How much is home insurance in Lexington?
In Lexington, homeowners pay an average home insurance cost of $2,353 annually for $300,000 in dwelling coverage. But the exact cost of coverage varies depending on your home’s age, condition, construction, deductible, and ZIP code. Insurance companies also consider your credit and claims history.2
Cost of home insurance by dwelling coverage in Kentucky
Dwelling insurance protects the structure of your home, as well as certain attached structures, like a garage. The amount of dwelling coverage you choose affects your home insurance premium significantly. To ensure your home is sufficiently protected, your insurer may conduct a replacement cost analysis to estimate how much it would cost to rebuild your home using similar materials.
The more dwelling coverage you have, the more your insurer may have to pay if you file a claim, resulting in higher premiums. The table below outlines the average annual premiums for different coverage limits in Kentucky, each with a $1,000 deductible.
Cost of homeowners insurance by deductible amount
Your deductible is the amount your insurer subtracts from your payout for a claim.3 Choosing a higher deductible usually results in lower monthly premiums.
Insurance premiums for $300,000 in coverage with two different deductible amounts are shown in the table below.
Average cost of home insurance in other cities in Kentucky
Home insurance rates in Kentucky can vary widely by city and ZIP code. Factors like tornado risk, proximity to a fire station, and local crime rates all influence insurance premiums. For instance, Louisville has higher average annual home insurance premiums than other Kentucky — possibly due to higher crime rates and a history of flooding.
The following table shows average annual premiums for $300,000 in dwelling coverage with a $1,000 deductible in several Kentucky cities.
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