Kentucky Flood Insurance

Living near a body of water is a desirable situation for those looking to buy or even rent a home. In many cities, downtown revitalization is taking place near a river, and cities in Kentucky are no different. The two largest cities in the state are located near rivers, and many other KY communities sit near lakes, creeks, and streams. When rainfall pours out of the sky, even tiny creeks can pose a threat to your home, and without Kentucky flood insurance, you could potentially suffer from devastating water damage to your property.

The average cost of Kentucky flood insurance is $1,057 per year. A local independent insurance agent in Kentucky can help you find affordable coverage when you need it. But first, here's an overview of Kentucky flood insurance.

Companies that Offer Flood Insurance in Kentucky

Residents of Kentucky can buy flood insurance in one of two ways: either by going through the National Flood Insurance Program (NFIP) which is regulated by the federal government and backed by them but sold by traditional insurance companies, or by getting private flood insurance. 

The NFIP is a part of the Federal Emergency Management Agency (FEMA) and limits its flood insurance coverage to $250,000/$100,000 for buildings and personal property. Private flood insurance can allow you to purchase higher coverage limits and offer more perks and options than what's available from the NFIP, such as loss of use coverage or replacement cost coverage. 

Here are a few private flood insurance companies in Kentucky that you can get coverage through:

What Does Flood Insurance Cover in Kentucky?

The two main types of coverage offered through the FEMA-backed NFIP are buildings coverage and personal property or contents coverage. The buildings coverage provides protection for your home's structure and built-in systems like the electrical and plumbing systems, as well as built-in appliances like dishwashers, against damage or destruction caused by natural flooding events. It is typically limited to $250,000 by the NFIP. 

Personal property or contents coverage provides protection for your personal belongings like furniture, silverware, electronics, and collectibles against natural flood damage. It is typically limited to $100,000. 

The NFIP's flood coverage also typically applies to detached garages and includes up to $2,500 for expensive, valuable items. This coverage can also pay for debris removal from your property after a flood.

Private flood insurance typically includes all of this coverage with some extras. Loss of use coverage or additional living expenses coverage provides reimbursement if you get temporarily displaced from your home and must stay elsewhere after a covered flooding event. It can pay for hotel rooms, takeout meals, additional gas mileage, and more. 

Also, private flood insurance can include replacement cost coverage, which can pay to replace an item for its original value without factoring in depreciation. Coverage limits for private flood insurance are often available in much higher increments than with NFIP's coverage.

What Does Flood Insurance Not Cover in Kentucky?

Flood insurance doesn't cover every incident of flooding or every problem that can be associated with natural flooding. For example, flood insurance won't cover any damage to your home caused by mold, mildew, or moisture that the homeowner could've prevented. 

Flood insurance also excludes coverage for certain types of personal property, like currency, precious metals, and valuable papers. The belongings you keep outside of your home like hot tubs, as well as landscaping like trees and shrubs, are typically not covered, either. Finally, certain parts of your home, like decks, are often excluded from your coverage, as are belongings kept in your basement.

Is Flood Insurance Required in Kentucky?

Though flood insurance is not required by Kentucky state law, it is often required or at least recommended if you live in a high-risk county. Flood insurance can be a requirement in a mortgage agreement, especially if you live in a flood zone. 

It's helpful to keep this in mind, especially considering that 11% of properties in Kentucky are in what are considered high-risk flood zones. Kentucky can be prone to storms that produce as much as four inches of rain hourly, so getting flood insurance may be a safer bet than not for residents of the state.

Average Cost of Flood Insurance in Kentucky

Flood insurance in Kentucky costs an average of $1,057 per year if you get coverage through the NFIP, or about $690 per year if you get private flood insurance. The national average cost of flood insurance is $888, according to FEMA. Coverage tends to be less expensive if you go through private flood insurance companies. 

Several factors can influence the cost of your flood insurance beyond where you get coverage from. Kentucky's rates can be higher than the national average due to factors like the state's higher flood risk. 

However, your coverage's costs will also be impacted by the types and amounts of coverage you need, the deductible amount you select, the age of your home, your personal claims history, and more. Of course, the higher your area's risk of flooding, the more expensive your coverage will likely be, as well.

Average Kentucky Flood Insurance Costs by City

Flood insurance costs in Kentucky also vary down to each specific city. Each area's risk of flooding highly impacts the cost of flood insurance. The city of Berea has what can be considered the best and cheapest flood insurance in Kentucky, at an average of only $680 per year, despite having a moderate flood risk. 

Here are some of Kentucky's cities and the average rate of flood insurance in each one.

Kentucky Flood Insurance FAQs

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Get Kentucky Flood Insurance Quotes

To receive the best help in your search for Kentucky flood insurance, contact a local Kentucky independent insurance agent. Your agent can compare Kentucky flood insurance quotes and policies from several different carriers to find the right match for you and your risk level. Contact an independent insurance agent in Kentucky today to get set up with all the flood insurance you need.