Few places in America are as beautiful as Kentucky Thoroughbred country. Right in the heart of it all is Paris, KY. If you live here, you know how great it is, and you need to protect your home so that you can enjoy the good life in peace. To own a home here and enjoy it is to insure a home here, and thankfully, home insurance is more affordable in Paris than in many other parts of the state. But you have to shop around to get the best deal. Your Independent Insurance Agent will help you navigate the options and find the policy you need to cover your risks so that you can enjoy the good life worry-free. By obtaining multiple quotes from many different companies, your agent will get you the coverage you need at the most affordable price.
The relatively low rates for good homeowners insurance aren’t just a feature of Paris but Kentucky as a whole. On average, homeowners spend $1,034 per year on insurance premiums, but in the Bluegrass State, the average is only $913. This ranks the state 27th overall with very low cost. A mild climate with few natural disasters is the main reason. Many considerations go into determining the cost of insuring your home, however, including the following:
- Home’s location - How likely are disasters? Crime?
- Home's age and type of construction - Wooden homes are more likely to suffer damage, and older homes are more likely to have electrical fires.
- Claims history - More claims will make you more expensive to insure.
- Risk factors on the property - Swimming pools and trampolines figure prominently.
- Credit score - a low credit score is indicative of a high risk.
That’s why shopping around for the right insurance for your home and your lifestyle is so critical to finding the right insurance for yourself.
Paris Second Home and Vacation Home Insurance
There are some second homes in and around Paris, usually kept by those who want a beautiful escape from the city. Generally, it costs a bit more to insure a second home because no one is there to watch it all the time. For that reason, many owners of second homes opt to have lower coverage. This is a risky thing to do, which doesn’t always save you money in the long run. It’s always best to insure a second home to the same level as a primary residence. There are ways to do this and keep your costs low. A security system helps keep the cost low and protects you against any loss whether you have your home fully insured or less than fully insured. If you work with your insurance agency, you can find the options that work with their policies and your home.
Number of Thefts in Kentucky
One of the things that keeps home insurance cost down in Kentucky is a relatively low rate of burglaries as shown in these data from recent years:
- Across the U.S., an average state had 37,814 burglaries.
- Kentucky reported 26,213 thefts from homes.
Despite the low rate, it’s important to be protected against theft. Any homeowners policy will cover damage to the home from any break-in as well as damage to any other property that is considered part of the house. You can also choose to cover the contents of your home at replacement value or at current value depending on your needs. It is best to get a quote for every option so that you can decide what is affordable with your budget.
Number of Catastrophes in Kentucky
Kentucky has a low rate of widespread damage from catastrophes. In the eastern part of the state, around Paris, storms are relatively rare and earthquakes are unheard of. But even a small number of events can cause a lot of damage, however:
- Recently, 743 catastrophes were reported.
- There were 17 tornadoes included in this total.
- Catastrophes in Kentucky caused $12.3 million in damage that year.
- 1 in 15 insured homes has a claim every year.
The right insurance policy protects you from damage caused by storms. Even though they are rare in this climate, when they do strike, you have to be ready. A good insurance policy makes all the difference when it’s time to clean up and put your home back together.
What Are the Risks in Paris?
While the risks are relatively low and home insurance is comparably less expensive than in many places, the liability you take on simply by owning a home is large. For example, if you have a trampoline, you also have an “attractive nuisance” that may cause injuries to visitors. Even if someone is not an invited guest on your property, the person can still sue you for any injuries incurred at your home. You need to be covered for a wide variety of potential risks, some of which you may not even be aware of.
Compare Paris Home Insurance Quotes
Talk to your Independent Agent to find the best homeowners insurance that fits your home, your lifestyle and your wallet. With extensive knowledge of the companies that cover homes in Paris, your agent will find the quote that works for you at a price you can afford.