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Kentucky Landlord Insurance

How to Find Kentucky Landlord Insurance

Find the right landlord insurance policy for you.

Ann Herro | March 14, 2020

As a landlord in a state famous for horses, BBQ, and bourbon, you’re sure to attract interesting tenants. Being a landlord is a great way to establish long-term relationships with good tenants and encourage a community spirit within your neighborhood. But you’re also held responsible for certain aspects of tenant safety, so protecting your liability is a must. Kentucky landlord insurance is a great way to secure your finances and your business future.

Use our independent agent matching system to find the best insurance plan in your area. You tell us what you’re looking for, and our technology will recommend the best agents for you. Any information you provide will be sent to only the agents you pick. We do not sell to third parties.

Kentucky Rental Statistics

  • Average rental price per square foot: $0.63
  • Average rental price: $663
  • Most prevalent rentals: 3-bedroom units
  • Average rental price for a condo: $662
  • Average rental price for an apartment: $566
  • Average rental price for a home: $744
  • Average rental price for a studio: $500
  • Average rental price for a townhouse: $747

Examining Landlord Liability

Before becoming a landlord, you must understand the responsibilities. Multiple things can go wrong with an apartment, and if the tenants can prove that it was somehow your fault, lawyers can try to seize your personal assets. With the right Kentucky landlord insurance liability protection, you have protection for your finances. Speak with an agent to see if you need a liability policy. Landlords who own one rental property or rent out a room may obtain protection through a personal homeowners policy. On the other hand, if you own an entire apartment building, the need for liability insurance is great. Consider the following:

  • If someone slips on your property and breaks an arm, liability insurance will help protect you against a lawsuit.
  • If a property is broken into and the tenants can prove you didn't follow necessary safety measures, they could sue you.
  • Even if you take preventive measures, accidents happen. Liability insurance will help ensure that you don’t lose everything in a lawsuit.

Ask an independent agent about an umbrella policy, which provides extra liability protection. If you have sizeable personal assets, this could be just the coverage you need.

Other Coverage Options

While liability is a huge concern for a landlord, you really need a comprehensive policy to protect yourself and your investment. Start with coverage for your rental unit. Property coverage is an essential component of Kentucky landlord insurance. This protects your building and any detached structures like garages, walls and swimming pools from most forms of damage. If a branch falls on your roof, you’re covered, but if the Ohio River floods your bathroom, you aren’t. Ask an agent about flood insurance for your rental property. You should also consider purchasing additional forms of coverage like these:

  • Loss of rent coverage: Protects you against loss of rental income and rental value
  • Rental business insurance: Protects your rental property and protects you against legal costs and medical expenses
  • Workers compensation: Protects you against the cost of medical care and physical rehabilitation of injured workers
  • Natural disaster coverage: Protects you against natural disasters such as earthquakes, floods, wind and more

Before committing to additional coverage, examine your needs first. Insurance will protect you, but it’s possible to pay for policies that you don’t need. An insurance agent can help you construct a complete Kentucky landlord insurance policy with only the coverage you need. One of the most important measures you can take is to set the right coverage limits.

Get Covered Today

Independent agents in our network can help you compare Kentucky landlord insurance quotes and help you select the right insurance options so that you don't overpay.

Contact a member agent today and get protection with a top-rated Kentucky landlord insurance policy.

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