Best and Cheapest Renters Insurance in Kentucky (Aug 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $88 and a MoneyGeek score of 91 out of 100, the best choice for you depends on your needs.

For those valuing service, Nationwide is an excellent option. Veterans will find USAA the top choice. Each provider excels in different areas, so consider which factors matter most to you.

State Farm is the best renters insurance provider in Kentucky, with a MoneyGeek score of 91 out of 100 and an annual premium of $88 for $20K in personal property coverage. The top provider usually excels at balancing both cost and customer service. These two are the best renters insurance providers in Kentucky for the same policy.

• State Farm: MoneyGeek score of 91 out of 100 ($88 per year)
• AAA: MoneyGeek score of 88 out of 100 ($78 per year)

While State Farm is not the cheapest option, it still strikes a good balance between customer satisfaction and affordability. However, the best provider for you will still depend on your personal needs.

AAA offers the cheapest renters insurance in Kentucky with an annual premium of $78 for $20K in personal property coverage. Personal property coverage pays to repair or replace your belongings if they are damaged or stolen. The following providers are the top two cheapest providers in Kentucky for $20K in personal property coverage and a $1,000 deductible:

• AAA: $78 per year
• State Farm: $88 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher limits can raise costs but offer better protection if you have many belongings.

In Kentucky, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is AAA, with an annual premium of $65. For the same coverage and deductible, the top two cheapest providers in Kentucky are:

• AAA: $65 per year
• State Farm: $85 per year

A deductible influences how much you'll pay out of pocket before insurance kicks in, affecting your overall costs. You can see how rates change using the table below.

Nationwide offers the best renters insurance in Kentucky for service quality with a MoneyGeek score of 94 out of 100, and an annual premium of $152. For those who value excellent service and need $20K in personal property coverage, the top two providers in Kentucky are:

• Nationwide: MoneyGeek score of 94 out of 100 ($152 per year)
• Auto-Owners Insurance: MoneyGeek score of 87 out of 100 ($102 per year)

Great customer service is crucial for renters. It ensures smoother claims experiences and peace of mind, especially when dealing with unexpected losses. If you need to make a claim, receiving quick and clear communication from your provider can make all the difference.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Kentucky, with an annual premium of $204 per year. The two best providers are:

• State Farm: MoneyGeek score of 96 out of 100 ($204 per year)
• Auto-Owners: MoneyGeek score of 90 out of 100 ($244 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage helps protect your belongings against damage or loss. However, higher coverage often means higher costs. Finding a provider that balances cost and great service is important since you want good value when you need to cover a lot of valuables.

USAA is the winning company for homeowners with military backgrounds in Kentucky with an annual premium of $83 for $20K in personal property coverage. The two best providers are:

• USAA: MoneyGeek score of 100 out of 100 ($83 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($88 per year)

USAA offers a range of products tailored for those with a military background, offering discounts and coverages that suit the military lifestyle. It has comprehensive services, and USAA is ranked first in affordability for military members in Kentucky.

State Farm is the best renters insurance company for people with poor credit in Kentucky, with an annual premium of $210. The two best providers in Kentucky are:

• State Farm: MoneyGeek score of 94 out of 100 ($210 per year)
• Nationwide: MoneyGeek score of 91 out of 100 ($389 per year)

Rates for people with poor credit are often higher, because insurers see them as more likely to file claims. However, you can take steps to improve your credit to lower rates and take advantage of discounts where possible.

The average cost of renters insurance in Kentucky is $113 annually, or $9 monthly, compared with the national average of $146 annually, or $12 monthly. This means Kentucky’s average is $33 cheaper per year. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

The average cost of renters insurance in Kentucky may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance varies not only by state but also by city. For instance, the average annual premium in Lexington-Fayette, Kentucky, is $106, while in Louisville/Jefferson, it is $119. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Kentucky, including location, coverage amount, and credit score. Understanding these factors is crucial for renters to make informed financial decisions about their insurance coverage.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider ultimately depends on your specific needs. To help you navigate this decision, we've compiled a list of frequently asked questions that address various aspects of renters insurance.