8 Best Renters Insurance Companies in Kentucky of 2023

If you rent in Kentucky, you should consider buying renters insurance.

Renters insurance protects your personal property in a rented apartment, condo, or home from unexpected and unforeseen circumstances such as theft, wind, hail, sewer, plumbing, and sump pump backup.

It can also help protect you from liability if someone is injured on your property.

If your personal property is damaged or destroyed due to, say, a fire in your apartment unit, renters insurance will pay to replace them.

According to PropertyNest research, the average cost of basic renters insurance in Kentucky is $18.66 a month or $223.94 yearly.

But keep in mind that each company is different and offers different sorts of coverages, add-ons, features, and discounts.

Compare the coverage and cost of the best renters insurance providers in Kentucky picked by PropertyNest expert editors:

Compare Renters Insurance in KY

The Best Renters Insurance in Kentucky

• Allstate – Best for Generally Known to Offer Some of the Lowest Rates
• Liberty Mutual – Best for the Most Discounts
• Travelers – Best for Additional Coverages
• Amica Mutual – Best for Replacement Cost
• Progressive – Best for Single Deductible
• Erie – Best for Home Sharing Coverage
• Farmers – Best for Necessary Add-Ons
• GEICO – Best for Convenience

Allstate: Best Renters Insurance Generally Known to Offer Some of the Lowest Rates

Allstate is a nationally recognized and respected company that is known for its many insurance policies.

The insurer offers renters insurance and is generally known to have the most affordable rates compared to its competitors, such as Liberty Mutual and State Farm, although your premium will depend on a lot of different factors.

For Allstate’s basic policy, the cost is $120 per year or $10 per month.

Allstate’s average rate is based on a policy with $30,000 in personal property coverage, a $500 deductible, $100,000 in personal liability, and $1,000 in medical payments to others. 

Meanwhile, the average cost of a renters insurance policy is $180 per year or $15 per month.

With its low price, Allstate is more affordable than the US average.

However, the cost of a policy is initially based on where you live and can vary widely.

It also depends on any coverages you buy.

If you buy a lot of coverage, your rate will go up.

But with its multi-policy discount, your rate may also drop.

Here’s the discount: if you have both renters insurance and auto insurance from Allstate, you’ll get 10% off your auto policy and 25% off your renters policy.

Allstate Renters Insurance Discounts

• Multi-Policy.
• Signing up for autopay and linking your checking account.
• Being claims-free in five years.
• Discount for retired policyholders who are 55 or older.
• Installing safe home devices like fire, smoke, and burglar alarms.
• Living in a safe neighborhood.

Read a full Allstate renters insurance editor's review.

Liberty Mutual: Best Renters Insurance for the Most Discounts

For over 100 years, Liberty Mutual has been a reliable insurance carrier for a variety of coverages.

One of the things that Liberty is known for is that it offers a wide range of discounts on renters insurance that can help lower your premium.

Liberty Mutual Renters Insurance Discounts

• Multi-Policy: Bundling your renters insurance with the auto will lower your rate.
• Claims-Free: If you haven’t filed renters claim with any insurance provider for the last five years, you’ll get a discount.
• Early Shopper: Buy your policy before your existing renters insurance policy expires to save.
• Safety Device: If you install safety devices in your rentals such as a burglar alarm, deadbolts, fire extinguishers, a fire alarm, or a smoke alarm, you’ll get a discount.
• Quote Discount: If you get a quote from Liberty before your current policy expires, you’ll also save.
• Automatic Payments: If you enroll in automatic payments that link to your bank account, you’re eligible for a discount.
• Paperless Discount: If you choose to receive your policy documents electronically, you may be entitled to a rate decrease.
• Policy Discount: You can also save if you purchase renters insurance online.

Read a full Liberty Mutual home insurance review.

Travelers: Best Renters Insurance for Additional Coverages

Travelers is one of the best insurers around because it offers a wide range of coverage options that can help flesh out your basic policy.

Some of the coverages are unique to Travelers and aren’t available with other insurers.

• Valuable Items Coverage: This allows you to add higher limits of coverage to your renters policy to cover your expensive valuables better.
• Contents Replacement Cost (aka RCV): If your personal property in your rental is damaged due to a covered peril, you’ll get the full price of your items or at today’s prices without depreciation,
• Housing Improvements Coverage: If your landlord allows you to make alterations or upgrades to your rental, such as adding a chandelier, you’ll get reimbursed for the upgrades if they are damaged due to a covered peril.
• Equipment Breakdown: If your appliances, like a dishwasher or washing machine, break down, the insurer will cover the cost of repairs.

Travelers Renters Insurance Discounts

• Multi-Policy Discount: Bundle renters with auto insurance.
• Loss-Free Discount: Not filing a claim for a certain amount of years.
• Protective Device Discounts: Making your rental safe, such as adding theft alarms, deadbolts, and fire and smoke alarms.

Amica Mutual: Best Renters Insurance for Replacement Cost

With over a century worth of experience in the insurance industry, Amica has established itself as a trusted provider of renters insurance.

One great thing that an Amica renters policy offers is a replacement cost value.

Otherwise known as RCV, this coverage will pay for your damaged items from a covered peril in full and at today’s prices.

It’s often an option that’s offered alongside actual cash value, or ACV. ACV has a limit; if your belongings are stolen or destroyed, ACV will not replace them at their full cost but rather at their depreciated value.

So Amica considers the value of your belongings at the time of purchase before issuing repairs or replacements.

Often RCV is coverage that comes at an additional cost. But with Amica, replacement cost comes standard in its basic policy.

Significantly, Amica also offers scheduled personal property. This coverage broadens the range of personal property coverage, protecting more high-value items like jewelry and collectibles.

Because the standard policy only covers property up to the policy’s limit, you most likely won’t have enough coverage for your diamond ring. By adding the appropriate coverage amounts, that ring will be covered in full.

Amica Mutual Renters Insurance Discounts

• Loyalty: If you’ve been with Amica for at least two years.
• Multi-Policy: If you bundle renters with Amica’s auto insurance. The discount is significant: you get 15% off your rate.
• Claims-Free: If you haven’t made a claim in the past 3 years.
• Auto-Pay: If you pay using automatic deductions.
• E-discount: If you choose to receive policy documents and bills electronically.

Read a full Amica renters insurance review.

Progressive: Best Renters Insurance for Single Deductible

Progressive functions as a broker to sell renters insurance policies from an affiliate, Progressive Home, or a third-party company called Homesite.

Though you can buy a renters policy through the Progressive website, one of these companies will actually administer your policy and payout for any claims you make.

This may be confusing to some. However, Progressive offers many good things, such as being able to connect to agents by phone 24/7 or via website or email.

Progressive also stands out for its “single deductible.”

If you get your renters policy through Progressive Home, you are eligible for a single auto and renters insurance deductible.

This means you’ll pay only one deductible if you need to file claims for the same incident on both your auto and renters policies.

For example, suppose a car break-in involves vehicle damage and stolen personal items. In that case, your renters policy will pay for the theft of the belongings, and your auto policy will pay for damages to your car.

You can also add two types of optional coverage to your policy. One is coverage for water damage from the backup of sewer or sump pump systems, and the other is personal injury coverage in case you are sued for slander or libel.

Progressive Renters Insurance Discounts

• Quote in Advance: Get a quote at least three days before your policy starts.
• Receive Documents Electronically: Receive all documents and policy info via email.
• Pay in Full: Pay your policy upfront in full.
• Secured Community: Rent in a gated community or neighborhood monitored by security guards.

Read a full Progressive renters insurance review.

Erie: Best Renters Insurance for Home Sharing Coverage

Erie offers the best customer service compared to all the insurers we looked at.

It is also best for those who want personalized help by speaking to a live agent.

Erie is also known for many other things.

One coverage that comes standard in an Erie renters policy is a replacement for refrigerator or freezer content loss from power failure or mechanical failure.

Another that also comes standard is coverage for watercraft and trailers. Most insurers don’t offer this.

Erie offers identity theft insurance too, which covers expenses if you’re a victim of ID theft.

The insurer also has scheduled personal property, which offers additional coverage for valuables like jewelry or fine art.

But the one coverage that stands out is its home-sharing coverage.

Home-sharing covers liability, theft, and damage to your personal belongings if you rent out your space on a site like Airbnb or Vrbo.

Not many insurers offer this type of coverage.

Erie Renters Insurance Discounts

• Multi-Policy: Buying both renters and auto insurance from Erie and bundling renters with life insurance or an umbrella insurance policy.
• Safe Rental: Installing security features like smoke or fire alarms or deadbolts.
• Advance Quote: If you get a renters insurance quote more than seven days before the start date of your renters insurance policy.
• Mature Adults: If you are older in age, you get a discount.

Farmers: Best Renters Insurance for Necessary Add-Ons

Farmers Insurance was founded in 1928 and currently covers more than 10 million households.

No wonder the insurer has the best add-ons that can make your policy more comprehensive. Here are the most popular:

• Replacement Cost Coverage for Electronics: This add-on will replace stolen or damaged electronics with brand-new equivalents instead of settling for the depreciated cost.
• Mold Protection: Adding on this coverage protects your personal items from damage due to mold. Many insurers do not have this coverage.
• Rental Updates: If your landlord allows you to personalize your rental, such as hanging wallpaper or installing a built-in bookcase, this coverage will protect your updates if the damage is caused by fire or other covered perils.
• Theft Outside Your Rental: The standard policy covers theft from your rental. But Farmers adds extra protection outside of your rental. So, if you are subjected to theft from your car, rental vehicle, or hotel room while traveling, the insurer will cover your stolen belongings.
• Personal Articles Floater: Floaters insurance is an add-on that covers your belongings that are high in value and easily movable. This policy extends your personal property coverage and covers your jewelry, fine art, and musical instruments as long as they cost over $500.
• Identity Theft Protection: If your identity is stolen—unauthorized credit card and personal check charges, to name a few—this add-on will notify credit bureaus, replace important documents, and compensate for a policyholder’s time and other related expenses.

Farmers Renters Insurance Discounts

• Purchase Multiple Policies: If you purchase your renters policy with auto, life, or umbrella policy, you’ll get a discount.
• Cigarette Smoke-Free: Offers special incentives for households that have been smoke-free for at least two consecutive years.
• Home Security: You'll also get a discount if you install an approved electronic security system or fire alarm.

GEICO: Best Renters Insurance for Convenience

If you’re searching for a renters insurance provider with over 50 years of experience, low deductibles, and a strong financial standing, consider GEICO.

GEICO is also for you if you prefer to use technology to manage your renters insurance.

GEICO’s website allows you to do many things. You can get a quote, estimate the value of your personal belongings, and read about your coverage and other related articles.

You can also use the site to make a payment, make changes to your policy and, above all, file a claim. In addition, you can check if any discounts may apply to you and which can lower your premium.

Since you can take care of all your renters insurance needs online, and at any time of the day, that’s easy for you, GEICO provides great convenience. No more waiting on hold to connect to an agent.

However, GEICO’s mobile app is useless for renters. That’s because it is designed mostly for GEICO’s auto insurance customers.

GEICO Renters Insurance Discounts

• Multi-Policy: Bundle auto and renters insurance.
• Home Security: If you live in a gated community or use a home security system.
• Sprinklers or Smoke Alarms: If you install smoke alarms, sprinklers, and fire extinguishers.

Is Renters Insurance Mandatory to Rent an Apartment in Kentucky?

Renters insurance is not required by law, so Kentucky residents must decide if they need it.

However, landlords may require you to purchase renters insurance as a condition of their lease.

Even if they do not, renters insurance is the best—and the most affordable—way to protect your personal property. A policy even covers your personal liability.

Renters insurance does not cover the structure of your building or your rental home because you don’t own either.

If the rental dwelling is damaged or destroyed due to fire, for example, it will be the homeowner or landlord’s responsibility to make the repairs.

Landlords have their own insurance to protect their properties, but this in no way covers damage to your personal property.

This is an excellent reason to have renters insurance; without it, you alone have to replace or repair your belongings out-of-pocket.

What is the Average Cost of Renters Insurance in Kentucky?

The amount of coverage you select, rather than the kind of property you rent, ultimately determines your policy rate.

So, rates will vary depending on your preferred coverage limits and the value of your belongings.

The average cost of basic renters insurance in Kentucky is $18.66 a month.

The average cost of a renters insurance policy in the U.S. is $17 per month or $206 per year.

What Determines Renters Insurance Premiums?

Flood Area

If you are a Kentucky resident, you’ll pay more due to ongoing floods.

Crime Rate

You'll also pay more if your city or suburb has a high crime rate.

Also, most insurers prefer that you live on a high floor in an apartment complex because property crimes or burglaries are most likely to occur on low floors.

Safe Neighborhood

It’s better if you live in a safe neighborhood that’s close to a fire hydrant or a fire department in case your building or rental house catches fire. It’s even better if you live in a gated community or an area with security guards.

Credit Score

You’ll pay less if you have an excellent credit score.

Claims History

If you never make a claim for a period determined by your insurer, you’ll also pay less.

Coverage Limits

If you take out a rider or endorsement to cover your valuables in full, that coverage can lead to a higher premium.

Deductible

If you raise your deductible, your rate will be lowered.

Pets

Your liability insurance covers injuries caused by your dog, but you will pay a higher premium if you have a breed that is considered high-risk, like a Pitbull or a Doberman Pinscher. Some insurers will flat-out not cover these types of dogs.

What Does Renters Insurance Cover in Kentucky?

In Kentucky, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use.

Liability Coverage

Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them.

Liability also covers your legal defense.

For example, if someone visits your rental and gets bitten by your dog, your liability coverage will pay for the injuries.

If that person sues you, liability will cover you. Since lawsuits can cost a lot of money, liability coverage is worth every cent.

Loss of Use

This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to damage and destruction from fire, smoke, or heavy winds, to name a few.

Medical Payments

This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.

Personal Property Coverage

This pays to repair or replace the property that has been stolen, damaged, or destroyed by theft, fire, windstorms, and other covered perils.

What is a Covered Peril?

Renters insurance protects us from many emergencies that we couldn’t have predicted, such as a covered peril.

A covered peril, also called a named peril, is an event in which the insurer agrees to reimburse you after you file a claim.

So, if you want your belongings to be replaced or repaired, they must be a result of the following covered perils that come standard in your basic renters policy:

• Lighting
• Explosion
• Falling objects
• Electrical surges
• Fire
• Smoke
• Theft
• Civil disruption, vandalism, and riots
• Windstorm or hail
• Weight of snow, ice, or sleet
• Accidental discharge of water (such as from a plumbing failure)

What Does Renters Insurance Protect?

You may not think you need renters insurance because you don’t have enough personal belongings to protect or because you do not have personal belongings that are high in value.

But if you do a home inventory by listing all the properties you own and then calculating how much each property costs by using receipts, estimates, or comparable items found online, you’ll most likely find that you need the added protection.

And you’ll be surprised how quickly things can add up.

Many people overlook things they use daily, such as clothing (including socks), a mattress, a couch, or a Smart TV.

But these are eligible for coverage.

Here is what renters insurance protects:

• Clothing.
• Jewelry.
• Furniture.
• Entertainment systems like a television or stereo.
• Laptops, computers, printers, and other useful electronics.
• Musical instruments.
• Sporting equipment.

What is Actual Cash Value vs. Replacement Cost?

Once you’ve cataloged your belongings and know the value of each, you’ll find out how much coverage you’ll need.

You should also know the difference between actual cash value (ACV) coverage and replacement cost value (RCV).

When you sign up for a policy, your insurer will give you the option of ACV or RCV.

Since ACV factors in depreciation, your insurer will only reimburse you for what your couch or smart TV was worth when damaged or stolen.

On the other hand, RCV will pay you enough so you can actually buy a brand-new couch or TV.

RCV is obviously better, but it often comes as an add-on or as extra coverage you have to pay for.

If you want RCV but don’t like the cost, look out for renters insurance companies with RCV that comes standard in the basic policy.

Will You Need Additional Insurance for Expensive Belongings?

Basic renters insurance pays for personal belongings but only up to the policy limit.

This means if you have items that are expensive, such as jewelry or fine art, they may be subject to a low limit of liability, causing your insurer to only pay up to a certain amount.

The typical standard renters insurance value cap for high-priced items is around $10,000.

So, if your jewelry is appraised at $15,000, you must pay $5,000 extra to replace them.

You can add a rider to your policy to ensure your jewelry is insured to its total value.

A rider or endorsement adds more benefits to your basic renters insurance policy, and you can have peace of mind that your jewelry will be fully protected.

Just note that a rider comes with an additional cost, and your premium will go up.

Similarly, you can schedule your expensive items if they are worth more than your policy limit.

Scheduling means you list your valuables separately on your policy and insure them for their actual value.

The benefit to scheduling expensive items is that you are insuring them on an “all-risk basis,” which means you are covered for anything that could happen to them.

Make sure you get your belongings appraised, as most insurers require it.

What Are the Natural Disasters in Kentucky?

Kentucky made the list of the ten states with the most natural disasters.

The natural disasters that occur in Kentucky include the following:

• Hurricanes
• Heavy wind
• Earthquakes
• Flooding
• Landslides
• Severe winter storms
• Tornadoes

A standard policy generally covers most of the above natural disasters, hail, and fire.

Natural Disasters in Kentucky That Aren’t Covered

Any renters insurance policy will never cover natural disasters like earthquakes and floods.

Kentucky experiences both.

So, for earthquakes, Kentucky renters should purchase an earthquake endorsement or a separate earthquake insurance policy,

As for a flood, a renters policy will not cover water damage due to a flood.

For example, renters insurance covers water damage caused by defects or damage to the home’s plumbing or HVAC systems, such as burst pipes, sprinkler systems, or broken air conditioners.

It also covers water damage caused by water that comes in your rental from a neighboring unit, such as if your neighbor’s bathtub or sink overflows.

Renters insurance doesn't cover damage from outside water sources or floods.

For coverage, you need to add flood insurance to your policy.

In Kentucky, buying earthquake and flood insurance is the only way to protect yourself from the financial costs of damage to your personal property.

Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Kentucky. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.

How We Ranked and Picked the Best Renters Insurance Companies in Kentucky

We looked at several factors to determine Kentucky's best renters insurance companies.

Discounts

Discounts help to make renters insurance affordable. Don’t be put off by an insurer’s high rates. If the insurer is a good fit for you, applying for as many discounts as possible may help lower the cost of that high premium.

Coverage

Every renter has different insurance coverage needs. So, when evaluating insurers, we looked for companies with a wide range of useful coverage options.

Technology

We only considered an insurer if it had a useful and easy-to-use website and mobile app where you could do several things—get a policy online, file and track a claim online, pay your bills on a mobile app, and much more. If a company allowed you to get a quote on its website instantly, we took that into account.

Customer Reviews

We reviewed verified customer reviews on different websites that catered to reviewing insurance policies. If an insurer had great customer reviews, we also took that into account.

Price

Insurance providers with low premiums or plenty of options to lower your premium (such as discounts) were more favorable to us.