Best homeowners insurance in Kentucky for 2023

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• 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.

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Homeowners insurance is not legally required in Kentucky. However, if you have a mortgage, your lender will likely require you to carry it. Either way, having homeowners insurance is widely considered by insurance experts to be an important step in ensuring you and your family are financially protected from the risk of catastrophic losses. Without it, you are responsible for paying out of pocket to repair or rebuild your home after a loss, which could be financially devastating.

No single insurance company in Kentucky is the best choice for everyone. Every company may offer different coverage types, discounts and rates, and each homeowner’s situation is unique. Most insurance experts agree that it is important to shop around to find the provider that could offer you a policy that best fits your needs at a cost you can afford.

Your homeowners insurance rates depend on several factors, and while not an exhaustive list, your home's value, location, claims history and coverage package may all significantly impact your rate. That said, the cheapest homeowners insurance in Kentucky will vary from person to person. However, according to our extensive research, you may want to start your search with Auto-Owners or Travelers.

Instead of a standard homeowners policy, you will need mobile home insurance if you live in a mobile home and want your property covered. However, you may be surprised to learn that a mobile home policy, or manufactured home insurance policy, may be more expensive than a standard homeowners insurance policy. This higher rate reflects the increased risk caused by a mobile home’s difficulty in withstanding natural disasters. Even so, mobile home coverage may be essential in providing financial protection against a considerable out-of-pocket expense in the event of a covered peril.

The average cost of home insurance per month in Kentucky is $167. However, your premium may vary based on your individual circumstances and how much insurance you need. Insurers may use numerous rating factors to determine your premium, including replacement cost of your home, as well as your credit-based insurance score, claims history, the deductible you choose and proximity to a local fire station and fire hydrants.