Best Condo Insurance In Kentucky 2024
Nationwide delivers the premier condo insurance coverage in Kentucky.
We’ve saved shoppers an average of $450 per year on their home insurance.
I’ve created this guide to help you choose the best condo insurance in Kentucky. As a former licensed insurance agent, I understand the importance of having enough coverage—not just to safeguard your finances but also to give you peace of mind.
Don’t go without coverage—find a robust condo insurance policy that shields you from various risks, like theft and natural disasters. Keep reading to understand how to ensure that you and your condo are well covered.
Best Condo Insurance Companies In Kentucky, 2024
Compare The Best Condo Insurance In Kentucky
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
Best Condo Insurance Companies In Kentucky 2024
Best For Discounts
Key Statistics
Why We Like Them
⇅For condo owners looking for savings, Travelers Insurance is a strong choice. It provides a variety of discounts that result in cheaper rates without compromising coverage quality.
A featured discount is the multi-policy discount, offering up to 15% savings on condo insurance when you bundle it with auto or other policies through Travelers. Bundling not only saves money but also simplifies managing your insurance.
You can save on condo insurance with Travelers Insurance by installing safety features in your home. The company lowers premiums for customers who demonstrate proactive risk management.
Benefits & Drawbacks
⇅- Offers savings for bundling coverage
- Financially robust
- Attractive rates ✓
- More complaints than some leading competitors
- Chance of a restricted dog breed policy
- Limited coverage in some regions ✘
Best Overall
Key Statistics
Why We Like Them
⇅Kentucky condo owners looking for insurance should prioritize Nationwide, as it provides thorough coverage and useful add-ons, including protection for things like fixtures, additions, installations, and upgrades.
Nationwide provides personalized coverage to protect your unit, your belongings, and yourself, while also reimbursing you for added expenses if you can’t stay in your home due to damage.
With a reputation for a fast and efficient claims process, the company’s customer service team is focused on delivering fair and timely resolutions, driving customer satisfaction.
Benefits & Drawbacks
⇅- Great option for long-term policies
- Affordable pricing
- Low customer complaint numbers ✓
- Not well-suited for condos with low market value
- Risk of premium increases later on
- Discounts may be time-sensitive ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Known for great customer service and a variety of coverage options, Amica is an excellent choice for condo insurance. You can bundle your auto and condo policies to save up to 20%, and their Platinum policy offers additional protection with extended coverages.
They offer highly competitive pricing, with lower rates than several top competitors, including Allstate. Their low complaint rate further demonstrates a high level of customer satisfaction.
Benefits & Drawbacks
⇅- Satisfied customers
- Financial stability is top-tier
- Lots of coverage options ✓
- AM Best rating took a hit in 2017
- Pricing is higher than normal
- Dividend policies are not offered in Kentucky ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅Luxury condo owners should consider Chubb’s Masterpiece policy, which offers extended replacement cost for enhanced protection. Additional options, such as identity theft and cyber coverage, can also be added.
With tailored insurance solutions addressing the unique needs of affluent homeowners, Chubb is the ideal choice for insuring high-value condos in Kentucky.
Benefits & Drawbacks
⇅- Great support for customers
- Offers a range of extended coverage
- Low level of complaints ✓
- Not ideal for lower-value homes due to cost
- Higher pricing compared to top competitors
- Not accredited by the Better Business Bureau ✘
How Much Is Condo Insurance In Kentucky?
Condo insurance isn’t a uniform product; to aid in your decision-making process, I’ve created the following tables to compare insurance costs.
Average Condo Insurance Rates In Kentucky – By City
The next table highlights the average monthly and annual condo insurance payments for residents in 10 of Kentucky’s largest cities.
| City | Average Annual Rate | Average Monthly Rate |
| Louisville | $487 | $41 |
| Lexington | $434 | $36 |
| Bowling Green | $470 | $39 |
| Owensboro | $462 | $38 |
| Covington | $440 | $37 |
| Richmond | $452 | $38 |
| Georgetown | $441 | $37 |
| Florence | $434 | $36 |
| Jeffersonville | $493 | $41 |
| Nicholasville | $458 | $37 |
Average Condo Insurance Rates In Kentucky – By Building Property Limits
The right amount of condo insurance is influenced by the value of your condo and personal property. The following table compares the average annual rates for different building property limits in Kentucky.
| Building Property Limit | Average Annual Rate |
| $40,000 | $400 |
| $60,000 | $480 |
| $80,000 | $560 |
| $100,000 | $620 |
Average Cost Of Condo Insurance – By Company
In this final table, we will look at how the average yearly condo insurance cost in Kentucky varies among the top national insurance providers.
| Insurance Company | Average annual Rate |
| AAA | $370 |
| Nationwide | $490 |
| Kentucky Farm Bureau | $440 |
| Progressive | $810 |
| Auto-Owners | $540 |
| Westfield | $480 |
| State Farm | $330 |
| Allstate | $370 |
Keep in mind that the costs provided in the tables are rough estimates and may change based on different factors, such as your insurance needs, the location of your condo, and its physical characteristics.
Remember not to prioritize cost alone when selecting a policy. You should also aim for affordable insurance that provides extensive coverage and is backed by a company with high financial ratings and strong customer service.
How Much Condo Insurance Do I Need In Kentucky?
In Kentucky, how much condo insurance you need is determined by factors including the structure of your condo, the value of your personal belongings, and what your condo association’s master policy covers. Loss assessment coverage can also be added to help pay for damages or losses in shared areas of the condo community.
What Does Condo Insurance Cover In Kentucky?
HO6, or condominium insurance, in Kentucky typically provides protection for everything inside the unit, including walls, floors, fixtures, cabinets, and personal possessions from damage and theft. Additionally, most policies cover common areas in the complex through loss assessment coverage, generally starting at $1,000 but often available for an increase.
Is Condo Insurance Legally Required In Kentucky?
Condo owners in Kentucky are not legally required to purchase insurance, but it is usually mandated by mortgage lenders or condo associations. Most condo insurance policies typically cover liability from $100,000 up to $500,000.
Factors That Impact The Cost Of Your Condo Insurance Policy
The amount you pay for condo insurance in Kentucky is influenced by the following 4 factors:
Replacement Cost
The replacement cost is the estimated price to restore your condo unit in case of damage. A higher replacement value means higher insurance costs.
Physical Address
Insuring a condo in a high-risk area of Kentucky, where there’s high crime or the potential for severe weather, will likely cost more. The regular wildfires in Kentucky also contribute to the higher expense of condo insurance.
Age and Construction Type of Your Condo
Older condos often have higher insurance premiums due to the risks posed by outdated electrical, plumbing, and HVAC systems. The materials used in construction also influence premiums—Kentucky condos with fire-resistant materials may qualify for reduced rates.
Claims History
If you’ve made insurance claims in the past, insurers may see you as a higher risk, leading to increased premiums for your condo. A claims-free history, however, could help lower your costs.
How To Find The Best Condo Insurance Company For You
Your condo could be your most valuable asset, making it crucial to get quality coverage to guard against financial loss. Finding a policy that meets your needs will require both time and effort. To help you with this, here are five actions you can take to protect yourself, your family, and your assets:
- Find out how much condo insurance you should have.
- Do an internet search for condo insurance providers and find three that you feel most confident about.
- Get a quote from each of the three insurance companies.
- Look at each carrier’s coverage, costs, financial standing, customer reviews, and available discounts.
- Complete your application with the insurance provider you prefer most.
Our Methodology
I used J.D. Power’s customer satisfaction data, AM Best’s credit ratings, and consumer reviews to identify the best condo insurance providers in Kentucky. I also drew on my professional experience as a former licensed property and casualty agent in the state, where I sold condo insurance.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Kentucky?
The cost of condo insurance in Kentucky typically averages $480 a year, or $40 a month. However, the actual rate can vary widely based on factors such as location, coverage amount, and the insured’s claims history.
How does condo insurance work?
Condo insurance covers the repair or replacement of your unit’s interior and personal belongings in case of damage or theft. It also offers liability protection and fills the coverage gaps left by the condominium’s master policy, helping you avoid financial loss.
