Kentucky Homeowners Insurance Guide
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Kentucky Homeowners Insurance
Explore Kentucky Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Bluegrass State is perhaps best known for the Kentucky Derby, or maybe even the Louisville Slugger. However, Kentucky has much more to offer than its significant contribution to sporting events. Its diverse geography makes for several natural wonders that can only be experienced within Kentucky. From the caverns and caves scattered throughout the region, to the Appalachian Mountains which border the eastern portion of the state, the Bluegrass State provides Kentuckians and visitors with an abundance of beautiful landscapes and several outdoor activities.
Although Kentucky is landlocked, its climate and topography make it susceptible to flooding, and mud and landslides. Homeowners within the state also must prepare for tornadoes, but to a far lesser extent given they don’t result in damage as often as the other perils.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Homeowners and renters in the Bluegrass State pay property insurance premiums slightly below the country average. In essence, this is a good indication of what the perceived risk level is regarding property loss in the region. Flooding and landslides plague Kentucky, but not to the extent that they cause significant property loss, ultimately placing downward pressure on insurance rates.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Kentucky | $1,109 | $168 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Given flood, mud and landslides are typically excluded from the standard homeowners insurance policy, Kentuckians should couple their standard insurance policies with a flood or earthquake one. Earthquake policies generally cover earth movement, and typically included are landslides. Flood coverage would cover any resulting damage from mudslides.
Which Property Insurance Carrier Should I Choose?
Kentucky’s homeowners insurance market is highly concentrated with the top two insurance carriers controlling almost half of the market. That said, regional carriers control a significant portion of the total market, providing a good spectrum of comparison when shopping for the right partner and coverage. National carriers could have the best pricing and great financial stability, but regional carriers could be slightly better at providing individualized customer service experiences and detailed, region-specific expertise. Thus, when searching for the right homeowners or renters insurance partner, make sure to review several insurance carriers’ packages.
Top 5 Home Insurance Carriers in Kentucky
| Company | Market Share |
| State Farm | 23.4% |
| Kentucky Farm Bureau | 21.5% |
| Liberty Mutual | 9.6% |
| Allstate Corp. | 6.6% |
| USAA Insurance Group | 5.3% |
Source: Insurance Information Institute (2019)
Many forget the natural beauty that is prevalent all over Kentucky. Nature lovers and sports enthusiasts alike would never get bored in the Bluegrass State. Its landlocked nature and climate keep the risk of potential property loss rather low for homeowners and renters. This ultimately translates into homeowners and renters insurance rates that are slightly below the nation’s average.
