Landlord Insurance in Kentucky

Experts break down landlord insurance costs, coverage, companies and more in Kentucky.

Landlord visiting renter living apartment. Find Kentucky Landlord Insurance.

As a landlord in Kentucky, you're responsible for certain aspects of tenant safety, protecting your investment and your property. The best coverage is found in a landlord insurance policy, but you'll want to shop around to find the best deal. 

A local independent insurance agent has a relationship with the network of landlord insurance carriers across the state. Whether your property is in Louisville or Paris, an agent is familiar with carriers in your area and can answer your questions about the best landlord insurance in Kentucky.

How Much Does Landlord Insurance Cost in Kentucky?

The average cost of homeowners insurance in Kentucky is $1,109 a year, and landlord insurance is typically 15%-25% more expensive than homeowners insurance. Of course, this price varies greatly based on a number of factors, the biggest of which is the size of your rental. Renting out a single-family home will cost less than a 100-unit condominium. 

Kentucky insurance carriers will take the following factors into consideration when calculating your landlord insurance quotes:

  • How much coverage you need
  • The type of coverage you purchase
  • Property size and number of units if applicable
  • Location and local crime rates
  • Potential severe weather risks
  • The age and condition of the property
  • Previous claims
  • Property amenities
  • Installed safety measures

There are typically discounts available for landlords if you're willing to install some safety measures, can bundle your coverage, are a loyal customer, or qualify for group coverage. Your agent can help you determine what discounts you can take advantage of. 

What Does Landlord Insurance Cover in Kentucky?

The more properties you are renting out, the more important coverage becomes. Even if you only have one person living in your rental property, you're still at risk of being sued if they're injured or if a catastrophic event, like a fire, causes damage.

Landlord insurance is made up of three main coverages: 

  • Property damage
  • Liability risks
  • Loss of income

Additional coverages are available based on the type of rental you have, your location, and the number of rentals you need to insure.

How Does Landlord Liability Insurance Work?

An important part of landlord insurance is liability coverage. A number of things can go wrong with an apartment complex or a home.  If the tenant is injured and can prove that it was your fault, your personal assets are at risk.

Liability insurance provides coverage if your tenant or another visitor is injured while on your property. It will also cover third-party property damage in the following ways:

  • Third-party injury coverage: Pays for any medical bills associated with the injury and legal fees if you're sued. This includes court fees, judgment fees, settlement fees, and other costs.
  • Third-party property damage: Pays to repair or replace damaged property.

If you're only renting out a room in your home, you can probably get an extension of the liability coverage on your Kentucky homeowners insurance. However, if you own an apartment complex, you may want to speak with your insurance agent about umbrella liability insurance for added liability coverage.


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Other Landlord Insurance Coverage Options in Kentucky

Liability is the first stop In protection, but in order to have a comprehensive policy, you need to invest in some additional coverages. 

  • Property damage: Covers your building, detached structures, walls, swimming pools, and other property if damaged by covered events such as fire, severe storm, vandalism, or theft.
  • Loss of rent coverage: Protects you against loss of rental income and rental value if a tenant suddenly becomes unavailable to pay their rent.
  • Workers' compensation: Protects you against the cost of medical care and physical rehabilitation of injured or ill workers. This coverage is required by law if you are employing staff members.
  • Flood insurance: Pays for any damage that is caused by natural floodwaters. 

Your agent will work with you to make sure you're not paying for coverage you don't need.  From the right policies to the right amount of coverage, they'll help you pull the best landlord insurance quotes in Kentucky.

Is Landlord Insurance Required in Kentucky?

Landlord insurance is not required by law, but purchasing it will look different if you have a short-term or long-term rental. 

  • Short-term rental properties:  Short-term rentals, typically six months or less, can usually be covered through homeowners insurance with an extension or rider. However, if you're continually renting out your home for short periods of time, you will probably end up needing to purchase separate coverage.
  • Long-term rentals: If you rent out your home for more than six months, you'll need to purchase landlord insurance to have any type of coverage.
  • Condominium, apartment, or townhome rental: If you own an apartment, condominium, or townhome complex with multiple units, it's imperative to get coverage to protect yourself and your property from tenant damage, weather damage, and other unexpected events.

Even though it's not required, skipping out on landlord coverage can leave all of your financial assets exposed. One event and you could lose everything, beyond your rental property. 

What Are the Best Landlord Insurance Companies in Kentucky?

The best landlord insurance companies in Kentucky are the ones that have a good reputation for customer service, settling claims, and providing affordable policy options. Fortunately, your independent agent already has relationships with the top-rated companies and will know which ones to speak with. 

After speaking with you about your needs, they'll work on pulling the best landlord insurance quotes in Kentucky to find you the best coverage available. 

How Can an Independent Insurance Agent Help Me Find the Best Landlord Insurance in Kentucky?

Independent insurance agents can help you compare Kentucky landlord insurance quotes and select the right insurance options so that you don't overpay. They've worked with numerous landlords who are local to your area and understand potential risks.

After a complimentary discussion about your needs, agents will reach out to multiple insurance companies and guide you in selecting a landlord policy that protects your assets, your property, and your tenants.

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