COVID-19 Update: If you're thinking about renters insurance in Kentucky in the context of coronavirus, see below for information.
Finding the best renters insurance for your unique needs involves identifying which provider combines affordability with practical coverage offerings and attentive, dependable customer service. To help you with your search, we collected 125 quotes from across Kentucky.
Compare cheap renters insurance options in KY
On average, renters insurance in Kentucky can cost as little as $16 per month, depending on your provider. The cheapest insurer is revealed in the following section, along with our other picks for the top renters insurance providers in the Bluegrass State.
Best for most renters
Best for complete coverage
Best for older renters
Best renters insurance for most people: State Farm
- Lowest monthly premiums
- Highest customer service ratings
- Not many ways to upgrade your policy
The best renters insurance for most people in Kentucky comes from State Farm. Protection from State Farm is the cheapest in the state. On average, it's the only provider that charges less than $200 per year for coverage. Renters insurance from State Farm costs about $16 per month, or $192 per year — 12% cheaper than average.
Moreover, State Farm is most likely to offer low rates to the many renters who call the state's largest cities home. We found that in Louisville, Lexington and Bowling Green, State Farm's prices were around $20 more affordable per year than those offered by the next-cheapest competitor.
While State Farm doesn't offer many ways to upgrade a basic policy, the company's renters insurance has enough coverage for most people. State Farm offers property and liability coverage that aligns with what's typically offered across the industry, as well as extra coverage for special items and extended liability.
If customer service quality is the most important aspect of a provider, consider State Farm. The insurer's service results in few complaints, according to data from the National Association of Insurance Commissioners (NAIC). Additionally, in a survey of national providers, State Farm's service was rated third by J.D. Power.
Best renters insurance for complete coverage: Travelers
- Affordable coverage for most renters
- Long list of ways to enhance a basic policy
- No option for policyholders to make monthly payments
Travelers is the best option for renters in Kentucky who want to customize their policies by adding different forms of protection to those included in a standard plan. Compared to the other companies we reviewed, Travelers offered many more options for extra coverage, also called endorsements.
Besides the property and liability protections provided in a standard Travelers renters insurance policy, you could add the following endorsements:
- Water backup protection: Adds damage caused by backed-up drains or sump pumps to your policy's list of covered perils.
- Replacement cost coverage: Rather than facing a deduction in your claims settlement for your property's depreciation, this endorsement ensures you're reimbursed for the full value.
- Mechanical breakdown protection: Extends extra protection to your appliances in case of breakdown for electrical or mechanical reasons.
- Identity theft coverage: Monitors your personal information for breaches and resolves your case if your identity is stolen.
- Decreasing deductible: Your renters insurance deductible diminishes each year you don't make a claim.
Travelers is also a relatively affordable option for people who don't need extra coverage. While it's more expensive than State Farm, it's still 8% cheaper than the average cost of renters insurance in KY. Travelers renters insurance costs $201 per year, for a monthly expense of $17. But the insurer requires you to pay your entire premium at once.
Best for older renters: Allstate
- Multiple ways to decrease premiums
- Above-average customer service
- Rates align exactly with the state's average cost
Older renters looking for coverage should consider Allstate, due to the company's discount that applies to retirees. Allstate offers a discount of up to 25% off your premium if you're at least 55 and retired. With an existing auto policy from Allstate, older renters could heavily subtract their premiums.
You could also receive a discount from Allstate if your home is equipped with safety devices, like a security system, reinforced locks and fire alarms. In addition, renters could save for simply electing to make automatic payments or by remaining claim-free for multiple years.
Allstate's customer service is better than average. It receives fewer complaints than its market share, or size, would indicate. Additionally, J.D. Power determined that Allstate renters insurance comes with the sixth-best service in the country. In this study, Allstate received high marks from customers for its claims process.
While most people in Kentucky won't find that Allstate is an expensive renters insurance provider, the insurer isn't exceptionally cheap, either. Instead, its average cost matches the typical price charged in Kentucky. If you can qualify for multiple discounts, Allstate might be the provider for you. Otherwise its strengths don't outmatch State Farm's.
How we chose the best renters insurance in KY
We concluded our survey of the best renters insurance in Kentucky based on an analysis of three characteristics of each provider. These were a company's:
- Affordability: The cost renters might expect to pay for coverage.
- Coverage options: The standard and extra forms of protection available.
- Customer service: The reputation an insurer has for meeting its customers' needs.
Affordability: Comparing each company's typical cost of coverage
We calculated the average cost of renters insurance in Kentucky to be about $18 per month, or $218 per year. This makes the price renters typically pay for coverage more expensive than the national average, which we found to be $187 per year.
The cheapest renters insurance in Kentucky comes from State Farm, while Liberty Mutual tends to charge the most for its coverage.
What is the average cost of renters insurance in KY?
|Insurance providers||Average cost (per month)||Average cost (per year)||% difference from statewide average|
Multiple factors influence the premium you'll be quoted, including your location, history of making claims and your deductible. Primarily, however, your policy's price depends on how much coverage you want to buy. We sourced quotes for the following limits:
- Personal property coverage: $30,000
- Liability coverage: $100,000
- Guest medical protection: $1,000
- Deductible: $500
Your personal information affects the cost of your renters insurance, too. Since your rates are determined by your marital status, living situation and age, you might receive different prices for coverage than even your next-door neighbor. We used a 30-year-old unmarried male for our sample profile to gather quotes.
Compare cheap renters insurance options in KY
Coverage options: Exploring the standard and premium features offered by insurers
Each renters insurance company that we surveyed provides the same basic protection with standard policies, including property and liability protection, along with additional living expenses in case you have to leave your home.
The variety of extra features varies depending on which company you purchase coverage from. To make it easier to compare these additional forms of renters insurance, we tabulated them below:
|Insurer||Personal property coverage||Personal liability||Earthquake||Water-backup coverage||Identity theft protection||Replacement-cost coverage||Valuables plus|
|State Farm||$10,000 – more than $100,000||$100,000 – $1 million||X||-||X||-||X|
|Nationwide||$15,000 – more than $100,000||$100,000 – $1 million||-||X||X||X||X|
|Liberty Mutual||$5,000 – $25,000||$100,000 – $1 million||X||-||X||X||X|
|Allstate||$15,000 – more than $100,000||$100,000 – $500,000||-||-||X||-||-|
|Travelers||$30,000 – more than $100,000||$100,000 – $500,000||X||X||X||X||X|
Customer service: Sizing up providers' reputations for processing claims and delivering service
To find the insurer with the most consistent customer service, we consulted three metrics of performance. These were the National Association of Insurance Commissioners' Complaint Index, J.D. Power's Homeowners Insurance Study - Renters Insurance and A.M. Best's Financial Strength Ratings (FSR).
|Insurance provider||NAIC Complaint Index||J.D. Power score (out of 14)||A.M. Best FSR|
|Kentucky Farm Bureau||0.12||Not rated||A|
|Auto-Owners Insurance Co||0.25||Not rated||A++|
|State Auto||0.33||Not rated||A-|
NAIC Complaint Index: The Complaint Index tracks the number of complaints an insurer receives relative to its size. The NAIC represents the typical Complaint Index as 1.00. This means that companies that score higher than 1.00 receive proportionally more complaints than their size indicates.
J.D. Power Homeowners Insurance Study - Renters Insurance: J.D. Power polled policyholders of 14 of the country's largest renters insurance providers on various aspects of their insurer's service. Distilling this feedback into an Overall Satisfaction score, J.D. Power ranks each company based on this comprehensive metric.
A.M. Best FSR: The Financial Strength Rating summarizes an insurer's credit, especially its ability to pay off its commitments — like its claim settlements. While an insurer's financial strength is usually well-regarded, A.M. Best's rating system can easily reveal risky insurers.
How will renters in Kentucky be affected by COVID-19?
Fortunately for renters in Kentucky, you can't be evicted for nonpayment of rent because of coronavirus. The state government has ordered such evictions halted for the foreseeable future.
In addition, many renters insurance companies have eased their late-payment penalties as an answer to the financial hardship caused by the coronavirus. Your policy won't be canceled for nonpayment. What's most likely to change for you is the process for making claims.
Normally, an insurance adjuster would visit your home to evaluate the damage, report it to your provider and offer a settlement that aligns with your policy's limits. Now, since many workers have transitioned to at-home workspaces, adjusters aren't being sent out. Instead, you'll have to work with your insurer to complete your claim entirely online.
Kentucky renters insurance rates: City-by-city breakdowns
Our collection of renters insurance quotes in Kentucky enabled us to find the typical cost of coverage in the state's largest cities. Below, we've communicated each city's average cost and its relationship to the mean price of coverage in Kentucky.
The cheapest place for renters insurance is Richmond, while Louisville tends to have the most expensive rates.
|City||Average cost (per year)||% difference from statewide average|
To find the best renters insurance in KY, we used a sample profile to source quotes. Our sample profile was a 30-year-old unmarried male with no history of making insurance claims. Additionally, we collected rates for $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to others.