Getting a Condo Insurance Quote in Kentucky
Many occupants in Kentucky choose the ease of living in condos. Choosing the right condo insurance from Kentucky can be confusing, so we're here to assist you by minding a couple of key factors that you need to remember when negotiating the final cost of your condo insurance so that you receive the ideal coverage for your needs at the ideal cost. There are lots of factors that will influence how expensive or inexpensive your annual condo insurance quote will be, so we've made it our goal is to help make the condo insurance buying procedure a breeze.
Kentucky Condo Insurance Statistics at a Glance
Given the numerous factors which impact the purchase price of condo insurance, and taking into account that property values are on the upswing, Kentucky condo insurance coverages may be more on the expensive side. Kentucky is ranked the 38th most expensive country in the nation for condo insurance. Kentucky residents pay an average of $79 per month or $954.00 per year in condo insurance premiums. Although Kentuckians are paying more about condo insurance, the good thing is that trends demonstrate that prices are becoming more affordable. Overall most cities in Kentucky have comparable average monthly prices, but Fort Thomas, KY was shown to be the lowest priced cities at $485.50 per year or $40.46 per month. On the flip side, Mayfield, KY has the highest condo insurance rates in the state at $702.50 per year or $58.54 per month. Different insurance companies have important differences in rates so it is important to shop around in the event that you're looking for condo insurance from Kentucky.
$521
Average Annual Cost of Condo Insurance in Kentucky
The average cost of condo insurance in Kentucky on an annual basis is $521.
$43
Average Monthly Cost of Condo Insurance in Kentucky
The cost of condo insurance in Kentucky is roughly $43 per month.
23%
Percentage of Income on Ownership for Condos in Kentucky
Residents of Kentucky spend an average of 23% of their income on condo ownership.
26 years
Median Age of a Property Which Requires Kentucky Condo Insurance
The average age of a property requiring condo insurance in Kentucky is roughly 26 years.
What Affects the Costs of Your Condo Insurance in Kentucky
There are a number of variables that cause condo insurance coverages in Kentucky to change from price . Insurance companies use many variables to calculate your individual risk and coverage needs, as well as to secure you an accurate quote to your condo insurance policy coverage. But there many factors outside of your control that could influence the purchase price of your condo insurance in Kentucky. Those factors could include things like the location of your condo, the age of your condo in Kentucky, and the construction quality of your condo. They may have the ability to see whether you're entitled to discounts. Some factors within your control that could help or hurt the final pricing of your Kentucky condo insurance prices could be variables like your own credit history, your claims history along with other condo insurance providers, your driving record, the sum of personal belongings that you have on your condo, the people who reside on your condo, and if you own or rent the condo. To be able to acquire the best possible quote, we strongly advise that you have a good deal of this information ready prior to obtaining a condo insurance policy quote to your Kentucky property.
Average Cost of Condo Insurance in Kentucky by City
The most common sort of condo insurance from Kentucky is the HO6 insurance policy. Whether you're living the city life in Louisville or Lexington or own a condo in a smaller city like Newport, you'll probably require H06 insurance for your condo in Kentucky. To give you an notion of just how much it will cost to cover your condo, we've provided a complete collection of estimated condo insurance quotes for your Kentucky city. These averages are based on all insurance prices for your individual town or city in Kentucky, therefore depending on where your condo is located on your area, your final cost could differ radically than what's quoted below.
| City in Kentucky | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Louisville, KY | $52 | $622 |
| Lexington, KY | $42 | $501 |
| Bowling Green, KY | $55 | $660 |
| Owensboro, KY | $49 | $594 |
| Covington, KY | $43 | $513 |
| Hopkinsville, KY | $55 | $662 |
| Richmond, KY | $46 | $553 |
| Florence, KY | $43 | $511 |
| Georgetown, KY | $42 | $509 |
| Henderson, KY | $50 | $599 |
| Elizabethtown, KY | $51 | $617 |
| Nicholasville, KY | $45 | $545 |
| Jeffersontown, KY | $51 | $607 |
| Frankfort, KY | $44 | $530 |
| Paducah, KY | $56 | $677 |
| Independence, KY | $43 | $515 |
| Radcliff, KY | $53 | $631 |
| Ashland, KY | $50 | $598 |
| Madisonville, KY | $55 | $664 |
| Winchester, KY | $46 | $554 |
| Erlanger, KY | $43 | $511 |
| Murray, KY | $56 | $668 |
| St. Matthews, KY | $51 | $614 |
| Fort Thomas, KY | $40 | $486 |
| Danville, KY | $50 | $595 |
| Newport, KY | $41 | $492 |
| Shively, KY | $52 | $621 |
| Shelbyville, KY | $49 | $590 |
| Glasgow, KY | $56 | $677 |
| Berea, KY | $50 | $599 |
| Bardstown, KY | $52 | $626 |
| Shepherdsville, KY | $54 | $646 |
| Somerset, KY | $56 | $678 |
| Lyndon, KY | $51 | $611 |
| Lawrenceburg, KY | $47 | $566 |
| Mayfield, KY | $59 | $703 |
Choosing the Best Condo Insurance Company in Kentucky for Your Needs
Making certain that you set in time and effort to pick the ideal condo insurance provider in Kentucky to your needs will give you peace of mind in the long run. You are insuring yourself your distance, and your valuables , therefore spend that extra time to search that you can find. Don't short change your Kentucky condo as well as the possessions inside of it by settling for the most affordable one on the marketplace. The ideal thing to do is to shop around and compare several companies prior to making final decisions and picking the ideal condo insurance provider in Kentucky for your needs. Keep in mind that you will not be forced by a company that is reliable in making a decision quickly or pay for coverage that you simply don 't want. Look for condo insurance companies that benefit their long-term customers with discounts or provide package insurance reductions. Finally, be sure that your provider is accredited. Assess the Kentucky Department of Insurance website to find out the licensing status, fiscal stability and criticism history of your chosen insurer.
The Top Rated Condo Insurance Companies in Kentucky Based off Consumer Ratings
State Farm holds the top place at being the biggest condo insurance provider in the United States for more than 50 decades. In Kentucky, a study done by JD Power revealed that State Farm was scored a 4 out of a 5 (higher than the average) from the coverage offerings, billing and payment, customer support and claims. In Kentucky, State Farm also received a NAIC criticism ratio of 0.2. Like many condo insurance companies in Kentucky, they provide premium discounts on condos that have been renovated or made to withstand any natural disasters that might happen from The Bluegrass State. When looking at pure metrics of condo insurance companies in Kentucky alone, Erie has the greatest JD Power score in the country at 5 while Metropolitan has the cheapest at 2. The condo insurance provider in Kentucky that has the cheapest NAIC criticism ratio in Kentucky is Kentucky Farm Bureau at 0.11 while American Family has the highest NAIC criticism ratio at 0.68.
| Kentucky Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Auto Club Group Ratings for Condo Insurance in Kentucky | N/A | 0.66 |
| Auto-Owners Insurance Co Ratings for Condo Insurance in Kentucky | 4/5 | 0.21 |
| Allstate Ratings for Condo Insurance in Kentucky | 3/5 | 0.31 |
| Kentucky Farm Bureau Ratings for Condo Insurance in Kentucky | N/A | 0.11 |
| Liberty Mutual Ratings for Condo Insurance in Kentucky | 2/5 | 0.53 |
| Nationwide Ratings for Condo Insurance in Kentucky | 2/5 | 0.24 |
| State Auto Ratings for Condo Insurance in Kentucky | N/A | 0.23 |
| State Farm Ratings for Condo Insurance in Kentucky | 4/5 | 0.2 |
| Travelers Ratings for Condo Insurance in Kentucky | 2/5 | 0.3 |
| Erie Ratings for Condo Insurance in Kentucky | 5/5 | 0.2 |
| Metropolitan Ratings for Condo Insurance in Kentucky | 2/5 | 0.23 |
| USAA Ratings for Condo Insurance in Kentucky | 5/5 | 0.15 |
| Shelter Ratings for Condo Insurance in Kentucky | N/A | 0.34 |
| Kentucky Growers Insurance Co Ratings for Condo Insurance in Kentucky | N/A | N/A |
| American Family Ratings for Condo Insurance in Kentucky | 3/5 | 0.68 |
Kentucky Condo Insurance Requirements
Beneath the Kentucky Condominium Act a condo unit owner in Kentucky is allowed to obtain insurance for his or her own benefit, but isn't required to do so. The Act says that if at the time of loss the device owner has an insurance plan that covers exactly the same risk as the association's coverage, then the associations' policy will take precedence and offer the primary insurance. Kentucky law demands condominium institutions acquire insurance for your own condominium building as a whole. However, condo unit owners may still need to consider buying insurance policies to insure any improvements that they personally install, their accountability, their possessions, or any loss or event not insured by the association's coverage.
What's Covered with Your Condo Insurance in Kentucky
While searching for the condo insurance coverage, what you'll notice is that most condo insurance companies in Kentucky will offer standard coverage, which may consist of building property coverage, private property coverage, loss of use coverage and liability coverage. Building property coverage protects you financially from damage to the interior of your condo (walls, floors, tiles) and lack of permanent fixtures resulting from a covered event, such as fire. Personal property coverage protects your personal belongings, such as clothing, and furniture, electronics, that are lost due to a covered event. With liability coverage, if you're held legally accountable for property damage or bodily injury afterward liability coverage provides financial protection for you. Normally a condo insurance plan from Kentucky insures $100,000 in liability compensation. With lack of use coverage: If your condo in Kentucky becomes uninhabitable and you want to reside outside of your condo due to a covered event and are paying more than you'd living on your condo then this attribute will cover you for the increased living expenses.
| Average Costs of Condo Insurance in Kentucky by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Barren County, KY | $50 | $604 |
| Boone County, KY | $36 | $429 |
| Boyd County, KY | $43 | $518 |
| Bullitt County, KY | $47 | $568 |
| Campbell County, KY | $35 | $416 |
| Christian County, KY | $48 | $580 |
| Daviess County, KY | $47 | $559 |
| Fayette County, KY | $34 | $410 |
| Franklin County, KY | $38 | $452 |
| Hardin County, KY | $48 | $579 |
| Henderson County, KY | $46 | $557 |
| Hopkins County, KY | $51 | $612 |
| Jefferson County, KY | $45 | $545 |
| Jessamine County, KY | $39 | $473 |
| Kenton County, KY | $35 | $423 |
| Laurel County, KY | $65 | $782 |
| Madison County, KY | $39 | $463 |
| McCracken County, KY | $49 | $586 |
| Nelson County, KY | $47 | $560 |
| Oldham County, KY | $44 | $524 |
| Pike County, KY | $63 | $753 |
| Pulaski County, KY | $50 | $598 |
| Scott County, KY | $37 | $438 |
| Shelby County, KY | $43 | $518 |
| Warren County, KY | $49 | $586 |
How to Get Kentucky Condo Insurance Discounts
Each insurance provider in Kentucky has its very own reduction or loyalty application. So be certain that while you shopping around for a condo insurance quotation that you ask about any discounts that may be available for you or your family . Normally, you will find many discounts available on Kentucky condo insurance coverages. Couple for are new customer discounts multi-policy and bundled discounts, loyalty discounts and discounts.
| Condo Insurance Deductible | Average Kentucky Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $141 |
| $1,000 | $132 |
| $1,500 | $126 |
| $2,000 | $118 |
| $5,000 | $101 |
Getting the Best Kentucky Condo Insurance Rates
Shopping around is key to determining if sufficient savings are obtainable to your Kentucky condo insurance plan. All you need to do is telephone us and determine if any other insurers can beat what you are paying. You might be surprised. You can even ask a friend to consult with their condo insurance policy provider which may produce a referral reduction. You can increase because the higher your deductible, the lower your cost of your insurance. But make sure that your deductible is not high because in case of a loss you're responsible for paying any sum up. See as many carriers offer discounts to customers package insurance policies whether you can package your supplier and multiple kinds of insurance policies together. By way of instance, consult the supplier of your car insurance and see if they will reduce your premium if you buy condo insurance from them also. If you stay with the insurer for decades afterward they may offer longevity reductions for customers. Some of these reductions can save you up to 10% on your premiums. Pay attention and keep it high as insurance providers take that into account when deciding your condo insurance policy premium. Boost it keep it high to find a reduced insurance premium.