Lexington Renters Insurance

Your Complete Guide to Lexington, KY Renters Insurance

Find the right renters insurance policy for you.

The average monthly rent in Lexington is $1,168, which is significantly higher than the state average of $927. The most expensive rental homes are in the Bell Court and Brucetown neighborhoods, while the most affordable can be found in Castlewood and Elkhorn Park. Renters insurance can cover your property and protect your finances no matter where in Lexington you live. Independent insurance agents are available to answer your insurance-related questions. These agents can work with several different insurance providers to help you get the best price for your coverage. Find an insurance agent in or near Lexington to learn more about renters insurance. 

Is Renters Insurance Necessary in Lexington?

Renters insurance is not required by law. However, some landlords in Lexington require their tenants to carry it as one of the terms of their lease. This inexpensive insurance is designed to cover your personal property, provide you with personal liability insurance coverage, and even cover temporary housing if a covered event leaves your home uninhabitable. 

How Much Does Renters Insurance Cost in Lexington, KY?

Renters insurance is remarkably affordable. In Lexington, the average cost for a policy that provides $20,000 worth of property coverage and $100,000 worth of liability coverage with a $500 deductible is just $124 a year. That is just over $10 a month to ensure that your property is covered against the risks you face as a renter in this city. Of course, your actual rate may be higher or lower than this average amount, depending on how much coverage you wish to buy and details about the home you are renting, but this figure can give you a general idea of how much a policy will cost you.

Property Coverage for Lexington Renters

One of the biggest risks faced by renters is fire damage – especially if your rental home is close to other rentals. A fire in one unit can quickly spread to neighboring units, and even if the fire doesn't damage your belongings, smoke and firefighting efforts may. If the building you live in is damaged by a disaster, your landlord is responsible for making structural repairs. However, your landlord has no obligation to pay for any damage to your personal property. Fortunately, renters insurance is designed to provide this coverage. 

The contents insurance included in your policy also provides reimbursement for losses resulting from property crimes like burglary or vandalism. In Lexington, where about 2,100 burglaries are reported every year, this is particularly important. Be aware that property damage caused by floods is not covered by renters insurance. If the home you are renting is in a flood zone, is on the ground floor, or is otherwise at risk for flood damage, your local insurance agent can help you purchase an affordable contents-only flood insurance policy through the National Flood Insurance Program (NFIP).

Renters Insurance Can Cover Temporary Housing Expenses

What would you do if the home you are renting was seriously damaged by a fire or another disaster and you were unable to remain in it while repairs were made? Did you know that your landlord isn't required to provide you with alternative living arrangements? The good news is that your renters insurance has your back. Until repairs are completed and you can return home, your policy can cover the cost of a hotel or other living arrangements. It can also provide you with a designated per diem for associated expenses like meals. Your local independent insurance agent can further explain the details of this useful coverage.

Renters Insurance Gives You Liability Coverage

The good news is that most people never have to use the personal liability insurance included in their renters insurance policies. However, if you ever find yourself in a situation where you need it, this coverage can prove vital to your financial well-being. Renters liability insurance is designed to cover third-party damage and injuries that you are responsible for. It can also cover expenses like court costs, legal fees, and judgments if you are sued for a covered event. Examples of times you may need your renters liability insurance coverage include:

  • One of your children leaves a toy on the stairs and a guest in your home is seriously injured after tripping over it.
  • Your dog gets loose and bites a jogger *.
  • You’re playing Frisbee in the park with friends and accidentally break someone’s arm when you collide with them.
  • You are accused of libel or slander because of something you uploaded to YouTube.

* Some insurance companies specifically exclude damage caused by pets. If you are a pet owner, be sure to let your insurance agent know so that an appropriate policy can be found.

Why Work with an Independent Insurance Agent?

Renters insurance is an economical way for renters in Lexington to prevent disasters and other hazards from causing them large financial losses. Independent insurance agents can help you compare a variety of customized quotes so you can choose the policy that offers the best value for your money. 

Contact an insurance agent near you to get started.


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