The need for renters insurance may not be as obvious as the need for car or homeowners insurance. A common misconception is that your landlord’s insurance will cover your belongings if you experience a theft or fire in your apartment, but that’s not true. While your landlord’s insurance covers the building you’re renting, a renters insurance policy covers your personal belongings and provides liability protection. Each policy offers different but important coverages.

So if you want to ensure you’re properly covered while renting, it’s important to find one of the best Kentucky renters insurance companies. But where do you start? In the table above, you can sort through all the renters insurance companies ranked on Clearsurance. The rating next to each company — the insurer’s Clearsurance score — is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Kentucky renters insurance rankings.

Interested in learning more about one of the companies on the list of the best renters insurance companies in Kentucky? You can visit the company’s profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

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What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. Most basic policies contain some form of the following coverages:

Personal property coverage – This coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed.
Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.
Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage.

Beyond these basic coverage options, you may also be able to purchase extra protection like identity theft coverage, guest medical coverage, and other optional coverages.

People who keep high-value items in their rental unit, like musical instruments, jewelry, or sports gear, may wish to increase their coverage limits.

Who offers the most affordable renters insurance in Kentucky?

On average, USAA offers the cheapest renters insurance rates in Kentucky among the most popular Kentucky renters insurance companies. USAA is only available to active and former United States military members, though. If you aren't eligible for USAA, the next cheapest insurer is Cincinnati Insurance.

While renting an apartment in Kentucky, you can look into buying renters insurance. Renters insurance rates vary based on factors specific to you and the company you choose. Some companies may offer renters insurance in Kentucky for a cheaper rate than others. In the table below, you can see average Kentucky renters insurance rates from some of the largest companies in the state.

Company	Average renters insurance rates
USAA*	$84.29
Cincinnati Insurance	$91.00
AAA	$114.09
State Farm	$123.50
Safeco	$131.09
Travelers	$131.37
Allstate	$142.02
Nationwide	$158.22
Kentucky Farm Bureau	$184.05
Encompass	$229.66

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Kentucky will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Louisville?

In Louisville, Kentucky, rent costs an average of $896 per month. The cost to rent a Louisville apartment can vary based on your location and the size of your unit.

Louisville is home of the Kentucky Derby and is the most populous city in Kentucky. With th average monthly cost of rent at $896 in Louisville, the majority of apartments in the city are less than $1,000 per month. However, there are a few more expensive neighborhoods such as Algonquin and University area, which both have an average monthly rent of $1,621. Many neighborhoods have an average rent cost much lower than that including a monthly average of $699 in Oak Valley or $697 in St. Andrews Park.

The type of apartment also affects the cost of monthly rent. Studio apartments are the most economical choice in Louisville with an average monthly rate of $661. One-bedroom apartments cost an average of $793 per month and three-bedroom apartments cost an average of $1,200 per month in the city. Renters in Louisville should also consider purchasing a renters insurance policy to protect their personal items from perils that renters may experience in their apartment such as theft or fire.

Do college students in Kentucky need renters insurance?

Kentucky is home to a number of colleges and universities, including the University of Kentucky. Many college students rent off-campus apartments while completing their degrees. There are a few things for college students renting housing in Kentucky to consider in order to protect their personal belongings.

Typically, a college student who lives in a dorm located on the college campus is covered by their parent's homeowners insurance policy. That’s usually only the case for students who live on campus, though. A college student in Kentucky who rents an apartment off-campus should consider a renters insurance policy because their items won’t be covered under their parent's policy, and without a renters insurance policy, they won’t have any protection.

College students will most likely have roommates in the apartment they rent. It’s not advised that students share renters insurance policies with roommates. Rather, each student should have their own renters insurance policy to protect their own belongings.

What are Kentucky's property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Kentucky compare to other states around the country? The FBI published the following statistics on crime in Kentucky for 2016:

Property crime - 97,158
Burglary - 20,834
Larceny theft - 66,438

Kentucky’s property crime rate and larceny theft rate, per 100,000 inhabitants, rank below the national average. While Kentucky’s burglary rate is in line with the national average.

How can you save money on your renters insurance in Kentucky?

While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Kentucky renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

Raise your deductible
Ask about potential discounts
Bundle your policies
Determine the value of your personal property
Pay in full by check

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance company, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also offer discounts for safety features in your apartment, such as smoke detectors, or for setting up automatic payments.

A wide range of insurance discounts may be available, so make sure to ask insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get quotes on a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in Kentucky?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

Price
Customer Service
Claim service
Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer service ratings and rankings are derived entirely from customer reviews and ratings.

What is a renters insurance guide?

As we mentioned above, there’s common misconceptions regarding what is and isn’t covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Kentucky, it’s important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property. Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.

Frequently Asked Questions

#1 – Who offers the best Kentucky renters insurance rates?

On average, USAA offers the cheapest renters insurance rates in Kentucky among the most popular Kentucky renters insurance companies. USAA is only available to active and former United States military members, though. For those who are not a member of an eligible family, Cincinnati Insurance is the most affordable option.

#2 – How much does rent cost in Louisville?