Kentucky Home Insurance

No homeowner is exempt from the potential for disaster when it comes to their home. Theft, water, and fires damage homes every day, and while there are only so many preventative measures that can be taken, having decent home insurance coverage should be at the top of your list. Kentucky homeowners have plenty of resources to turn to in order to protect their assets.

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Stats in Your State

To get a sense of the home insurance market, Kentucky residents can study the behavior of home sales and insurance premiums throughout the past decade or further in their state. The charts, graphs, and statistics below contain valuable information about home insurance in Kentucky.

Homeowner Insurance Premiums

Kentucky home insurance premiums have been continually lower than the national average between 1999 and 2008, with the largest gap occurring in 2007. Although 2007 was the highest year for the United States average during that timespan, Kentucky premiums dropped considerably.

Renter Insurance Premiums

The rental market in Kentucky is favorable. Renters insurance premiums for the state of Kentucky have also been lower than the national average, with a marked drop in cost between 2006 and 2007.

Existing Home Sales

Much like the rest of the housing market in America, home sales in Kentucky reached a climax in 2006 with nearly 97,000 homes sold before plummeting to 70,300 by 2010.

Flood Insurance in Region

Data collected between Oct 1, 2011 through Sept 30, 2012 shows that there were 996 flood damage claims in Kentucky, warranting $18,720,000 in damages. In the East South Central region, Kentucky faired more favorably than Arkansas, Louisiana, and Mississippi, each with over 1,000 claims within the same timeframe.

Homes Built

Peak building years for Kentucky homes took place in the 1970’s and 1990’s, with a sharp drop in development beginning at the start of the twenty-first century.

Rules in Your State

Each state has specific legislation, rules, and requirements for home insurance proceedings. Kentucky’s home insurance regulations are similar to other states, but any discrepancies can be found by familiarizing yourself with the information below.

Auto and Home Insurance Guide

The Kentucky Department of Insurance provides a comprehensive document to home and auto insurance. Residents can learn some tips on how to reduce their home insurance rates, certain unlikely things that are covered or exempt from home insurance policies, how coverage through the Kentucky FAIR plan works, and more.

Representatives & Resources in Your State

To get even more information on home insurance in Kentucky, consumers can go straight to the source of information. A number of local authorities, organizations, and government offices can answer any remaining questions you have about home insurance in Kentucky, as identified below.

Kentucky Department of Insurance
215 West Main St
Frankfort, KY 40601
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Consumer Complaint Resource
The Kentucky Department of Insurance’s consumer complaint branch handles tip-offs of insurance fraud or any claims you can’t settle.

Kentucky FAIR Plan
This is an association in Kentucky that makes homeowners, renters, and other property insurance accessible to those who can’t obtain insurance through regular markets in lieu of a nonprofit, residual market.

Insuring Your Property Against Underground Mine Collapse
Kentucky’s history as a mining state poses an extra threat to homeowners and their properties. However, this publication by the Kentucky Mine Subsidence Insurance Fund explains your coverage as it pertains to coal mine collapse and how you can make a claim.