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Lexington, KY Homeowners Insurance Quotes (2023)

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Lexington, KY Homeowners Insurance

Lexington is Kentucky ’s second-largest city, with a metropolitan area of 517,000 residents. Horses, bluegrass, and bourbon are synonymous with Lexington. The city gets its nickname, the Horse Capital of the World, for its famous racecourses, The Red Mile, Keeneland, and Kentucky Horse Park. Horse races attract thousands of people a year to the city. Lexington is also home to the Festival of Bluegrass, Kentucky ’s oldest bluegrass music festival. And, since around 1865, bourbon barrel distilleries have been a staple in Lexington. The location is perfect for bourbon because of the area’s abundance of corn and limestone. Limestone helps filter out iron in the water used, which takes out any impurities and makes the bourbon taste delicious. Today, tourists and residents enjoy touring the local distilleries around the city.

Lexington is also a family-friendly city with low living expenses. The University of Kentucky influences sports, entertainment, and employment for the residents. This makes Lexington residents a highly educated and tech-savvy population. Life is good for its residents.

But with Lexington being in a humid subtropical climate, hot and humid summers and somewhat cold winters are common. On average, the city experiences around 23 days of 90°F weather in the summer and annual precipitation of 45 inches. This kind of extreme weather can make for severe thunderstorms, extreme heat, flooding, and tornadoes. Lexington residents should be as prepared as possible. And the best way to do that is to have a home insurance policy.

Insurify has the answer to that! Research home insurance comparison sites in Lexington, Kentucky, right now. You’ll be on your way to savings!

Cheapest Home Insurance Companies in Lexington

For homeowners in Lexington, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.

To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Lexington. The following are the best insurance rates from carriers that offer homeowners insurance in Lexington.

Cheapest CompaniesQuotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.
State Auto$1,635
Kentucky Farm Bureau$2,268

How to Find Cheap Home Insurance in Lexington

The housing market in Lexington, Kentucky, is very competitive at the moment. Most homes go pending in about seven days. And the most popular dwellings go pending in around two days. Are you looking for a new home? Or have you recently bought a house?

Buying a home may be one of the largest financial investments of your lifetime. With the investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment.

The first step to protecting your property in Lexington is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and personal belongings from a covered loss like natural disasters, theft, and vandalism. Different coverage options are available for various property types, locations, and other factors.

From Covington to Richmond, there’s a homeowners insurance policy for you. Keep reading for a full guide on Lexington home insurance.

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Cheapest Home Insurance in Lexington by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.

As of 2020, the average home insurance premium in the Lexington area costs $3,620 annually, and the median home value is $218,084.

Lexington ’s living expenses are lower than the national average. Housing expenses are seven percent lower than the national average, and utility prices are eleven percent lower than the national average. Even grocery expenses are nine percent lower than the national average. Homeowners insurance in Lexington can vary. It depends on essential factors like which home insurance company you purchase your policy from. Homeowners insurance companies price differently from one to the other. For example, insurance providers like Allstate and State farm differ in pricing. The best way to find the right prices is to compare home insurance quotes. Go to the Insurify comparison tool and fill out what you need. Then, you’ll get quotes delivered to you within a few minutes. It’s so fast and easy!

See the average cost of homeowners insurance in Lexington, KY, below.

Average Home Cost in Lexington The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.Average Annual Insurance Premium in Lexington The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.

Average Annual Home Insurance Premium in Lexington by Company

Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage

Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

Cheapest ZIP Codes in Lexington for Home Insurance

Living in Kentucky means you will pay different amounts for homeowners insurance depending on where you live. For example, you’ll pay a different price in Bowling Green then you would in Louisville.

Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.

Rates in Lexington can be relatively high or low compared to the national average; it all depends on which area you live in.

Home Insurance Coverage Types in Lexington

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:

  • The simplest and least comprehensive type of homeowners insurance

    Provides coverage for a handful of potential problems, including

    • Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
    • explosions,
    • theft,
    • damage from vehicles,
    • or civil commotion.
  • Broad form homeowners insurance policies include all basic form coverage, plus protection from:

    • falling objects,
    • damage from the weight of ice, snow, or sleet,
    • freezing of household systems including HVAC and pipes,
    • sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
    • accidental discharge or overflow of water or steam,
    • sudden and accidental damage.

    HO-2 policies typically cover both dwelling protection and personal property.

    In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

  • The most common form of homeowners insurance is known as a “special form” policy.

    While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

  • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.

    Tenant’s form policies typically cover all the same dangers as HO-2 policies.

    These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.

    Some HO-4 policies may also include loss of use coverage for the tenants.

  • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.

    The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.

    An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).

    HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

  • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.

    They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.

    These policies also include personal property and liability coverage and may include loss of use coverage.

  • If you own a mobile home or manufactured home, you likely have an HO-7 policy.

    Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.

    Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.

    HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

  • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.

    HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.

    Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

For more detailed Kentucky city level guides, check out these below.

Severe Weather and Lexington Insurance Coverage

In Lexington, Kentucky, most natural disasters include severe weather like extreme cold, ice storms, flooding, extreme heat, severe storms, windstorms, and tornadoes. Central Kentucky, where Lexington is, gets 88 percent more tornado activity than the rest of the United States.

Tornadoes can destroy homes and towns in a matter of minutes. And although lightning, wind, and hail damage are covered on homeowners insurance in Lexington, flooding is excluded. Since Lexington receives a lot of precipitation, flooding is all too common in the area. You don’t want to get stuck paying thousands in water damage. It’s important to purchase flood insurance from your local insurance agent, especially if you live in a flood zone.

Cheapest Home Insurance Rates in Lexington

One tip for lowering your Lexington, Kentucky, home insurance premium is to raise your deductible. Do this with caution, though. You don’t want to increase your deductible too much and have to pay out of pocket after a covered loss. You could also look at different insurance discounts like loyalty discounts, claims-free discounts, and home improvement discounts. Most insurers give loyalty discounts to customers who stick with the same provider for many years. Claims-free discounts come with a demonstrated history of no claims, which usually grants lower rates over time. And your effort to make home improvements since the start of your policy can help you save. All you have to do is let your insurance provider know you made these changes!

Next, you can purchase multiple insurance products from one insurance agency. This is known as bundling. You can combine home insurance with auto insurance and life insurance and get a great discount. You’ll have multiple insurance policies within reach from the same company. Insurance companies love it when you purchase multiple insurance products, so this is the deal to have!

When you’re ready, search for the best homeowners insurance companies. You can compare pricing and find the perfect homeowners insurance in Lexington for your lifestyle. You can then get a home insurance quote for free in a matter of minutes. Try it out now!

How to Find the Cheapest Home Insurance in Lexington

To Lexington, Kentucky, homeowners, their city is more than horses and bourbon. The city is laid-back and welcoming. Its low cost of living is attractive to young professionals and transplants from larger cities. But something all homeowners must remember is to save where they can, especially on protecting the home. It’s not all too hard to find the right homeowners insurance policy in Lexington.
Use Insurify to compare home insurance premiums for your property in Lexington.

Frequently Asked Questions

  • Is AAA life insurance available in Lexington?

    AAA life insurance is available in Lexington. If you have existing AAA policies like auto insurance, you could get a discount. Contact your local agent about insurance products and special discounts available.

  • Should I try bundling with my State Farm Mutual Insurance Company policy?

    Bundling car insurance and home insurance can save you money on your monthly premium. Bundling makes insurers happy because you’re buying multiple insurance products from the same insurance company. Ask your local insurance agent about discounts and deals available.

  • How do I get insurance quotes on homeowners coverage?

    All you have to do is go to the Insurify comparison tool, fill out your information, and submit it. You will then get free insurance quotes on homeowners coverage delivered to your email fast. It’s really that easy!

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Jackie Cohen
Jackie CohenEditorial Manager

Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.

Jackie's work has been cited in USA Today, The Balance, and The Washington Times.