in Kentucky

Homeowners in the U.S. pay about $1,034 annually for home insurance. In Kentucky, the cost is slightly less, at $916 per year. That means the state has the 27th lowest home insurance premiums in the country.

  • Median Home Value: 135,000
  • Household Income: 42,786
  • Percent of Income on Home Ownership: 25.50%

The average Kentucky homeowner pays 32% less for their housing than most U.S. residents, but their household incomes are also less. As a result, residents of the Bluegrass State spend 25.5% of their income on expenses related to home ownership, which is roughly 5% less than most American’s. This ranks Kentucky as one of the top 10 states with the lowest home ownership costs. In Kentucky, 67.4% of homes are occupied by their owners, which is slightly more than the national owner occupancy rate of 63.5%.

Many homeowners renew the same home insurance policy for years, without questioning whether it’s the best value. But without periodically comparing your policy to others, you don’t know if you’re getting the best coverage for your money. Contact an insurance expert and ask them to run a home comparison and get home insurance quotes in Kentucky.

Determining Home Insurance Premiums in Kentucky

How much should you expect to pay for your home insurance policy? Your provider may look at a variety of details when determining your premium, such as the cost of building a home in your area, the area’s crime rates and other statistics, the size of your home, and the year it was built. Even your credit score will be evaluated.

Insurance premiums will also take into account how likely your home is to be damaged by floods, tornadoes, earthquakes, or other environmental factors. Locations that experience higher-than-average natural disasters are likely to see more expensive insurance premiums, since premiums represent the risk a provider takes on by insuring your property.

Even improvements that add value to your home, such as a guest house or a swimming pool, can result in a higher premium. That’s because these extra features represent additional property that a provider must cover to insure your home. Fortunately, installing home and property protection devices like motion-sensor lights, security systems, and surveillance cameras can often result in discounts on homeowners insurance.

Homeowners Insurance in Kentucky

The majority of Kentucky home insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • No longer available in most states, this basic policy offers coverage against the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption.
  • HO-2: Basic Policy
    • If any of the 16 classified disasters causes damage to your home, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • This policy is the most popular due to its comprehensive coverage and relatively few exceptions.
  • HO-8: Older Home
    • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.

Read more: Choosing The Right Homeowners Insurance In Kentucky For 2023

What is Covered By Standard Kentucky Homeowners Insurance?

Usually, home insurance only covers loss of or damage to your property in situations that are explicitly detailed in your policy. So, for instance, you wouldn’t be eligible to receive a payment for damages if your house flooded but you didn’t have flood coverage in your policy. To make sure you’re in the know about the variety of policies and coverage available, check out the following home insurance coverage definitions:

  • Coverage A – Dwelling
    • Insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
  • Coverage B – Other Structures
    • Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • If the homeowner loses personal belongings due to theft or other damage, Personal Property coverage will compensate the homeowner for the value of the item be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home meaning any items kept in a storage unit are covered as well.
  • Coverage D – Loss of Use
    • During an extensive home repair, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability coverage provides financial protection in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • In the event that someone is hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Kentucky Insurance Resources

Kentucky Department of Insurance: Regulates the state’s insurance market and helps educate consumers so they can make sound insurance decisions. Within the Department, the Consumer Protection Division ensures Kentuckians are treated fairly by insurance agents and agencies, answers questions and handles complaints.

Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?

Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!

With so many options for home insurance, choosing the right policy can be downright overwhelming. Luckily, shopping for home insurance doesn’t have to be stressful when you use Obrella. With one simple phone call, you can get in touch with an experienced insurance agent, who will help answer all of your home insurance questions. Agents ask the right questions to understand your needs, then walk you through your options and help you choose the perfect plan. They can even take care of binding your policy over the phone! Shopping for home insurance shouldn’t be an ordeal, so trust Obrella to find what you need quickly and easily.

To talk to a Kentucky-licensed insurance professional about your home insurance policy options, call today at [mapi-phone-link /].

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