Since Kentucky experiences various natural disasters that could affect your home, such as tornadoes, windstorms, lightning and winter storms, it’s important for Louisville homeowners to consider protecting their finances with homeowners insurance. According to Bankrate’s study of 2022 quoted premiums, Louisville residents pay, on average, $1,819 annually for $250k in dwelling coverage, though rates vary by insurance company, coverage needs and home characteristics.
To help Louisville, Kentucky homeowners find the best homeowners insurance, Bankrate has compared and analyzed multiple factors across many companies. Using these factors, which include pricing, coverage options, discounts, customer satisfaction, third-party rankings and financial strength, Bankrate determined the best cheap home insurance companies Louisville, Kentucky homeowners should consider.
Best cheap home insurance companies in Louisville
Our picks for the best cheap home insurance companies in Louisville are Cincinnati Insurance, USAA, AAA, Auto-Owners and Travelers. The data collected and analyzed by Bankrate was combined to create a Bankrate Score for each company based on a 5.0 scale. Homeowners can use the Bankrate Score to evaluate companies when shopping for cheap home insurance. The Bankrate Score uses several criteria, including rate data from Quadrant Information Services, customer satisfaction scores, unique policy features, online and mobile availability, financial strength and affordability.
|Home insurance company||Bankrate Score||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Cincinnati Insurance||Not rated||$984||N/A|
*USAA not officially ranked by J.D. Power due to eligibility restrictions.
Of all the carriers we evaluated in Louisville, Cincinnati Insurance has the cheapest rates per year. Though this company has not been assigned a Bankrate Score or a rating in the J.D. Power home studies, it offers homeowners the ability to tailor their coverage to fit their needs. Homeowners can choose between the Executive policy or Executive Capstone and Classic policies, which are specific to high-value homes. Optional add-ons include coverage for earthquakes, identity theft and golf cart damage.
Learn more: Cincinnati Insurance Review
USAA has the second cheapest average premium for home insurance in Louisville on our list. It receives the highest Bankrate Score of 4.8 as well as the highest rating in the J.D. Power Home Insurance Study, although the company is not officially ranked due to eligibility requirements. USAA insurance is only available to military members, veterans and their immediate families. For those who qualify, though, it might be a good option. Besides the standard home coverages, USAA also offers home sharing and earthquake coverage.
Learn more: USAA Insurance Review
AAA offers home insurance nationwide through multiple clubs that are determined by your ZIP code. Louisville, Kentucky homeowners can get standard coverage options and optional features like scheduled personal property and guaranteed replacement cost on dwelling coverage. However, with few extra features and discounts, plus the fact you have to be a AAA member to be eligible for coverage, AAA only receives a 3.8 Bankrate Score.
Learn more: AAA Insurance Review
Homeowners can get several optional endorsements to customize their Auto-Owners home insurance. Equipment breakdown, home cyber protection and identity theft expense are just a few of the coverage options you can choose from. Another unique feature not typically offered is inland flood coverage for qualifying homeowners who do not wish to buy a separate flood insurance policy. Though Auto-Owners receives an above average J.D. Power score and a solid 4.2 Bankrate Score, the insurer has the second-highest average home insurance costs among our cheapest companies.
Learn more: Auto-Owners Insurance Review
Though Travelers home insurance is the most expensive on our list, it still comes in several hundred dollars below the average yearly cost for Louisville. Homeowners can enhance their coverage with extras like contents replacement, green home coverage, water backup and a personal articles floater. While Travelers received a 4.0 Bankrate Score, it places below average in the J.D. Power Home Insurance Study.
Learn more: Travelers Insurance Review
Home insurance coverage options in Louisville
Standard home insurance coverages include dwelling, personal property, loss of use, medical payments and liability. Louisville homeowners can include additional coverage options they may need to protect their home in the event of certain natural disasters or other covered occurrences. Consider these additional coverage options for home insurance in Louisville, Kentucky:
- Flood insurance: Damage occurring from floods is usually not covered by a standard home insurance policy. While most will have to buy a separate flood insurance policy, those considering Auto-Owners home insurance may be able to add a special endorsement for this coverage.
- Guaranteed replacement cost: Homes insured with guaranteed replacement cost offer extended coverage in the event the cost of repairs are higher than the actual cash value of the damage. Some companies offer guaranteed replacement cost on both dwelling and personal property, which may be valuable if you want brand new belongings after a covered claim.
- Water backup: Backup of sewer and drains coverage is optional, but may be valuable to Louisville homeowners. It pays if a sewer line breaks or clog occurs, backing up the drains or toilets, or if your sump pump stops working, causing water to enter your lower level.
Home insurance discounts in Louisville
Taking advantage of discounts is a great way to get cheap home insurance for Louisville, Kentucky residents. Most discounts can be stacked together to get more savings, which means you will not have to sacrifice coverage if you are on a strict budget. Consider these home potential insurance discounts in Louisville:
- Multi-policy: The more policies you insure with one company, the more you can potentially save on your home insurance. While the specifics and savings potential vary by carrier, insuring multiple policies with the same insurer makes it easier to keep track of your insurance portfolio and often offers the greatest savings potential of any available discounts.
- Protective devices: Having protective devices like fire, burglar alarms and security systems are not just a great way to deter burglars, it can also save you money on your homeowners insurance. Companies may also have a discount for an interior sprinkler system, which can limit damage if a fire were to occur.
- Claims-free: Homeowners who do not file a claim for a certain number of years can often qualify for this discount. The longer you go without filing a home insurance claim, the more you can potentially save.
- Green discount: If you enroll in paperless billing and policy documents, you may be able to save. This discount may also reflect homeowners who choose renewable materials to build and use in their home, depending on the carrier.
These are not the only discounts available to Louisville homeowners. Other discounts could include having a positive payment history, paying off your mortgage, making payments in full, getting an advanced quote when shopping carriers and having an automatic backup generator installed. Ask about all available discounts to ensure you receive the most savings you are eligible for.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.