Lexington Homeowners Insurance

How to find cheap 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 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.


Lexington, Kentucky, homeowners insurance — table of contents:
  1. Rates by insurer
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling discounts

Homeowners insurance in Lexington by insurance 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 insurance companies in Lexington, Kentucky to find the right home policy for your needs.


AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN LEXINGTON
CompanyAverage Annual Rate
AAA$1,187
Allstate$1,240
State Farm$1,280
Liberty$1,385
Nationwide$1,418

Average homeowners insurance costs in Lexington by coverage limit

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.


HOMEOWNERS INSURANCE RATES IN LEXINGTON — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$647
$200,000 Dwelling$1,041
$250,000 Dwelling$1,178
$400,000 Dwelling$1,774

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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 AREAS FOR HOMEOWNERS INSURANCE IN LEXINGTON
ZIP CodeAverage 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 AREAS FOR HOMEOWNERS INSURANCE IN LEXINGTON
ZIP CodeAverage Annual Home Insurance Rate
40503$1,449
40514$1,445
40515$1,442

Home insurance deductibles in Lexington

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 COSTS BY DEDUCTIBLE TIER IN LEXINGTON
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$1,265
$1,000$1,178
$1,500$1,120
$2,000$1,042
$5,000$875

Money-saving tip: bundle home and auto insurance 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 AUTO INSURANCE PREMIUMS WITH A POLICY BUNDLE IN LEXINGTON
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
Kentucky Farm Bureau$857
State Farm$1,125
GEICO$1,127
Liberty$1,426
Progressive$1,476

It's definitely worth considering bundling both your auto and home policies as a potential way of saving money.


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Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a masters degree from Royal Holloway, University of London. He has been quoted by Kin Insurance, Safety.com, and autoinsuranceEZ.com.