Home Insurance in Lexington, KY

How to find affordable homeowners insurance in Lexington

A critical consideration for every homeowner should be home insurance. Along with your personal belongings, homeowners insurance covers your dwelling in the event of many perils, including theft, fire, wind damage, and vandalism. With the relative frequency of such events — and the high cost of rebuilding or repairing a home — getting homeowners coverage is a sound investment. The average homeowners policy costs $119 per month in Lexington, Kentucky. This is on par with the national average.

The price of a homeowners insurance policy depends on many factors. This can include the overall value of your house, the value of your personal belongings, and the materials that were used when building your home. The location of your home can also influence how much you pay for homeowners insurance. Some areas are more susceptible to perils like fire, hail, frozen pipes, volcanoes, or other hazards. These can make your insurance policy even more expensive. Learn more info about the specifics of home insurance coverage.

Finding the cheapest home insurance in Lexington starts with shopping around and comparing policies. Take a look at the summary below showing average homeowners insurance rates in Lexington to help you get as much information as possible when you start your search for homeowners insurance. One thing to note is that the yearly cost of home coverage is determined based on your chosen coverage limits as well as a number of other rating factors.

Table of contents:

1. Rates by insurer
2. Rates by coverage amount
3. Rates by ZIP code
4. Rates by deductible amount
5. Policy bundling savings

 

Lexington home insurance by company

What you pay for homeowners insurance in Lexington will depend on the insurance company you get your policy through. The most inexpensive home insurance in Lexington comes from AAA, which offers average annual rates of just $1,187 per year. This is more favorable than the city’s average home insurance premium of $1,433.

Have a look at the cheapest home insurance carriers in Lexington, Kentucky to find the right home policy for your needs. Then, see our guide ranking the best homeowners carriers by customer satisfaction, third-party ratings, and other factors. 

AFFORDABLE HOME INSURERS IN LEXINGTON

Company	Average Annual Rate
AAA	$1,187
Allstate	$1,240
State Farm	$1,280
Liberty Mutual	$1,385
Nationwide	$1,418

 

Lexington homeowners insurance prices by coverage level

Your chosen amount of homeowners coverage impacts the insurance premiums you pay. Homeowners in Lexington who carry $200K in dwelling coverage pay an average of $1,041 per year, while those with coverage up to $400K pay around $1,774 per year.

POPULAR COVERAGE LIMITS IN LEXINGTON

Coverage Level	Average Annual Rate
$100,000 Dwelling	$647
$200,000 Dwelling	$1,041
$250,000 Dwelling	$1,178
$400,000 Dwelling	$1,774

 

Lexington home insurance rates by ZIP code

Not every area of Lexington has equal home insurance costs. One of the factors that insurers use when pricing your coverage is the number of claims filed in your surrounding area. As such, the location of your house can drastically impact your home insurance rates.

The cheapest home insurance rates in Lexington are available in 40505. In 40505, the typical home insurance policy costs $1,418 per year — $15 less than the citywide average in Lexington. If you’re looking for the areas with the least costly homeowners insurance in Lexington, have a look at the table below.

AFFORDABLE HOME INSURANCE AREAS IN LEXINGTON

ZIP Code	Average Annual Home Insurance Rate
40505	$1,418
40511	$1,422
40502	$1,428

On the other hand, some areas of Lexington face higher homeowners insurance costs, on average. These areas of the city could be more susceptible to perils such as theft, severe weather, or fires that present more risk for insurance companies. The most expensive ZIP code for homeowners insurance in Lexington is 40503, where the average annual rate is $1,449.

EXPENSIVE HOME INSURANCE AREAS IN LEXINGTON

ZIP Code	Average Annual Home Insurance Rate
40503	$1,449
40514	$1,445
40515	$1,442

 

Lexington homeowners insurance deductibles

Homeowners have numerous choices to make when shopping for a policy, including how much their deductible should be. The deductible is the total dollar amount that the insured must contribute toward a covered loss. Choosing where to set your deductible plays a significant role in how much you pay for insurance.

Put simply, a higher deductible translates to lower insurance premiums. Therefore, consider a higher deductible if you aim to pay lower insurance rates. It's worth calling out that your deductible should only be as high as you can reasonably pay in the case of an actual loss.

Take a look at some of the typical deductibles offered by insurers and an estimate of what you can expect your premiums to be.

HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN LEXINGTON

Deductible Level	Average Annual Homeowners Insurance Rate
$500	$1,265
$1,000	$1,178
$1,500	$1,120
$2,000	$1,042
$5,000	$875

 

Home and auto insurance bundling in Lexington

If saving money is something you are worried about, it might be worth insuring your home and auto through the same insurance company. Bundling home and auto insurance can be a good money-saving option. In fact, bundling policies in Lexington leads to average annual savings of 11%.

CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN LEXINGTON

Company	Avg. Annual Auto Insurance Rate (With Bundle)
Kentucky Farm Bureau	$857
State Farm	$1,125
GEICO	$1,127
Liberty Mutual	$1,426
Progressive	$1,476