Table of Contents
- How much is renters insurance in Kentucky?
- Average cost of renters insurance in Kentucky
- Cheapest renters insurance in Kentucky: State Farm
- Best renters insurance in Kentucky: Liberty Mutual
- Other renters insurance providers you should consider in Kentucky
- Learn more about renters insurance providers in Kentucky
- Other things you should know about renters insurance in Kentucky
- How we gathered our renters insurance quotes for Kentucky
How much is renters insurance in Kentucky?
The average price of renters insurance in Kentucky is around $20.24 per month — right around the national monthly average of $20.
Based on our pricing data, the cheapest place to buy renters insurance in the state is in central Kenton County in the city of Independence, KY ($17.87 per month). Neighboring Boone County offers slightly higher renters insurance premiums, starting at $18.49 for the city of Florence, making it the second most affordable location.
Louisville ($20.48), Lexington ($21.16), and Bowling Green ($20.50) all have rates higher than the statewide average, but not by much. The most expensive place to buy renters insurance is on the tri-state border in the western Kentucky city of Henderson ($22.20).
Regardless of where you happen to be renting in the Bluegrass State, you’ll find rates that are close to the national average.
How is the price of renters insurance calculated in Kentucky?
The price of renters insurance is calculated by providers according to multiple factors. Your policy coverage choices and deductible play a part in determining how much you’ll pay for renters insurance, but insurers also run your credit history and your insurance claims record in order to calculate your premiums.
In Kentucky, the price of renters insurance is also affected by:
- Flooding: Low-lying regions positioned on the Ohio River are prone to flooding, as are the many river systems throughout central and eastern Kentucky. These high-risk flood zones contribute to the higher-than-average price of renters insurance in those areas.
- Tornadoes: Kentucky has seen an increase in violent storms and tornadoes over the last few decades, even being dubbed the “Dixie Alley.” The high cost of repairs to homes and lost property as a result of this extreme weather is reflected in the price of renters insurance.
- Crime rates: Kentucky experiences higher rates of property crime in its major cities, like Lexinton, Louisville, and Bowling Green. Overall, Kentucky’s property crime rates are below the national average, but insurers still raise their rates in areas with relatively high crime rates because renters insurance covers property loss from theft.
Average cost of renters insurance in Kentucky
The average cost of renters insurance in Kentucky is $20.24 per month — not even a quarter of a dollar above the national average. Kentucky isn’t a particularly risky state to insure as far as major insurance companies are concerned, and this means you can expect similar renters insurance premiums to the average American’s.
Check out the renters insurance quotes we gathered for Kentucky’s 15 most populous cities below.
Average renters insurance quotes in Kentucky by city
| City | Average price (monthly) | Average price (yearly) |
|---|---|---|
| Louisville | $20.48 | $245.73 |
| Lexington | $21.16 | $253.94 |
| Bowling Green | $20.50 | $245.94 |
| Owensboro | $20.70 | $248.45 |
| Covington | $21.12 | $253.46 |
| Richmond | $19.43 | $233.21 |
| Georgetown | $19.67 | $236.06 |
As the table shows, no city is much more or less expensive than any other — all are within a few dollars of the statewide average ($20.24 per month).
The next table breaks down renters insurance rates by insurer. Take a look.
Average renters insurance quotes in Kentucky by insurer
| Insurer | Price | Difference from average |
|---|---|---|
| Allstate | $18.20 | -$2.04 |
| GEICO | $16.40 | -$3.85 |
| Progressive | $24.67 | +$4.43 |
| State Farm | $16.11 | -$4.13 |
| Liberty Mutual | $19.25 | -$0.99 |
| Nationwide | $19.40 | -$0.85 |
| Midvale | $27.30 | +$7.05 |
Cheapest renters insurance in Kentucky: State Farm
State Farm sells the cheapest renters insurance policy in Kentucky, with an average monthly cost of $16.11. They also offer some of the lowest renters insurance rates across the entire state, making them the cheapest insurance provider in Louisville, as well as Frankfort or wherever you happen to live.
Benefits of State Farm renters insurance in Kentucky
- Flood coverage: State Farm participates in the federal National Flood Insurance Program, which means they’re able to offer flood insurance to buyers (through a separate policy, not through your renters insurance). If you live near in or around a flood hazard zone in Kentucky, you shouldn’t procrastinate on getting flood insurance because it takes 30 days from the date of purchase to go into effect.
- Replacement cost coverage by default: A basic State Farm renters insurance policy includes replacement cost coverage rather than actual cash value coverage, which is less comprehensive.
Disadvantages of State Farm renters insurance in Kentucky
- Lack of bundling options: Often, insurance companies will offer renters insurance discounts to policyholders who bundle their renters insurance with another type of insurance. State Farm only allows youto bundle renters insurance with their car insurance policies, which is disappointing for Kentucky residents who own a motorcycle, boat, or off-road vehicle (all of which require separate policies).
Best renters insurance in Kentucky: Liberty Mutual
Liberty Mutual offers monthly rates of around $19.25 — slightly below the statewide average. Their personalized coverage options and slew of discounts make them one of the best choices for renters insurance in Kentucky.
Benefits of Liberty Mutual renters insurance in Kentucky
- Tailor-made coverage: You’re able to customize your Liberty Mutual renters insurance policy to fit your rental situation in a variety of ways. Coverage options that can be added to your standard policy for an additional fee include blanket jewelry replacement with no appraisal or deductible required, as well as earthquake coverage.
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Great discount options: Liberty Mutual leads the pack in discount options for renters insurance. They offer the following discounts:
- Claims-free: You can receive a discount on your policy if you haven’t filed a claim in the last five years. It’s important to note that claims for weather-related damage might not disqualify you for this discount in some states.
- Early Shopper: You can save money on your policy if you decide to purchase renters insurance from Liberty Mutual before your policy with another insurer expires.
- Multi-policy: Like most other insurers, Liberty Mutual offers policy-bundling discounts. You can decrease your monthly premiums if you bundle your renters insurance with another policy offered by Liberty Mutual, like car or motorcycle insurance.
- Preferred payment: You can receive a discount on your renters insurance if you agree to enroll in autopay, which will automatically deduct your monthly premiums from your bank account so you never miss a payment.
- Online purchase: You’ll get a one-time discount on your renters insurance policy when you buy from Liberty Mutual’s website.
Disadvantages of Liberty Mutual renters insurance in Kentucky
- Actual cash value coverage by default: Liberty Mutual’s default policy includes actual cash value coverage, which isn’t the ideal choice for most renters. Actual cash value coverage compensates each covered loss for the price that the item was valued at the time you filed your claim — which could be significantly less than what you originally paid for it.
- Low coverage limits: Liberty Mutual offers a maximum of $25,000 in personal property coverage, which might not be enough to protect all of your belongings. For reference, the average tenant’s property is worth about $30,000.
Other renters insurance providers you should consider in Kentucky
If the renters insurance providers outlined above don’t seem to fit your needs, take a look at these other insurers that offer unique benefits to Kentucky renters:
Best renters insurance for military servicemembers in Kentucky: USAA
Unless you know where they store the gold at Fort Knox, price is probably one of your main considerations when you’re shopping for renters insurance. Fortunately, USAA provides very affordable renters insurance to military personnel and their families.
However, civilian renters will need to shop elsewhere, because USAA renters insurance is only available to active-duty military, veterans, and the spouses and children of other USAA members.
Benefits of a USAA renters insurance policy
- Cheaper coverage: At around $10 per month, USAA renters insurance costs nearly 50% less than the statewide average. The area where you’re stationed and your personal credit score will affect those premiums, but not by too much.
- Policies come with flood insurance by default: No insurance provider writes flood damage coverage into their basic renters insurance policies — except for USAA. You’re automatically insured if your property is damaged by floods or earthquakes when you sign up for a USAA renters insurance policy.
Best renters insurance for dog owners in Kentucky: Liberty Mutual or State Farm
Most insurance companies have restrictions on what types of dogs they’ll insure. Dog breeds that are deemed “too aggressive” often won’t receive pet liability coverage for fear of dog bites or other harmful behavior.
Liberty Mutual and State Farm are both less strict on dog breeds compared to other companies, meaning that you’ll probably be able to get them to cover your pet and protect you from any financial liability if they hurt someone or damage their property.
Benefits of a Liberty Mutual or State Farm renters insurance policy
- Relaxed breed restrictions: Liberty Mutual renters insurance covers pit bulls and other frequently “blacklisted” dog breeds, like German Shepherds and Rottweilers. Similarly, State Farm has a policy of never asking about dog breed at all. All they ask is that you prove they’ve been trained and have no history of aggressive behavior.
Learn more about renters insurance providers in Kentucky
To learn more about the pros and cons of each insurer, check out our reviews of:
Other things you should know about renters insurance in Kentucky
Did we address all your questions about Kentucky renters insurance above? If not, here are a few frequently asked questions that other renters have had in the state:
Is renters insurance required in Kentucky?
No, renters insurance is not required by law in Kentucky. However, your landlord may require that you purchase renters insurance before signing the lease. There are no laws against this, so if your landlord has asked that you buy it, you’re required to get renters insurance.
How much should I pay for renters insurance in Kentucky?
How much you should pay for renters insurance depends entirely on your budget. It’s a good idea for tenants to purchase renters insurance if they can afford it, and luckily, it’s quite affordable in Kentucky. On average, the annual price of renters insurance in Kentucky is $242.88 — which is only about $2 more expensive than the national annual average.
Can you get renters insurance without a credit check in Kentucky?
No, you probably can’t get renters insurance without a credit check in Kentucky. There are only a few states with restrictions on how companies can use your credit history. States where you can get renters insurance with no credit check (or where insurers are restricted in how they may use your credit score) include California, Hawaii, Maryland, Massachusetts, Michigan Oregon, and Utah.
How we gathered our renters insurance quotes for Kentucky
Want to know exactly how we got all of our data on Kentucky renters insurance costs? We started by taking a look at the 15 most populous cities in the state, then we compared quotes from the top insurers in each of those cities. Take a look at the table below, which has all of our pricing data.
When collecting quotes from each insurance company, we used the following profile:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
Our quotes are going to be different from your own, so it’s important to do your own research before buying a renters insurance policy. Rates are based on your personal information, credit and claims history, and your chosen coverage options.
Also note that we didn’t factor any down payments or installation fees, which many insurers require. Even if your insurer charges one, it’s often possible to get renters insurance with no down payment by switching to a different payment plan.
The average price of renters insurance in Kentucky by city and insurer
The following table includes all of our pricing data on Kentucky renters insurance.
We’ve included each average price by city and insurer, so be sure to scroll left or right to see all of our data.
| City | Allstate | Geico | Progressive | State Farm | Liberty Mutual | Nationwide | Midvale | Farmers |
|---|---|---|---|---|---|---|---|---|
| Louisville | $20.33 | $14.40 | $26.16 | $16.22 | $20.33 | $18.80 | $26.16 | $21.42 |
| Lexington | $17.42 | $15.85 | $32.68 | $15.33 | $16.42 | $18.68 | $36.24 | $16.67 |
| Bowling Green | $17.42 | $16.60 | $25.84 | $16.31 | $19.42 | $18.24 | $28.80 | $21.33 |
| Owensboro | $19.33 | $17.45 | $19.47 | $16.90 | $17.08 | $21.33 | $21.90 | $32.17 |
| Covington | $17.17 | $15.66 | $28.34 | $16.47 | $21.25 | $21.23 | $31.68 | $17.17 |
| Richmond | $18.33 | $17.28 | $22.66 | $15.82 | $17.17 | $19.31 | $25.23 | $19.67 |
| Georgetown | $17.42 | $16.18 | $22.96 | $15.33 | $21.42 | $18.78 | $25.61 | $19.67 |
Wherever you see “N/A”, that means that we were unable to collect a quote for that insurer in that city. Contact a local insurance agent if you need pricing data for those instances.
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