Get Lexington, KY Home Insurance Rates!
For Lexington, KY homeowners or new home buyers, you will be excited to hear that comparing home insurance quotes in your local area is much easier with our online quoting application. We offer a one-stop-shop service, you can compare up to 12 rates among our best and major carriers, prices are based on price, coverage options and ratings. Simply enter your Lexington Kentucky zip code and start reviewing home insurance rates today!
The most common questions we get asked is "What does homeowners insurance cost in Lexington"? For locals living in Lexington, the average homeowners policy is around $1,174 per year, that is only $98 per month. Your Kentucky homeowners premium will be paid annually, and is handled by your mortgage company. The average home insurance rates presented here are based on a standard or basic HO-3 homeowners policy. All insurance companies seem rate risk differently so it is important to let us do the shopping for you and help answer any questions that you may have about your home, coverage options and discounts.
Helpful Tips for Homeowners Living in Lexington:
How much replacement cost coverage do I need to cover the expense to rebuild my home?
Insurers will assign a replacement cost value to your home in case it was ever in need of rebuilding due to a major peril like a fire or wind damage. The cost to replace your home is not the same as buying a home because the cost of land does not need to be factored as an expense when you need to rebuild the structure. Try our replacement cost coverage calculator to easily generate your total replacement cost coverage, you will see three options to review. Those three options are based on the current status of your home like upgraded kitchen and bathrooms. These estimates are considered on a cost per square foot pricing model.
How many people live in Lexington?
The total city area population for Lexington, KY is 299,767.
How many homes in the Lexington city limits?
The total homes in the city of Lexington is around 7,719.
What is the average Lexington household income?
The average income in the Lexington area is around $55,236.
How much do the homes in Lexington cost on average?
The average cost of a home in Lexington is estimated to be around $197,950.
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Average Rates Nearby Lexington
Are you looking for homeowners insurance in a city near Lexington? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
Home Insurance Rates by Zipcode in Lexington, KY
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Lexington.
40502, 40503, 40504, 40505, 40506, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517,
Lexington, KY Home Insurance Average Premiums
$631 /yr.
For the city of Lexington, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $631 /yr. |
| Average Coverage: | $881 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1181 /yr. |
What is the average home insurance cost for a home in Lexington, KY?
- • The average homeowners insurance premium paid annually for a home in Lexington is around $881 per year.
What does it cost on average per month for home insurance in Lexington, KY?
- • Homeowners in Lexington pay an average cost per month around $73.00 for insurance coverage.
Lexington, KY - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $275,845 | $252,989 |
| February | $276,825 | $256,607 |
| March | $278,567 | $260,839 |
| April | $280,013 | $265,304 |
Homeowners insurance will help cover the cost to repair or replace your Lexington home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Lexington
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Lexington, KY homeowners insurance rates all in one place! |
Saving Money Tips on Lexington Home Insurance
A great way to save money on Lexington homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Lexington area? Check out what homeowners are paying on average for Kentucky homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 963 ft. | This is the average home elevation in Lexington, KY | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local Kentucky flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Lexington, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Fayette County.
Kentucky Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Lexington, KY Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Lexington so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Lexington, KY?
- The average square footage in Lexington is around 1,678 Sq. Ft. which would cost you around $197,950 to replace the home if you base the home on the price to build per square foot of $118.
Minimum Replacement Cost Total: $197,950
Location: Lexington, Kentucky (Fayette County)
Average Building Cost Per Square Foot in Lexington: $118 (low end)
Average Square Footage in Lexington: 1,678 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $118 | $197,950 |
| Some Additional Upgrades | $148 | $247,438 |
| Major Home Updates or Advancements | $177 | $296,925 |
The dwelling coverage is calculated by the average cost per square foot ($118) in Lexington, Kentucky times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $368,750 (Media price to build of $148 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.