When something bad happens, like a fire from a neighbor’s apartment causes smoke damage in your home, having your home burglarized, or if a friend or family member gets hurt at your apartment, having renters insurance will often help out with these expenses. Our guide for Kentucky renters breaks down the facts about renters insurance policies.
Average Renters Insurance Cost in Kentucky
Take a look around your apartment and consider how much it would cost to replace everything you own. Then consider this: the average rental insurance premium in Kentucky is just $171. That’s 9% less than the national average. Considering that the average loss per burglary in the U.S. is about $2,200 and you’d only have to work 24 hours at minimum wage to pay for a year’s worth of coverage, it’s easy to see how renters insurance is the smart and affordable choice.
Kentucky Rental Insurance Coverage
In 2012, more than two million burglaries were reported in the U.S.. Out of those, 29,587 occurred in Kentucky. Being a victim of a burglary is nerve-racking, but renters insurance can help cover the cost of replacing your belongings if it happens to you. Rental insurance is also a lifesaver when it comes to helping pay for belongings if they are damaged by a fire, natural disasters, or other covered events. It even can cover medical payments if someone is hurt while at your apartment.
Save in Kentucky with Discounts
There are a couple factors that influence the cost of your premium, such as: where your home is located, value of belongings, and history of claims. Even though renters insurance won’t cost you more than a couple hundred dollars per year, you might be able to lower your premiums even more thanks to Kentucky renters insurance discounts.
- Multi-Policy: Save when you combine policies like auto, home, and renters.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.
Facts About Kentucky Renters
Of all Kentucky residents, 32%—or three out of 10 people—rent their homes. On average, these rentals cost about $683 a month for a two-bedroom rental. Considering a year’s worth of renters insurance averages $171, the small premium is worth the protection and peace of mind it offers.
Find Kansas Renters Insurance
Call 855-462-2213 and find out more about affordable rental insurance policies available in Kentucky.