Average Cost of Homeowners Insurance in Kentucky (2024)

The average cost of homeowners insurance in Kentucky in 2024 is $2,060. This amount is $363 less than the national average of $2,423. Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Kentucky. The difference between the lowest and highest premium amounts due to credit can be up to $7,579.

If your rates have recently increased, we've also analyzed the cheapest policies in the state. Remember, the insurance provider you choose can also affect your premiums.

In Kentucky, the average annual premium for homeowners insurance with $250K Dwelling / $125K Personal Property / $200K Liability coverage is $2,060, which is less than the national average of $2,423.

Determining how much coverage you need involves ensuring you can rebuild your home and replace personal property after a loss. For example, a Kentucky homeowner with $100K in dwelling coverage pays an annual premium of $1,212. For a larger property with $500K in dwelling coverage, the premium increases to $3,564.

Premiums for homeowners insurance in Kentucky can significantly differ among insurers, even for similar levels of coverage. For instance, a policy from Cincinnati Insurance may cost less than one from Encompass, reflecting a range of underwriting criteria and risk assessments.

Kentucky homeowners can choose from a variety of great providers, each with its unique pricing structure. Differences in underwriting can lead to substantial variations in annual premiums, making it wise to compare options.

Homeowners in Kentucky with excellent credit pay an average annual premium of $1,692 for homeowners insurance, which is $368 less than the overall state average of $2,060. Conversely, those with poor credit face an average premium of $9,271, soaring $7,211 above the state average, demonstrating how credit scores directly impact insurance rates.

While improving your credit score takes time, it can lead to lower insurance rates in the future. For immediate savings, it's beneficial to shop around and compare insurers. You can quickly see which insurer offers the most competitive rates for your profile and potentially find a more affordable option in less than 15 minutes.

The type of roof on your home can influence your homeowners insurance premiums in Kentucky. For instance, tile roofs, known for their durability, may lead to lower insurance costs. However, shake-treated roofs, which are more vulnerable to weather-related damage, can increase premiums.

Construction materials used in building your home also affect insurance rates. Superior construction materials that are more resistant to hazards like fire may result in more favorable premiums. Standard frame construction, which is less resistant to damage from severe weather events, might lead to higher insurance costs.

Use the drop-downs on the table below to see how premiums change based on your home's materials.

Insuring a new construction home in Kentucky typically costs less than an existing home, reflecting the benefits of modern materials and adherence to current building codes. Homeowners in Kentucky can expect to pay an average annual premium of $1,125 for new construction. This is $935 lower than the average premium for existing homes. The table below details how premiums vary between new and existing homes, allowing you to filter for the desired coverage amount.

In Kentucky, homeowners with a claim-free history for five or more years pay an average annual premium of $2,060 for their homeowners insurance. Those who have filed one claim in the past five years see their rates increase to an average of $2,515, while homeowners with two claims within the same period face an even steeper average premium of $2,985. This data illustrates how maintaining a claim-free record can be financially beneficial, as each claim can significantly affect insurance costs.

For the cities we analyzed, we found premiums ranging from $1,655 to $2,097. In Bowling Green, homeowners pay around $2,097 annually, while Lexington-Fayette residents see lower rates at $1,655. Louisville/Jefferson's average is close to the state's overall average at $2,011. Location impacts premiums due to factors like local crime rates and weather risks. City-based pricing variations are significant but not as influential as credit score or coverage amount differences.

Shopping for home insurance in Kentucky doesn't have to be a hassle. In fact, it can be quite straightforward to snag a great deal on your policy. Just like finding the perfect pair of shoes, it's all about knowing your size and where to shop. Here's how to find the best deal for you.

In Kentucky, homeowners can potentially save on insurance costs by bundling their home and auto policies. According to MoneyGeek’s analysis, the average savings from a multipolicy bundle range from $243 to $743, with an average percentage savings of about 14%. For more detailed insights, explore MoneyGeek's best and cheapest home and auto bundle companies in Kentucky analysis. This strategy not only simplifies your insurance management but also offers a financial break on the combined cost of your auto and home insurance premiums.

Kentucky offers several homeowners insurance discounts to help reduce premiums.

• Impact-resistant roofing: Installing shingles that resist hail and wind can lower rates.
• Home safety features: Smoke detectors, burglar alarms and deadbolts may offer savings.
• Claims-free history: Longer periods without filing a claim can significantly cut costs.

For a comprehensive look at how to save with discounts, explore our guide on how to shop and save on homeowners insurance. Remember, to maximize your discounts, it's important to inquire about them when obtaining a quote.

Use these links to learn more about insurance coverage in Kentucky.

• Kentucky Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Kentucky: Find cost-effective options for your home.
• Kentucky Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Kentucky: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.