Kentucky Renters Insurance. Get Your Quote Online!

Whether you’re convinced after a jaunt to the Kentucky Derby or a stop by one of Kentucky’s famous bourbon distilleries – or you’re ice skating in Louisville in winter or huddled down by the fire – anyone can agree you’ll never run out of things to do in Kentucky.

Do I need renters insurance?

Whether or not renters insurance is required in Kentucky doesn’t matter. Your landlord can ask you to carry renters insurance before your lease begins regardless of whether or not it is legally mandated. Most landlords will ask you to have between at least $20,000 in personal property protection. The policies we offer cover a little more than that – you can expect personal property protection, medical liability protection and even loss of use protection. Renters insurance is often more affordable than people think from the outset, sometimes running only between $15-$30 a month. Or less.

Speaking of affordability – the median gross rent in Kentucky is right around $895. This is lower than the median rental average for most US metro areas. Because housing is generally more affordable in the state, particularly in rural areas (obviously Louisville rents will be more expensive on average), the average number of people renting is lower than the national average.

Kentucky has some nationally renowned colleges and universities and we’re proud to offer renters insurance to students of those universities throughout the state of Kentucky. While you’re thinking about books, laptops, and classes, we can make sure your personal property is protected in the event of a loss within your rental. We’ve helped plenty of students throughout the US, including in Kentucky, and we’d love to help you.

How much can I expect to pay?

Rental insurance in Kentucky ticks right around the $300 mark in terms of premium cost, with Liberty Mutual having the cheapest premiums (around $151) and Farmer’s at around $392.

Renters insurance premiums are determined in several ways. The quality of materials your house is built with, your fire safety rating – meaning how close you are to a fireplug or a firehouse, whether or not you’ve had previous claims, and other factors all contribute to the cost of your premium. You should always feel free to talk to your agent about ways to bring your premium cost down. One of the best ways we typically recommend is bundling different lines from the same carrier –  but will address that later on.

Certain factors could increase your costs, including what pets you have in the dwelling, whether or not a previous policy has been canceled, your proximity to a business, whether or not you have security systems on-site, etc.

Here’s a breakdown of what you might expect to pay, based on what we typically run in our quotes:

First, we recommend $20,000 for personal property coverage. This coverage protects the loss of individual belongings in the rental property. If your house catches on fire, it’s most likely your landlord’s insurance will cover the cost of replacing the structure, but you will need to replace your lost belongings due to the catastrophe.

We recommend $100,000 in medical liability insurance. One of the types of accidents or incidents we commonly see in a rental is a person being attacked by a pet, usually a dog. If a visitor is bitten, injured or has another type of accident in your rental and you are found medically liable, you may be on the hook for the medical expenses. That’s quite a bit of money out of pocket, so the medical liability portion of your renters coverage will make sure you’re protected.

We also recommend $1000 in loss of use coverage. If you cannot use your home for any reason, you may end up paying out-of-pocket expenses for things like cooked meals and access to laundry facilities. Loss of use coverage can help you with those overhead costs.

We offer renters insurance throughout the state of Kentucky, including the towns of:

  • Louisville
  • Lexington
  • Bowling Green
  • Frankfort
  • Paducah

What is covered in Kentucky?

Natural disasters happen in Kentucky as they do in any other state. Whether we are talking about devastating winter weather, outbreaks during tornado season or supercells, severe weather is always on the horizon.

Because we can’t control what happens with the weather or other natural incidents, renters coverage is some of the most important you can have to make sure you can replace your property in the event of a catastrophe. We recommend you discuss the difference between RCV, or replacement cash value, and ACV, actual cash value when it comes to your policy.

Replacement cash value is about what would be needed to replace an item in case of loss. Actual cash value is the cost of something you lose minus depreciation. In most instances, it will benefit you to replace lost items in the case of damage at their replacement cash value as opposed to actual cash value.

What coverage amount do I need?

Talk to your agent about specific types of coverage and what you would need for each. The amounts we quoted above are the typical amounts we recommend to our customers who are starting a new policy, but you may find once you itemize your belongings that you’ll need a little more or less coverage, typically more, depending on the items you have in your rental.

For instance, if you have an expensive family heirloom that has a high dollar value, you may want to take out additional insurance to cover just the replacement of that item. There are coverage limits, so having an understanding of what your policy entails and what you can expect based on your coverage limits and policy details is always important. Also, make sure you discuss RCV (Replacement Cost Value) vs. ACV (Actual Cash Value) with your agent so you can address depreciation on your items.

Are discounts available?

Discounts are always possible, and we love giving our customers as much leeway as possible to pay lower premiums. It’s easiest to do that when you bundle lines of insurance with the same carrier. Meaning, if you’re in the market for life insurance, health insurance, car insurance or any other type of insurance line, bundling those different types together will give you a lower premium if you utilize policies through the same carrier.

There are other discounts available. Paying in full when your policy starts for the entire year will often get you some type of percentage discount. There are other discounts and options available – make sure to ask us so we can help connect you with the discount that will make your premium more affordable.

At Insurance Geek, we love helping customers protect their belongings, their property and their lives with insurance that matters when you need it the most. When it comes to renters insurance, you have options – and you don’t need to fill out more than one quote form and talk to several different agents to get those options. We work hard to do all the research for you, offering you quotes across lines that will meet your household’s needs without a lot of hassle, at premiums you can afford. We’d love to hear from you to connect you with a policy that works for you and your family today.