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Louisville Homeowners Insurance

Your Guide to Homeowners Insurance in Louisville, KY

Find the right homeowners insurance policy for you.

Ann Herro | March 14, 2020

A bustling Southern town, Louisville has something for everyone. In just one weekend, you can attend a symphony at the Actors Theater of Louisville, catch a game at the University of Louisville or watch a Louisville Bats game, and then head downtown to the Riverfront Park for a picnic. There are many reasons that Louisville has managed to attract nearly 1 million residents. If you own a home in this city, be sure to protect your investment with the right Louisville, KY homeowners insurance policy.

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Number of Catastrophes in Kentucky

  • National number of catastrophes: 19,033
  • Number of catastrophes in Kentucky: 743
  • National number of tornadoes: 1,233
  • Number of tornadoes in Kentucky: 17
  • National property damage from weather: $5,511,270,000
  • Property damage from weather in Kentucky: $12,300,000

Catastrophic events like those listed above can lead to expensive damages to your home and property. You will want to be sure that you have sufficient insurance coverage. Be aware that your Louisville homeowners insurance policy will not provide coverage against flood damage so you may want to consider supplementing your coverage with a flood insurance policy through the NFIP.

Cost of Homeowners Insurance in Kentucky

  • National yearly premium average: $1,034
  • Kentucky yearly premium: $916
  • 27th most expensive premium in the US

Home insurance rates can vary significantly from one person to the next. Your rates will be calculated based on a number of factors including the value of your home, the amount of coverage purchased for your belongings, the age and build of your home and even the ZIP code in which it is located. Be sure to compare rates from at least three different insurance providers to ensure that you are getting your policy at a reasonable rate.

How to Insure Your Home

Whether you are purchasing a new policy or updating your current one, it is important to understand the six major coverage parts of your Louisville homeowners insurance policy:

  • Coverage A: This covers damages to the structure of your residence.
  • Coverage B: This covers damages to outlying structures such as storage sheds and detached garages.
  • Coverage C: This covers damages to the personal property that you keep inside your home. It also provides coverage against loss due to theft or catastrophes.
  • Coverage D: This covers acquired living expenses if you are forced to temporarily live elsewhere due to covered damages.
  • Coverage E: This covers you against non-vehicle-related liability charges anywhere in the world.
  • Coverage F: This covers medical payments to others if they are injured while on your property.

Having the right coverage for your home is essential. Too often, homeowners do not insure their home for the right amount or forget to regularly update their policies. Then, when something goes wrong, their compensation is not sufficient to equal the cost of the damages. Out-of-pocket costs can be staggering when this happens so it is important to keep your policy updated.

Many insurance experts recommend that you insure your home for its replacement value instead of its actual cash value. If your house burns to the ground, you will have the necessary funds to begin rebuilding your home regardless of the housing market at the time. If your home is insured for less than its value, your Louisville home insurance claims may be awarded based on the depreciated value of your coverage limit.

How to Insure Your Personal Belongings

Before purchasing coverage for the contents of your home, it is a good idea to take an inventory of all your belongings. You may own more than you realize. Contents coverage includes everything from furniture, clothing, and cookware to carpeting, light fixtures, and window treatments. When it comes to your property, you may value some things more than others but it is advisable to insure it all at replacement cost. Similar to your residence coverage, this option will provide benefits that cover the full cost of replacing your possessions with new ones, instead of just providing coverage at your property's depreciated value. Although this is a more expensive option, keep in mind that items such as furniture, computers, televisions, and stereos lose value over time and can be very expensive to replace.

Start Comparing Louisville Home Insurance Quotes Today

Mortgage lenders will require you to purchase Louisville homeowners insurance before closing on a house. Our agents can help you compare policies and rates to find quality coverage at an affordable price. It only takes a few moments to locate an independent agent in or near your ZIP code. 

Contact a local member agent today to learn more about your options for Louisville homeowners insurance.

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