How Is Kentucky Homeowners Insurance Calculated?

May 21, 2020 (0) comment

Kentucky House Insurance

How is Kentucky homeowners insurance calculated?
Insurance carriers calculate the cost of a home insurance policy by asking “how likely is it that something bad will happen?” The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters “risk.” Let’s take a look at how risky Kentucky is compared to the rest of the US.

Crime:
Burglary rates in Kentucky match up to the national average. Homeowners in areas of Kentucky that have higher crime rates may pay more for their coverage.

Average number of burglaries per 1,000 homes in KY: 4.70
Average number of burglaries per 1,000 homes in the U.S.: 4.69
Weather:
The weather in Kentucky plays a large role in damage to area homes. Whether your house is damaged by hail, lightning, heavy winds, or other disasters, if you have the right coverage in place you do not have to worry about the problem causing you significant financial damage.

Number of federally declared disasters since 1953: 74
Most common cause of disasters in the state: Severe Storms
Average number of tornados per year: 24.2
Amount paid in home insurance claims in 2016: $549,229,000
Home Values:
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Kentucky, the average home value is much lower than the national average, which explains why costs in this state are relatively high when compared to other states.

Average home value in KY: $135,600
Average home value in the US: $188,900

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