Kentucky Renters Insurance
When looking for renters insurance in Kentucky, look for a policy that includes coverage for property damage, fire and wind damage, and personal liability.
Written by Melanie Mergen
Reviewed by Melanie Reiff
Kentucky
renters insurance costs about $125 per year on average. A standard renters insurance policy will help cover personal property, personal liability, loss of use, and medical payments for someone if they’re injured in the home you’re renting.It might not be your first instinct after you’ve signed the lease on your new apartment, but renters insurance is one of the easiest ways to protect your personal belongings in a big way. Even better:
renters insurance
is one of the cheapest types of insurance around, and it’s usually pretty easy to sign up.RECOMMENDED
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What is renters insurance?
Renters insurance protects you financially for several different scenarios, like if your personal property is ever damaged or stolen.
A standard renters insurance policy will usually include the following types of coverage:
- Property coverage (Coverage C): Covers the actual cash value (ACV) or replacement cost of your possessions if they’re lost, damaged, or stolen
- Loss of use coverage (Coverage D): Covers living expenses, like a hotel room or other rental place, if your property is damaged by a covered peril
- Personal liability (Coverage E): Covers legal expenses if someone is injured in your home
- Medical payments (Coverage F): Covers medical costs if someone is injured in your rental home
To determine how much property coverage you’ll need, make a list of your belongings and their cumulative value. If your landlord is requiring you to purchase renters insurance, they may have set a minimum amount of personal liability coverage your policy must include.
What does renters insurance cover?
If there is a particular sort of protection you want your renters insurance policy to have, make sure it’s a
named peril
in your policy. Otherwise, the damage incurred won’t be covered by your insurance. Those named perils will vary based on company, policy, and location, but common ones include:
- Falling objects
- Fire
- Windstorm
- Theft
- Vandalism
- Frozen plumbing
- Hail
- Lightning
What does renters insurance not cover?
While renters insurance protects a lot, it doesn’t cover absolutely everything. If you’re concerned about protection for these items, you might need to purchase additional coverage.
- Your car: No, not even while it’s parked at your place. You’ll need to make sure yourcar insurancehas you covered on that front.
- Business-related items: Unless your policy says otherwise, your work items at home will likely need additional coverage.
- Valuables: Rare collectibles and expensive jewelry or heirlooms probably won’t be covered under a standard renters insurance policy, but it never hurts to ask. You’ll likely need to get additional coverage.
Key Takeaway: Renters insurance covers your personal belongings in a variety of different scenarios—but if the cause of damage isn’t a named peril, it won’t be covered.
Is renters insurance required in Kentucky?
Renters insurance isn’t required in Kentucky by law. However, some landlords may still require to purchase renters insurance to lease from them.
Regardless, purchasing renters insurance is a good idea because of the protections it affords you—and it’s relatively inexpensive. The average cost of renters insurance in Kentucky is about $125 per year or less than $11 per month.
That’s a small price to pay to save thousands of dollars later, should the unexpected ever come your way.
How to build a Kentucky renters insurance policy
Building a Kentucky renters insurance policy is just a matter of taking a few simple steps.
First, to determine how much coverage you’ll need, take an inventory of your significant personal belongings. This would include electronics, furniture, appliances, and anything else of notable value to you. This will make things easy later if you ever need to file a claim.
As you make the inventory, each object should include as much of the following as you’re able:
- Photo of object
- Number of items
- Date you bought the item(s)
- Original purchase price (receipts are good if you still have them)
- Brand number and serial number (if available)
Next, pick a limit for personal liability. Your landlord might have required a certain minimum amount or range, or you can choose it yourself.
Finally, review named perils. When considering a policy, make sure any particular protections you need are listed. For example, if you were concerned about tornado coverage in Kentucky (usually included with windstorm coverage), read your policy language carefully to verify it’s included.
However, if you’re concerned about flooding, that’s usually a coverage you’ll have to purchase separately (and yes, there are
flood
insurance options for renters). Actual cash value vs. replacement cost
You’ll also need to decide whether you want actual cash value (ACV) coverage or replacement cost coverage for your policy.
If your items were damaged due to a named peril, actual cash value covers you based on the current market value of your damaged item, which may have depreciated since you bought it. On the other hand, replacement cost coverage would cover the amount of what it would cost to buy a comparable item today.
Replacement cost coverage is usually more appealing but will probably cost more than actual cash value coverage.
How to find cheap renters and car insurance
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FAQs
Is renters insurance worth it?
Yes! Renters insurance is almost always worth it. It’s one of the cheapest types of insurance out there, and if you do end up needing to make use of that coverage, there’s a chance it could save you thousands of dollars. Not bad for an insurance policy that may only cost you under $20 a month.
What is the average cost of renters insurance in Kentucky?
While renters insurance rates can fluctuate, Kentucky’s average cost is cheaper than plenty of other states at about $125 per year or $34 less than the national average. That’s less than $11 a month!
You could save 15% or more on renters insurance by bundling
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