Best Condo Insurance In Kentucky 2024

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Updated: 08 October 2024
Written by Bob Phillips
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I’ve created this guide to help you choose the best condo insurance in Kentucky. As a former licensed insurance agent, I understand the importance of having enough coverage—not just to safeguard your finances but also to give you peace of mind.

Don’t go without coverage—find a robust condo insurance policy that shields you from various risks, like theft and natural disasters. Keep reading to understand how to ensure that you and your condo are well covered.

Best Condo Insurance Companies In Kentucky, 2024

Best Condo Insurance, Kentucky 2024

Compare The Best Condo Insurance Companies In Kentucky

Best For Overall Rating A.M Best Rating J.D Power Rating Get A Quote
Nationwide

Overall

4.9

A+

816

Instant Quote
Amica

Runner-Up

4.8

A+

849

Instant Quote
Travelers

Discounts

4.6

A

794

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

Instant Quote
Scroll to see comparisons

Best Condo Insurance Companies In Kentucky


Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For condo owners looking for savings, Travelers Insurance is a strong choice. It provides a variety of discounts that result in cheaper rates without compromising coverage quality.

A featured discount is the multi-policy discount, offering up to 15% savings on condo insurance when you bundle it with auto or other policies through Travelers. Bundling not only saves money but also simplifies managing your insurance.

You can save on condo insurance with Travelers Insurance by installing safety features in your home. The company lowers premiums for customers who demonstrate proactive risk management.

Benefits & Drawbacks

Benefits
  • Offers savings for bundling coverage
  • Financially robust
  • Attractive rates
Drawbacks
  • More complaints than some leading competitors
  • Chance of a restricted dog breed policy
  • Limited coverage in some regions

Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Kentucky condo owners looking for insurance should prioritize Nationwide, as it provides thorough coverage and useful add-ons, including protection for things like fixtures, additions, installations, and upgrades.

Nationwide provides personalized coverage to protect your unit, your belongings, and yourself, while also reimbursing you for added expenses if you can’t stay in your home due to damage.

With a reputation for a fast and efficient claims process, the company’s customer service team is focused on delivering fair and timely resolutions, driving customer satisfaction.

Benefits & Drawbacks

Benefits
  • Great option for long-term policies
  • Affordable pricing
  • Low customer complaint numbers
Drawbacks
  • Not well-suited for condos with low market value
  • Risk of premium increases later on
  • Discounts may be time-sensitive

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

Known for great customer service and a variety of coverage options, Amica is an excellent choice for condo insurance. You can bundle your auto and condo policies to save up to 20%, and their Platinum policy offers additional protection with extended coverages.

They offer highly competitive pricing, with lower rates than several top competitors, including Allstate. Their low complaint rate further demonstrates a high level of customer satisfaction.

Benefits & Drawbacks

Benefits
  • Satisfied customers
  • Financial stability is top-tier
  • Lots of coverage options
Drawbacks
  • AM Best rating took a hit in 2017
  • Pricing is higher than normal
  • Dividend policies are not offered in Kentucky

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Luxury condo owners should consider Chubb’s Masterpiece policy, which offers extended replacement cost for enhanced protection. Additional options, such as identity theft and cyber coverage, can also be added.

With tailored insurance solutions addressing the unique needs of affluent homeowners, Chubb is the ideal choice for insuring high-value condos in Kentucky.

Benefits & Drawbacks

Benefits
  • Great support for customers
  • Offers a range of extended coverage
  • Low level of complaints
Drawbacks
  • Not ideal for lower-value homes due to cost
  • Higher pricing compared to top competitors
  • Not accredited by the Better Business Bureau

How Much Is Condo Insurance In Kentucky?

Condo insurance isn’t a uniform product; to aid in your decision-making process, I’ve created the following tables to compare insurance costs.

The Average Cost Of Condo Insurance By City

The next table highlights the average monthly and annual condo insurance payments for residents in 10 of Kentucky’s largest cities.

City Average Annual Rate Average Monthly Rate
Louisville $487 $41
Lexington $434 $36
Bowling Green $470 $39
Owensboro $462 $38
Covington $440 $37
Richmond $452 $38
Georgetown $441 $37
Florence $434 $36
Jeffersonville $493 $41
Nicholasville $458 $37

Average Cost Of Condo Insurance By Building Property Limits

The right amount of condo insurance is influenced by the value of your condo and personal property. The following table compares the average annual rates for different building property limits in Kentucky.

Building Property Limit Average Annual Rate
$40,000 $400
$60,000 $480
$80,000 $560
$100,000 $620

Average Cost Of Condo Insurance By Company

In this final table, we will look at how the average yearly condo insurance cost in Kentucky varies among the top national insurance providers.

Insurance Company Average annual Rate
AAA $370
Nationwide $490
Kentucky Farm Bureau $440
Progressive $810
Auto-Owners $540
Westfield $480
State Farm $330
Allstate $370

Keep in mind that the costs provided in the tables are rough estimates and may change based on different factors, such as your insurance needs, the location of your condo, and its physical characteristics.

Remember not to prioritize cost alone when selecting a policy. You should also aim for affordable insurance that provides extensive coverage and is backed by a company with high financial ratings and strong customer service.

How Much Condo Insurance Do I Need In Kentucky?

In Kentucky, how much condo insurance you need is determined by factors including the structure of your condo, the value of your personal belongings, and what your condo association’s master policy covers. Loss assessment coverage can also be added to help pay for damages or losses in shared areas of the condo community.

What Does Condo Insurance Cover In Kentucky?

HO6 or condominium insurance in Kentucky typically provides protection for everything inside the unit, including walls, floors, fixtures, cabinets, and personal possessions from damage and theft. Additionally, most policies cover common areas in the complex through loss assessment coverage, generally starting at $1,000 but often available for an increase.

How Much Condo Insurance Is Required In Kentucky?

Condo owners in Kentucky are not legally required to purchase insurance, but it is usually mandated by mortgage lenders or condo associations. Most condo insurance policies typically cover liability from $100,000 up to $500,000.

Factors That Impact The Cost Of Your Condo Insurance Policy

The amount you pay for condo insurance in Kentucky is influenced by the following four factors:

Replacement Cost

The replacement cost is the estimated price to restore your condo unit in case of damage. A higher replacement value means higher insurance costs.

Physical Address

Insuring a condo in a high-risk area of Kentucky, where there’s high crime or the potential for severe weather, will likely cost more. The regular wildfires in Kentucky also contribute to the higher expense of condo insurance.

Age and Construction Type of Your Condo

Older condos often have higher insurance premiums due to the risks posed by outdated electrical, plumbing, and HVAC systems. The materials used in construction also influence premiums—Kentucky condos with fire-resistant materials may qualify for reduced rates.

Claims History

If you’ve made insurance claims in the past, insurers may see you as a higher risk, leading to increased premiums for your condo. A claims-free history, however, could help lower your costs.

How To Find The Best Condo Insurance Company For You

Your condo could be your most valuable asset, making it crucial to get quality coverage to guard against financial loss. Finding a policy that meets your needs will require both time and effort. To help you with this, here are five actions you can take to protect yourself, your family, and your assets:

  1. Find out how much condo insurance you should have.
  2. Do an internet search for condo insurance providers and find three that you feel most confident about.
  3. Get a quote from each of the three insurance companies.
  4. Look at each carrier’s coverage, costs, financial standing, customer reviews, and available discounts.
  5. Complete your application with the insurance provider you prefer most.

Our Methodology

I used J.D. Power’s customer satisfaction data, AM Best’s credit ratings, and consumer reviews to identify the best condo insurance providers in Kentucky. I also drew on my professional experience as a former licensed property and casualty agent in the state, where I sold condo insurance.

138

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

FAQs

How much is condo insurance in Kentucky?

The cost of condo insurance in Kentucky typically averages $480 a year, or $40 a month. However, the actual rate can vary widely based on factors such as location, coverage amount, and the insured’s claims history.

How does condo insurance work?

Condo insurance covers the repair or replacement of your unit’s interior and personal belongings in case of damage or theft. It also offers liability protection and fills the coverage gaps left by the condominium’s master policy, helping you avoid financial loss.

Sources

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