The Best Kentucky Homeowners Insurance Companies
Kentucky’s annual premiums for homeowners insurance are on the lower side — on average $1,062 per year for an HO-3 policy, compared to the nationwide average of $1,173. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
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The Bluegrass State is no stranger to wild weather, from severe spring thunderstorms and hail to floods and tornadoes, so having the best homeowners insurance in Kentucky is important. Shopping for the lowest premium may not provide the level of protection you need. So be sure to look through the details and find a coverage that will protect your home from common weather-related damage. Luckily, buying homeowners insurance in Kentucky is actually relatively affordable, so finding the right coverage at an affordable price is definitely possible.
How We Found the Best Homeowners Insurance in Kentucky
We picked the top five best homeowners insurance companies in Kentucky based on similar criteria to our review on nationwide providers, except we factored in specific info from the state when possible. For example, we analyzed the five largest homeowners insurance providers in Kentucky by market share for their coverage, discounts, resources, site tools, and customer service. Then we did a little digging into each of their reputations, claims processes, and financial stability. We also went through each company’s process of getting a quote online — this went better for some companies than for others. Of course, many factors go into homeowners insurance. This guide will help you start the process of buying the right homeowners insurance for you.
Kentucky Homeowners Insurance Reviews
You might want to start your shopping journey with a stop at Liberty Mutual. Of the five homeowners insurance companies we looked at in Kentucky, Liberty Mutual came out on top. The company’s website includes the most information and provides helpful customer tools and resources. We particularly love the state-specific page that discusses some of the most common claims in Kentucky and a coverage calculator that can help you determine how much coverage you should get for your home. You can also easily figure out what its standard policy covers and possible additions and upgrades, like opting for the Home Protector Plus plan, which expands coverage for replacing or rebuilding costs. They also have more than 12 discounts available — second only to Allstate with 15 — so it’s likely you can save on your premium with Liberty Mutual. The company also boasted one of the the highest Consumer Reports scores for claims experience. Getting a quote online was relatively painless. However, Liberty Mutual does ask for your Social Security number before providing a quote, something we definitely don’t love and you might not love either. The online quote tool does automatically pull in public information about your property, like square footage, roof type, and number of bathrooms, to make the quote process a little quicker.
State Farm is an option you should definitely check out while shopping for homeowners insurance in Kentucky. This insurer has the highest market share in the state for homeowners policies. State Farm offers high financial stability and customer-claims satisfaction ratings from JD Power and Consumer Reports. While its website doesn’t offer as much information or as many tools upfront as the Liberty Mutual or Allstate sites, it does have an easy-to-use online quote tool. You also don’t need to enter your Social Security number for a quote, which is a plus, and you can see in real-time how various coverage options would affect your monthly premium payment. The biggest downside to State Farm is that it offers fewer discounts that Allstate and Liberty Mutual. However, it may just have the right discount and coverage you’re specifically looking for.
If you’re looking for a good list of discounts and endorsements, be sure to check out Allstate. Its website provides a lot of information and plenty of customer service tools. You’ll easily find a good overview of what its homeowners insurance coverage options cover, from dwelling coverage to liability and personal property protection. Plus, when you go through its relatively painless online quote process, you can see an even more descriptive breakdown of options for discounts and endorsements. Its quote tool is less plug and play than State Farm’s; it offers you three options for varying levels of coverage. We prefer the ability to put in our own numbers for things like deductible limits or specific endorsement add-ons. For example, earthquake coverage, which all insurers in Kentucky are required to offer, may be a must-have endorsement for you and being able to see how it affects your monthly premium payment would be nice. Allstate has good, stable financial ratings from JD Power, and a good customer claims experience rating from Consumer Reports.
Kentucky Farm Bureau Mutual Insurance
Kentucky Farm Bureau is the second most popular insurer in Kentucky when it comes to protecting homeowners. It’s also the only one on our list that caters just to folks in Kentucky. Like USAA though, you can only buy insurance from them if you’re a member. It’s open to all farmers and their allies — meaning anyone that supports an organization that represents the interests of agricultural producers and rural communities. Kentucky Farm Bureau’s website lists a similar amount of endorsements and discount options as the other companies we looked into. To get real specifics on estimated premium costs though, you’ll have to talk to a local agent — there is no online quote option. Since it’s a smaller, local organization, it isn’t rated on JD Power or Consumer Reports for its claims process. If you’re willing to put in a little more work and see what it can offer you, and are interested in joining the farm bureau, you might want to check it out as you continue your shopping journey.
USAA routinely ranks very high in our homeowners insurance reviews because of its incredible financial stability and customer service ratings from JD Power and Consumer Reports. Unfortunately, we can’t really analyze them any further than that in relation to our other top picks in Kentucky because it doesn’t give much info on its website unless you’re a member, and membership is restricted to members of the military and their immediate families. We were able to find a list of sample premium costs from the Kentucky Department of Insurance which showed sample USAA premiums that were very competitive — in some cases more than half the cost — of the other four companies we looked at. So, if you’re a member, check it out as an option.
Premiums in Kentucky Vary Widely Between Companies and House Locations
|Kentucky Farm Bureau||$508||$487||$583|
Quotes are for annual premium amounts for $150,000 worth of dwelling coverage with no discounts. Source: Kentucky Department of Insurance.
Insurance premiums vary widely based on insurers, where you live, eligible discounts, the size and worth of your house, as well as other factors. Above you’ll see information from the Kentucky Department of Insurance. It compares quotes for a similar property and amount of coverage for all five of our best Kentucky homeowners insurance companies, including the two members-only groups: Kentucky Farm Bureau and USAA. If you compare the lowest premiums to the highest, you’ll see a price difference of $1,336. So shopping around is important, but things like where you live and how big your house is might have more to do with your overall premiums.
Know Your Flood, Earthquake, and Sinkhole Risk
Usually it’s not a great idea to dwell on all the bad things that might happen to your home. However, when shopping for homeowners insurance, especially in Kentucky, you’ll want to figure out how at risk you are for a few specific high-claim events: earthquakes, floods, and sinkholes.
When it comes to earthquakes, Kentucky is actually a pretty high-risk state, according to the United States Geological Survey (USGS). Not only does Kentucky lie along the New Madrid Seismic Zone in the southwest corner of the state, which has the potential to let loose a powerful quake, but there’s also the Wabash Valley Seismic Zone to the north that could impact Kentucky homeowners.
Though earthquake coverage is usually not part of standard homeowners insurance policies, because of the risk in Kentucky, insurance companies here are actually required to offer an additional earthquake insurance endorsement you can purchase separately. Be sure to ask your agent or insurance company what adding an earthquake policy would cost.
Floods are the trickiest risk when it comes to homeowners insurance coverage, as most companies don’t offer a flood insurance option, leaving that to the federal government through the National Flood Insurance Plan. But this doesn’t mean you should just ignore it. Check to see if your Kentucky home is in a floodplain, then ask your insurance agent about getting an NFIP policy — they’re available to homeowners in 350 Kentucky communities.
Sinkholes, or ground collapses, are another risk that Kentuckians should look out for. There’s actually a specific reason for this in Kentucky: underground mine collapses. Luckily, there’s a Kentucky Mine Subsidence Insurance Fund that offers reinsurance against the collapse of an underground coal mine that damages a structure on the surface. If you live in one of 37 certain counties that offer this additional policy, you should take a look at this interactive map to see if you might be at risk of such an event. You can also ask your insurance agent about your options, and your risk.