Condo Insurance in Kentucky

Experts break down Kentucky condo insurance costs, coverages, companies, and more.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Woman enjoying the fresh air and coffee on her balcony. Find Kentucky condo insurance.

Condominiums are growing in popularity across the US. In Kentucky, condo sales increased by 18% in a recent year and are expected to continue to rise as construction of new units continues. If you own a condominium in the Bluegrass State, condo insurance can cover your property and protect your finances.

Independent insurance agents are ready to help you find the best policy to meet your coverage and budgetary needs. These agents are free to work with multiple insurers so they can easily find the coverage you want at a great price. Talk to an independent insurance agent near you to get started.

Is Condo Insurance Required in Kentucky?

Condo insurance is not required by law. However, if you have a mortgage on your condo or you have taken out a home equity loan or line of credit, your lender will require you to have this coverage until your loan is paid in full.

You will also be required to contribute toward your homeowners' association (HOA) master insurance policy through your monthly HOA fees.

What Is the Difference between Condo Insurance and an HOA Master Insurance Policy?

As the owner of a condominium, your home is protected by two different policies: your condo insurance and your HOA master policy.

  • Condo insurance: This is a policy that you purchase yourself. It is a specialized form of homeowners insurance that provides walls-in coverage for your personal property as well as liability and displacement coverage.
  • HOA master policy: This is a policy that is purchased by your homeowners' association. It provides coverage for the structure of your condo’s building as well as property and liability coverage for common areas like lobbies, clubhouses, gyms, and other amenities.

A good condo insurance policy will complement your HOA master policy so that you have all the coverage you need without having any redundant coverage.

How Much Does Condo Insurance Cost in Kentucky?

Condo insurance is much more affordable than traditional homeowners insurance. This is because it does not include coverage for the structure of your building or its common areas.

Let’s compare the average cost of homeowners insurance with the average cost of condo insurance in Kentucky:

  • Kentucky average home insurance cost: $1,109 a year
  • Kentucky average condo insurance cost: $381 a year

As you can see, condo insurance comes in at about one-third the price of home insurance. Your actual cost for coverage will be based on factors like:

  • The size of your condo in square feet
  • Crime rates and weather risks in the ZIP code where your condo is located
  • The estimated value of your personal property
  • The amount of personal liability coverage you want
  • Your claims history and credit score

If you bundle your condo insurance with another policy like car insurance or motorcycle insurance, you can frequently earn valuable discounts on all of your bundled policies.

Why Compare Kentucky Condo Insurance Quotes?

The formula used to compute rates is different for every insurance company. This means that if you contact a few competing insurers for a price, you are likely to receive different quotes from each. Sometimes, these differences can be significant.

If you take the time to compare a few customized quotes before choosing a policy, you can rest assured that you are getting your coverage at a good price. Independent insurance agents in Kentucky make comparison shopping easy.

What Does Condo Insurance Cover in Kentucky?

Condo insurance can cover your personal property and protect your finances with three different types of coverage.

Contents Insurance

Contents insurance is designed to cover repair or replacement costs if your personal belongings are lost or damaged by a covered event such as:

  • Property crimes, like theft or vandalism
  • Fires, regardless of their origin unless intentionally started by the policyholder
  • Severe weather events, like thunderstorms, windstorms, tornadoes, and hail

Your coverage limits should be high enough to enable you to fully replace all your belongings if you suffer a total loss, as can happen with a fire or tornado.

Loss of Use Insurance

Loss of use insurance is designed to cover your additional living expenses if damage caused by a covered event renders your condo uninhabitable. It can pay for:

  • Temporary accommodations in a hotel or rental home
  • A meal allowance if your accommodations do not include a kitchen
  • Moving costs
  • Storage fees
  • Pet boarding fees
  • Other related expenses

This coverage can continue until your building is brought back up to code and is safe to return to, or until you have purchased a new primary residence.

Condo Liability Insurance

Condo liability insurance is designed to provide coverage if you or someone in your household unintentionally cause someone else to experience injuries, property damage, financial losses, or other harm. It can cover things like:

  • Injuries sustained by guests while in your home
  • Dog bites and other pet-related injuries or property damage
  • Accusations of libel or slander
  • Accidental injuries you may cause to others while away from home

This insurance can cover related expenses such as legal fees, court costs, mediation costs, settlements, and judgments.

What Are the Best Condo Insurance Companies in Kentucky?

When you are shopping for condo insurance, you will find there are a lot of companies that provide this coverage. The best condo insurance companies in Kentucky are the ones that have a solid track record of proven reliability, responsive customer service, and affordable rates.

Local independent agents have teamed up with the area’s top-rated insurers, so you can be sure that any policies your agent recommends to you are offered by insurance providers you can count on.

How Can a Local Independent Agent Help Me Find the Best Condo Insurance Policy?

Independent insurance agents live and work in your community, so they are aware of the weather and crime risks you may face in your city. These agents can help you be certain that the policy you choose includes all the coverage you need for your condo and that you are buying it at a competitive price.

Contact an independent insurance agent near you to arrange an obligation-free consultation. Your agent can answer your coverage-related questions and provide you with a selection of customized condo insurance quotes that you can review together.

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