Landlords have many things to focus on, such as maintenance on the building, getting in new tenants, and all the rest. However, it's also wise to think about protecting everything through landlord insurance.

Another consideration is to require renters insurance. The Kentucky Department of Insurance has put out some facts on renters insurance, as well as homeowners and auto insurance. It might be helpful to read that and let your tenants know.

Overall, Kentucky renters insurance is essential, and you'll learn all about it in this article!

What Is Kentucky Renters Insurance?

Renters insurance protects a tenant's personal belongings from damage and theft. It covers many different events, which means it's helpful in most situations. However, it's important for you to learn more about it so that you can explain to the tenants why they need it.

Average Cost of Renters Insurance in Kentucky Per Year

What are the average renters insurance rates in Kentucky? Tenants pay about $125/year, which is less than the national average. However, prices rise and lower based on the property's location, how many things the tenant has, and more.

How Much Does Kentucky Renters Insurance Cost (Based on Popular Cities)?

According to ValuePenguin, the tenant's city can raise or lower the renters insurance premium they pay. Here's a peek at the amounts:

  • Burlington - $225/year
  • Independence - $226/year
  • Louisville - $252/year
  • Lexington - $230/year
  • Elizabethtown - $245/year
  • Bowling Green - $250/year

Is Renters Insurance Required in Kentucky?

Kentucky law says nothing about tenants buying renters insurance. However, landlords can require it in the lease agreement. Overall, it's wise to do so because it protects them against property damage and liability.

What Does Renters Insurance Cover in Kentucky?

Kentucky often experiences droughts, tornadoes, wildfires, floods, winter storms, and extreme heat. Most renters insurance companies will cover damages from those things, but floods might not be included. Therefore, tenants may need separate flood insurance.

Here are the things that renters insurance will cover:

Personal Property Coverage

Personal property coverage will pay to replace or repair the tenant's personal belongings if they're destroyed or damaged.

Liability Coverage

Liability coverage will pay the medical payments if someone gets hurt in the apartment. However, the medical payments coverage only helps non-residents.

Loss of Use Coverage

This will help with additional living expenses, including temporary housing and food.

What Does Renters Insurance in Kentucky NOT Cover?

Even a cheap renters insurance company will cover the things listed above. However, it might not cover these situations:

  • The tenant will have coverage limits listed in the policy, and the insurer will only pay up to that amount. Anything else is out of pocket.
  • High-cost items aren't usually covered. Tenants will need to schedule them separately at an additional cost.
  • Some events aren't covered, including flood damage. Therefore, tenants may need to buy separate coverage.

How to Choose the Right Policy

With so many renters insurance companies available, it's hard to know how to pick the right one. Here are a few tips to give your tenants:

  • Cost - Some renters insurance policies are quite inexpensive, and others have high premiums. Tenants should get multiple quotes to keep costs low.
  • Coverage Options - Basic policies might be enough for some people, but your tenant may have high-value things. Therefore, they need to consider the amount of coverage they need.
  • Customer Service - Getting in touch with a representative to file a claim or ask questions is crucial. Tenants should read reviews pertaining to customer support.

Available Renters Insurance Discounts in Kentucky

Each renters insurance company offers different discounts. It's important for tenants to consider them because they can help to lower Kentucky renters insurance rates. Let's check out the common options:

  • Multi-policy discount
  • Claims-free discount
  • Protective device discount (smoke detectors, burglar alarms, and fire alarms)
  • Online quote discount
  • Early shopper discount
  • Senior discounts

How Does a Renters Insurance Policy Protect the Landlord or Property Manager?

Requiring tenants to get a renters insurance policy will help you in many ways. They include:

  • Fewer Lawsuits - Renters insurance will cover the tenant's personal property if it's damaged or stolen. You won't be on the hook.
  • Personal Liability Protection - If someone is injured in the tenant's home, they could sue you for medical expenses if the tenant doesn't have renters insurance. Your liability insurance probably won't cover them.
  • Accept Pets - Pets often bring property damage and injuries, but tenants with renters insurance will be covered. Therefore, you can feel better about allowing pets on the property.

Top 5 Best Renters Insurance Companies in Kentucky

Tenants often want to focus on the cheapest renters insurance companies. You can help them by reading about the best options:

1. State Farm Renters Insurance

State Farm Renters Insurance

If tenants want the best cheap renters insurance, State Farm is an excellent choice. On average, it's less than $190/year or $15/month.

Though State Farm doesn't have many ways to upgrade the basic policy, it does offer coverage for many people. In fact, the property and liability coverage aligns with what other brands include, and there's extra coverage for extended liability and special items.

2. Travelers Renters Insurance

Travelers Renters Insurance

Travelers is another great choice for renters insurance. If tenants need to customize their policies and add other protection to the standard plan, they can do it here.

Likewise, it's affordable and only a little higher than State Farm!

Besides the normal property and liability protection options, tenants can add these endorsements:

  • Decreasing deductible
  • Identity theft coverage
  • Mechanical breakdown protection
  • Replacement cost coverage
  • Water backup protection

However, tenants must pay the full annual premium all at once.

3. Amica Renters Insurance

Amica Renters Insurance

Though Amica doesn't have the cheapest renters insurance out there, it makes up for that with good customer service. There are few complaints, and most people file claims with ease.

However, tenants will pay more for that excellent service. It generally costs $309/year, on average, which is higher than the state average.

4. Erie Insurance Renters Insurance

Erie Insurance Renters Insurance

Erie might not be the cheapest renters insurance option, but it does come with tons of extra ways to customize coverage. Likewise, it offers many discounts and makes it easy to file claims.

Tenants will find similar coverages here as with other brands. This includes liability protection, protection when the tenant isn't home, and everything else.

5. Nationwide Renters Insurance

Nationwide Renters Insurance

Nationwide is an excellent choice for renters insurance. People like that it's been around for so long and offers financial stability. Plus, most tenants are satisfied with the customer service they receive, but it's not the cheapest option here.

What Is DoorLoop?

Understanding renters insurance is the first step. However, you're required to keep everything organized to know who has paid, which maintenance requests to handle, and all the rest.

DoorLoop is a property management tool for all landlords who deal with mixed-use, residential, and commercial properties. With it, you can:

  • Manage maintenance requests online.
  • Collect rent automatically.
  • Manage your rental properties.
  • Provide your tenants with an online portal.
  • Manage accounting needs.
  • Market vacancies online and allow tenants to apply with a free, customized website.

Are you interested in DoorLoop? Learn more about it and schedule your demo now!

Why Work with DoorLoop

It's easy for tenants to set up a renters insurance policy with DoorLoop, and you can make it a requirement. Tenants can submit their own companies and apply directly through the tenant portal or application. It's all powered by SURE and Lemonade. Are you interested in learning more about renters insurance through DoorLoop? Click here!

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

Legal Disclaimer

The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.