More than 55% of Lexington’s 324,000 inhabitants are homeowners. This means that Lexington residents will be looking for affordable homeowners insurance. The average cost of home insurance is $1,381 for $250,000 of dwelling coverage. This is slightly higher than the national average of $13,312.
Lexington is an affordable and safe city. However, it can be expensive to overlook the damages natural disasters in Kentucky when looking for home insurance. There are many factors that can affect the cost of Lexington homeowner’s insurance. However, it is possible to find a great company after you have determined your needs. The Bankrate insurance editorial team evaluated the market share of the top local insurers and chose the most affordable Lexington home insurance for residents.
Lexington’s best home insurance company
Lexington residents have many options when it comes selecting the company that best suits their needs. Based on 2020 J.D., we compare the 2021 rates, discounts, and customer satisfaction ratings of each company. Bankrate’s Power Home Insurance Study has identified the most affordable Lexington home insurance companies.
AAA
AAA provides additional coverage to homeowners in addition the standard coverage. These include flood insurance, home system protections and loss of use.
AAA offers several discounts starting with a discount for becoming a AAA car club member. Bundling multiple policies can help you save money. You may be able to get a loan for a home, pay your premium fully, get a roof and have a clean history.
Auto-Owners
Auto-Owners offers a variety of optional coverages including water backup, guaranteed home replacement cost and extended personal property coverage. Special policies are available for high value homes.
Lexington homeowners who choose to insure their homes with Auto-Owners can save a lot of money by buying coverage well in advance of the policy’s expiration date and keeping consistent payments.
State Farm
State Farm is an excellent option for Lexington homeowners looking for insurance. State Farm is the largest Kentucky home insurance provider. It offers stability, as well as many features, such great online tools. State Farm also offers pet Insurance through Trupanion. This allows you unlimited medical coverage while your policy is with State Farm.
State Farm may offer policyholders great discounts, including impact-resistant roofing, home alert protection, and higher deductible discounts.
Travelers
Additional coverages, such as loss of use or damage to your home, are available through Travelers insurance policies. Based on the average rates in Lexington, Travelers is the second-cheapest provider. You can apply multiple discounts to your customers’ policies. This includes multi-policy loss-free, protective device, and green home discounts.
USAA
USAA consistently ranks among the top scorers in customer satisfaction J.D. Power Study is available and offers extremely competitive rates. Policies are only available to military personnel and their families. The benefits for those who are eligible to use USAA’s services may be worth the cost. You can add on identity theft and earthquake coverage to your standard coverage.
Lexington offers a variety of home insurance options
Although homeowners insurance is not required by law, mortgage lenders almost always require it. It is strongly recommended for all homeowners. Home insurance protects your home and finances from any natural or man-made disaster. Lexington is susceptible to severe weather, natural disasters like floods, tornadoes and occasional earthquakes.
Lexington residents may find the following coverages useful.
- Earthquake insurance – Although they are rare in Lexington, earthquakes do occur and are rarely covered by homeowners insurance.
- Flood insurance. Standard homeowners insurance does not cover flood damage. Lexington homeowners might want to purchase flood insurance along with their standard policy. Flood insurance is available from many major insurance companies. It can also be purchased through the federal National Flood Insurance Program.
- Green rebuilding coverage: Many insurers offer an optional coverage that allows you use green building materials to rebuild or replace your property after a loss. This could help you save money over the long-term.
- Tornadoes: Kentucky is 21st in the country for the most tornadoes. Although most homeowners policies provide coverage for tornado damage, you should make sure that your policy provides adequate coverage for repair and rebuilding in the event of an emergency.
- Scheduled personal property coverage: Most standard home insurance policies do not have high limits for valuable items. You might consider adding personal item coverage to get more protection for jewelry, art and electronics. The amount of personal property that you select to be covered under this add-on will determine the cost of the coverage.
Lexington Home Insurance Discounts
Although Lexington’s home insurance rates are lower than the national average for homeowners, they can still be beneficial to homeowners if they are offered. Lexington homeowners can take advantage of several discounts, such as:
- Multi-policy discount: Using the same insurance company for your auto, home, and life insurance is one of the best ways to get a discount.
- Security measures: Your insurance company may offer discounts if you install a smoke alarm, security system or other protection devices in your home.
- New home: Many new homes are eligible for additional discounts from their insurance provider.
- Loss-free: This could work in your favor if you have homeowners insurance before and have never been sued.
- You could get a discount on your policy if you opt to have automatic payments taken from your account every month.
Questions frequently asked
Which is the best company for home insurance?
There are many factors that affect the best home insurer. Each homeowner’s situation and budget will determine which insurance company they should choose. Before making a final decision, shop around and get quotes from multiple providers.
What is the cost of Lexington home insurance?
Lexington, Kentucky homeowners insurance costs an average of $841 per year for $250,000 worth of dwelling coverage. Multiple quotes can help you get a better estimate of homeowners insurance rates.
What amount of Lexington home insurance do you need?
There are many factors that will affect the amount of Lexington home insurance you need. These include how much it costs to rebuild your home in the event of a total loss. To determine the right amount of coverage for your home and financials, you can talk to an insurance agent.