Kentucky Renters Insurance

Being a renter in Kentucky eliminates things like yard work and most home repairs from your life, but it doesn’t absolve you of all of the things that can go wrong and damage your belongings. You need renters insurance to protect yourself from property damage that occurs in your rental unit. 

Whether you rent in a rural community in Kentucky or one of the state’s thriving cities or towns, you can benefit from purchasing an affordable renters insurance policy. Unfortunately, many renters in Kentucky forgo renters insurance because they think it’s too expensive or they don’t realize how important it is until it’s too late. 

Renters insurance is typically quite affordable. The average cost of renters insurance in Kentucky is $168 per year, which is similar to the national average of $173.

An independent insurance agent can help you find the best KY renters insurance. Independent agents can help you get quotes from multiple insurance companies so that you can make the best choice for your needs and budget. 

Best Renters Insurance Companies in Kentucky

Several insurance companies offer highly rated Kentucky renters insurance. The following are some of the best renters insurance companies in Kentucky. These companies provide a mix of valuable coverage offerings and competitive pricing. 

• Travelers: Travelers offers highly rated renters insurance in Kentucky. It can meet your additional personal insurance needs with a full line of products, including auto, boat, identity theft, umbrella, and other coverages. Kentucky renters insurance from Travelers costs about $149 per year or $12 per month. 
• Safeco: Safeco offers affordable coverage in most states across the U.S., including Kentucky. The company is also highly rated by AM Best and the Better Business Bureau. Safeco’s Kentucky renters insurance costs around $154 per year or $13 per month.
• Cincinnati Insurance: Cincinnati Insurance is a well-established carrier that receives high ratings from AM Best and the Better Business Bureau. The company offers a wide range of coverage options and numerous discounts. You can get a Cincinnati Insurance renters insurance policy in Kentucky for around $108 per year or $9 per month.
• Nationwide: Founded in 1925, Nationwide is one of the largest insurance and financial services companies globally. The company offers a full personal insurance portfolio, including renters, car, motorcycle, homeowners, life insurance, and more. Kentucky renters insurance from Nationwide costs around $150 per year or $13 per month
• USAA: USAA is over a century old and receives extremely high ratings from AM Best and other organizations. While insurance policies from USAA are limited to military members and their families, the carrier provides numerous insurance products, including renters insurance, for its customers. A Kentucky renters insurance policy from USAA is very affordable, with an average cost of $80 per year or around $7 per month.

An independent insurance agent in your area can help you learn more about these and other renters insurance companies in Kentucky. A local agent can help you get competitive quotes for the coverage that fits your insurance needs.

What Does Kentucky Renters Insurance Cover? 

Renters insurance can shield you from financial harm in a few different ways. You can expect your Kentucky renters policy to provide three types of coverage:

• Contents coverage: Covers the costs to repair or replace your belongings if they are lost or damaged by a covered event. Covered hazards include:
  • Property crimes like burglary and vandalism
  • Fire, whether it originated in your own home or a neighboring unit
  • Severe weather like hurricanes, thunderstorms, windstorms, blizzards, and hail
• Renters liability coverage: Covers your financial obligations if you unintentionally cause someone else to experience injuries, property damage, or financial harm. It can cover you for things like:
  • Injuries caused by your pets or children
  • Accidental injuries sustained by visitors in your house that can be attributed to your negligence
  • Accusations of libel or slander
• Loss of use coverage: Covers your various living expenses if a covered event leaves your home uninhabitable, and you must seek alternative living arrangements while your landlord makes repairs and brings your home back to code. 

When deciding how much contents coverage to purchase, be sure to consider all of your belongings, including electronics, furniture, clothing, jewelry, and kitchenware. Estimate how much it might cost you to fully replace everything if you experience a total loss. 

A local independent insurance agent can help you find renters insurance in Kentucky.

Additional Renters Insurance Coverage in Kentucky

You may want to add some optional types of coverage to your Kentucky renters insurance. Here are three types of additional renters insurance coverage that you might be able to add to your policy, depending on the insurance company that you choose:

• Scheduled personal property coverage: Certain valuable items like jewelry, art, furs, and collectibles may have specific coverage limits included in your renters policy. These limits may not be sufficient to cover the loss of a single item or the total loss of all of your valuable items. If your valuables exceed the coverage limits in your policy, you can add a scheduled personal property endorsement or rider to your policy. It will cover any noted or “scheduled” items for their full appraised value. 
• Medical payments coverage: Pays medical expenses for guests who are injured while at your home, regardless of who is at fault. Goes into effect before liability coverage.
• Water backup coverage: Water can back up through sewers or drains and can seep into your home and cause costly damage. Water and sewer backup coverage is not normally included, but if you keep belongings in a basement or lower level of your building, adding water backup coverage to your renters insurance policy may pay for damage to your belongings in these situations. 

What Renters Insurance Typically Does Not Cover in Kentucky

Like most other insurance policies, your renters insurance policy will exclude coverage for certain circumstances and types of claims. Some typical Kentucky renters insurance exclusions are: 

• Floods and earthquakes: Renters insurance won’t cover damage caused by flooding or earthquakes. You can purchase separate flood insurance and earthquake insurance if you live in an area that is prone to these events. 
• Your roommate’s possessions: Your renters insurance policy covers your own belongings, not your roommate's or anyone else’s belongings (unless it’s your spouse's or your child's) that’s in your apartment. 
• Damage caused by pests: Renters insurance won’t cover damage caused by pests (rodents, bugs) or the cost of an exterminator. 
• Structural damage: Renters insurance is strictly for your personal possessions. It does not cover damage to the physical structure that you live in. Your landlord’s insurance would cover that. 
• Expensive items: Remember, your policy may contain limits for certain types of personal property, like jewelry. If you have valuable items that exceed the limits in your policy, you can purchase a scheduled personal property rider to ensure you are covered. 

It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent, your agent can help you review your policy and understand when your coverage doesn’t apply. 

How Much Does Renters Insurance Cost in Kentucky?

The average cost of renters insurance in Kentucky is similar to the national average.

Remember, for around $14 per month, you can protect yourself from the financial devastation that a fire or a destructive storm could cause. Of course, your renters insurance cost will be more or less than the average for Kentucky, depending on your personal risk factors. With the help of an independent insurance agent in your area, you can shop around for the best local rates. 

What Factors Impact Renters Insurance Cost in Kentucky?

It’s important to know that your insurance premiums are calculated according to your coverage needs and your rental circumstances and risk factors. Here are some of the most important factors that impact renters insurance costs in Kentucky:

• Coverage amount: The estimated value of your personal property will help you determine how much coverage you need. If you have a lot of personal property, you’ll pay more for renters insurance than someone with only a small amount of belongings to cover. 
• Deductible: A deductible is the amount of money you’ll pay out of pocket toward the cost of a claim before your coverage kicks in. Higher deductibles help reduce the cost of renters insurance coverage. 
• Your location: The crime rate and weather risks in your city or neighborhood impact your cost for renters insurance. If you live in an area with a high crime rate or that has a higher-than-average risk for severe weather, like tornadoes or other natural disasters, you’ll likely pay a little more for your renters insurance than someone who lives in a safer area. 
• Your claims history and credit score: Insurance companies use both of these factors to help them determine how likely you are to file an insurance claim. A history of filing renters claims or a low credit score might indicate you’re more likely to file a claim in the future. 

You’ll also likely have opportunities to lower your Kentucky renters insurance costs by qualifying for certain discounts. If, for example, you bundle your renters and auto insurance with the same insurance company, you’d likely qualify for a discount on both policies. 

A local independent insurance agent can help you comparison shop for the best Kentucky renters insurance policy. Independent agents can work with many of the best renters insurance companies in the state in order to offer you a variety of high-quality choices. 

Kentucky Renters Insurance Costs by City

Renters insurance costs vary by city, just like they vary from apartment to apartment and state to state. If you live in a city with a high crime rate or a history of natural disasters, you’ll likely pay more for renters insurance than someone who lives in a very safe city. Residents of larger cities often pay more than those who live in rural areas. 

Here are some average renters insurance costs for top cities in Kentucky.

Kentucky Renters Insurance FAQs