Kentucky Home Insurance
Quote in 60 SecondsEvery Kentuckian knows the thrill of the Derby. From picking the perfect outfit to betting on which horse will reach the finish line first, there is a lot of build-up to the “most exciting two minutes in sports.” To get ready to join in on the fun, we’ve been trying on plenty of Bowler hats and are finally ready to ride into the Bluegrass State to offer home insurance in Kentucky.
Housing prices have soared in Kentucky over recent years, as those wanting to move to one of the happiest states in America are willing to pay to make it happen. If you made the investment in Kentucky, make sure it’s properly protected with a home insurance policy with Hippo. Below, our guide will cover everything you need to know.
How much is homeowners insurance in Kentucky?
Homeowners insurance in Kentucky will cost an average of $1,246 per year — the same price you’d pay for 54 eight-piece bucket meals at KFC, a Kentucky institution. And even though you can get a great deal on chicken thanks to Colonel Sanders, paying for home protection in Kentucky is just a bit more expensive than the national average of $1,200.
What influences my home insurance rate?
Much like the amount you’d pay at KFC will depend on how much you order; what you pay for your home insurance will depend on how big your home is. Other factors that can influence your premium include the age of your home, its current condition, how high-risk its location is and how much additional protection you add to your policy.
Kentucky Home Insurance Premiums
What does homeowners insurance in Kentucky cover?
Home insurance in the great state of Kentucky will protect your home, belongings and any liability should someone get injured on your property. For example, suppose you’re a sports fan with plenty of vintage Louisville Brecks memorabilia. In that case, your collection will be financially protected from perils like theft or fire (though if you have Actual Cash Value (ACV) coverage, the value of your belongings will decrease over time due to depreciation). But unfortunately, your policy can’t do anything to bring an NFL team back to the Bluegrass State.
When shopping for a policy, it's essential to consider what additional protections you might need for your home. Though Kentucky has many great things to draw you to the state, it is also prone to a good amount of extreme weather events such as flooding, mudslides, winter storms and sinkholes. In fact, it’s one of the top 20 states with the most natural disasters. To protect yourself from these disasters, make sure to chat with your insurance agent about what protections are built into your policy, and which ones you’ll need insurance riders for.
Kentucky Insurance Coverage Options
Traditional coverage
Structure
Expenses
Protection
Structures
Possessions
Supplemental coverage
How to lower your home insurance premium
If you want to lower your premium to boost your rainy-day fund or just attend more Louisville Cardinal games, there are plenty of options to consider. First, you’ll want to ask your provider what you can do to become less of a risk. They might tell you it's time to update your roof or replace your HVAC system, which can save you big on your premiums over time.
Other ways to get your home insurance costs down include installing smart home devices like cameras, water leak detectors and alarm systems. Some insurance companies will even give you smart home devices for free when you sign with them (like us). It’s also a good idea to shop around for quotes every few years to ensure you can’t save even more by changing providers.
Kentucky home insurance resources
While you might’ve thought that choosing what hat to wear to the Kentucky Derby was the hardest decision you’ve ever had to make, just wait until you shop for your first home. Getting the proper protection for your investment is a big deal, as it can make or break how you recover from significant perils or disasters.
But Kentucky doesn’t leave you high and dry when making this decision. From the Kentucky Department of Insurance to the NFIP and FAIR plan, there are plenty of resources available to those seeking more information.
National Flood Insurance Program
Though Kentucky may not be on the coast, the risk of flooding isn’t completely gone. Given just how damaging even one inch of floodwater can be (up to $25,000 in damage — though you can calculate your exact damage here), it’s important to plan ahead. That’s why the National Flood Insurance Program offers full flood coverage in Kentucky, helping you get back on your feet after a flood damages your home and belongings.
Kentucky FAIR Plan
Although most homeowners will secure essential coverage in the standard home insurance market, that isn’t always the case for everyone. For example, if you have a relatively high-risk home, have a long history of claims or miss one too many home insurance payments, you may have trouble getting coverage. In that case, the Kentucky FAIR Plan has your back. While the state created this coverage to help you breathe a sigh of relief, you should know this coverage is minimal and should only be considered when no other options are available.
Life in Kentucky moves fast. But before setting off to the races, make sure you have an insurance company that will have your back no matter what. From first to last, we will cheer you on no matter what. See what it means to be truly protected with a home insurance policy from Hippo.
