The Best Cheap Homeowners Insurance in Louisville, Kentucky for 2024: Quotes and Reviews

The majority of Louisville insurance providers have similar key coverages for home insurance policies. Therefore, the cost of insurance should be an important determinant to consider while selecting a home insurance policy.

The cheapest home insurance providers in Louisville for a $100,000 dwelling coverage policy are:

• Allstate: $856 per year
• Travelers: $865 per year

For expensive homes protected by a $2 million dwelling coverage, the two cheapest insurance companies in Louisville are, on average:

• USAA: $6,885 per year (available to current and former members of the military)
• Allstate: $9,312 per year

The dwelling coverage limits you choose largely determine your home insurance premiums. The table below shows how adjusting your dwelling coverage affects your insurance rates.

All the policies considered for this study have an initial baseline dwelling coverage of $100,000 and personal property coverage of $40,000. For plans with $2,000,000 in dwelling coverage, the personal property limit rises to $800,000. The liability coverage is $100,000 on all policies, regardless of the home coverage limits. You can also compare home insurance rates with various insurers on a statewide basis if you live in another part of Kentucky.

Home insurance in Louisville costs an average of $1,245 a year or $104 a month. This is more than the Kentucky state average of $1,120 a year but much lower than the national average of $2,103.

Although your location affects the price of your home insurance policy in Louisville, other factors, such as the amount of dwelling and personal property coverage you purchase and your credit score, also have an impact. MoneyGeek's home insurance calculator is a useful tool for comparing quotes from different insurers in your state.

While cost is a significant factor to consider when purchasing homeowners insurance in Louisville, you should consider the customer service experience and financial stability of the insurance companies you're comparing. You're more likely to file a claim when you're in distress, and a financially stable insurer will be prepared to pay your legitimate claim fairly and on time, providing significant peace of mind.

Based on a MoneyGeek study, the best homeowners insurance companies in Louisville are:

• Best Overall: USAA (only serving current and former military members and their families)
• Runner-up: Allstate

MoneyGeek used a unique rating system to determine the best homeowners insurance companies in Louisville based on their affordability, customer satisfaction and financial stability.

It's usually cheaper to insure a newly constructed home in Louisville. As new homes are constructed using new and modern materials, they will be more resistant to damage. And, owners of new homes rarely find the need to make a claim. Insurers also find it easier to replace newer materials.

A newly built home in Louisville costs an average of $904 per year in home insurance, while a home built in 2000 costs an average of $1,245 per year.

The following are the cheapest companies providing a dwelling coverage of $100,000 for owners of a newly built home in Louisville:

• USAA: $606 per year (available to current and former members of the military)
• Allstate: $624 per year

Your home insurance protects both the structure of your home and your personal belongings. The more personal property you want to insure, the higher your premium. For Louisville homeowners, a standard home insurance policy with personal property limits of $250,000 will cost an average of $1,305 per year. A $100,000 personal property coverage limit, on the other hand, will cost an average of $1,245 per year.

The two cheapest home insurance providers in Louisville for homes with a $100,000 dwelling coverage and high personal property limits are:

• Travelers: $905 per year
• USAA: $940 per year (available to current and former members of the military)

Your home insurance policy’s deductible is the out-of-pocket amount that you must pay before your insurer covers a loss. The policy deductible you choose will also help insurers determine how much your homeowners insurance in Louisville costs. If you go for a higher deductible, your insurance premium will be lower.

For example, on average, a home insurance policy with a $2,000 deductible in Louisville costs $1,093 per year and a policy with a $1,000 deductible costs $1,245.

For homes with a $2,000 deductible on their home insurance plans, the following two companies offer the cheapest homeowners insurance in Louisville:

• Allstate: $709 per year
• Travelers: $770 per year

Insurance companies in Louisville consider your credit score when determining home insurance quotes. Most insurers find a person with a low credit score to be highly likely to make a claim. Therefore, homeowners with a low credit score will pay higher annual home insurance premiums in Louisville.

For instance, if you have a bad credit score, a standard home insurance policy in Louisville will cost you an average of $2,098 per year. Those with a good credit record, on the other hand, will pay an average of $1,245 per year for the same policy.

For those with a bad credit score, the following two are the cheapest homeowners insurance companies in Louisville:

• Travelers: $1,345 per year
• Allstate: $1,642 per year

Homeowners looking for home insurance quotes in Louisville will need to include a few specifics, including the ones mentioned below, to find the quotes online:

• Home replacement cost: This is an estimate of the cost of repairing your home if it is destroyed as a result of a covered risk. This cost also determines the dwelling coverage limits of your insurance policy.
• Personal property value: The total value of the personal possessions you want to insure determines the personal property coverage limit of your home insurance policy.
• Personal details: You will also be asked to provide personal information, such as your home address, credit score, insurance claim background and the number of people living in your home, to receive online home insurance quotes.
• Home details: In order to provide you with a more accurate home insurance quote, insurers will need to know the age of your home, its size and any built-in safety features, among other things.

Using data given by Quadrant, MoneyGeek compared home insurance quotes from five different insurance companies in Louisville. We considered a home with varying levels of coverage for the affordability ratings. We used J.D. Power's surveys to assess each company's customer satisfaction scores.

The baseline profile was an average homeowner of a 2,500-square-foot home constructed in 2000 with $100,000 in dwelling coverage, $40,000 in personal property coverage and $100,000 in liability coverage. All home insurance policies considered for the study had a $1,000 deductible, regardless of the amount of coverage.

Profiles of homeowners with newly constructed homes, higher deductibles, poor credit scores and those who increased dwelling or personal property coverage limits were used to receive quotes for different situations.