Kentucky Landlord Insurance
(Quotes, Cost & Coverage)

Get Kentucky landlord insurance quotes, cost & coverage fast. KY rental property insurance protects your building from damages and you from liability if someone is injured on your property.

KY Landlord Insurance

Being a landlord can be a rewarding experience both in monetary and non-monetary terms. Landlords have many responsibilities - in addition to being accountable for the regular maintenance and upkeep of the apartments or buildings, landlords need protect themselves against a number of factors that may cause damage or loss to the rental property - and Kentucky landlord insurance is very helpful for this purpose.

As a landlord - as opposed to a normal homeowner - you can be stuck with a very different set of problems regarding your rental property. Damage caused by tenants, extreme damage to the property, or personal injury that occurred on the property could leave you without the security of your renter's payments for any stretch of time. We know you depend on your tenants' rent as a steady source of income, that is why you need Kentucky landlord insurance.

What Types Of Kentucky Landlord Insurance Are Available?

There are various kinds of Kentucky landlord insurance policies available on the market. Depending on your requirements, you can choose a single policy or a combination of policies to protect you and your KY properties from everyday risks. Following are some of the most important Kentucky landlord insurance coverages available:

Property Insurance or Building Insurance: This is one of the most basic types of insurance that covers the building and its permanent fixtures. A permanent fixture is generally identified as a physical structure that cannot be removed without inflicting damage to the building. This insurance does not cover non-permanent fixtures, like washing machines. If you have those, you will need a policy that provides a comprehensive coverage.

Contents Insurance or Personal Property Insurance: Contents insurance is aimed at protecting articles that are stored within the apartment building. Items you own such as microwaves, stoves, refrigerators, furniture and laundry washer and driers that your tenants use could be covered.

Liability Insurance: There are variety of claims that could render you legally liable for damages as the owner of a KY rental property. If a claim is brought against you due to personal injury or damage to the tenant's belongings caused by your property, most Kentucky landlord insurance policies can reimburse you for any legal liability up to your claim limit. You will also be protected for non-injury claims brought by your tenants, including wrongful eviction, wrongful entry, libel, or slander.

Flood Insurance: Commercial flood insurance is a must, if the property is located in a flood-prone area. Often the mortgage company will require it. Flood is a separate policy from your main KY property policy.

Loss of Rent Insurance: We know you depend on your renters' payments. If your rental property is declared unlivable due to extensive damage, your insurance plan will reimburse you for the cost of the rent your tenants would be paying you while repairs are completed.

What Does Kentucky Landlord Insurance Cover?

The Kentucky landlord insurance policy typically covers the property of the buildings you are renting out, including the dwelling and personal property you own and you keep on site to help maintain it. It also covers liability for another person's medical bills or your legal expenses if someone is injured on your property. Coverage generally includes:

• Dwelling: Helps protect the rental building itself due to damage by fire, lightning, wind, hail or other covered losses.
• Other Structures: Helps protect you against damages resulting from a covered loss to your rental property's detached garage, storage shed or fence.
• Personal Property: If you have lawn mowers, weed whackers, shovels or other tools onsite used to maintain your rental property, Kentucky Landlord Insurance may help cover this equipment if it's damaged or stolen.
• Liability: If a tenant trips on the walkway to your rental property and a court determines that you failed to maintain the walkway, you could be held liable for your tenant's medical, legal and other costs.Here your landlord liability coverage may help pay for those expenses.

Extra Kentucky Landlord Insurance Coverage

You may want to add optional coverages to your KY landlord policy. Some of the more popular ones are:

• Vandalism & Burglary - You may want extra protection to repair vandalism damage or replace items stolen from your rental (like appliances). Also, if someone vandalizes the property, those damages typically aren't covered by a traditional landlord policy unless you purchase an additional vandalism rider.
• Umbrella Policy - If you higher liability limits than the basic landlord policy offers, commercial umbrella can help. It is excess liability coverage that sits on top of your basic liability limit.
• Building Renovation - If you are you renovating your rental property, you can purchase special coverage to help protect it until it's ready to be occupied.
• Building codes - If you're repairing a part of your building after it's been damaged, you might be legally required to upgrade items like wiring, piping or ventilation because your municipality building codes may have changed since your property was originally built.

What Kentucky Landlord Insurance Doesn't Cover

Landlord typically does not cover:

• Equipment Breakdown - If the furnace or dishwasher in breaks down, most likely you will have to pay out of pocket for any repairs.
• Property You Share - If you live in the property and rent out another part to a tenant, you're typically not eligible for a landlord policy, as landlord policies are for only for "non-owner-occupied" property.
• Tenant's Belongings - Kentucky landlord insurance does not cover your tenant's personal possessions like furniture, computers. electronics, clothes, etc. Your tenants will need to purchase their own renter's insurance policy to cover their belongings.

How Much Does Kentucky Landlord Insurance Cost?

How much does Kentucky landlord insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:

• Location - The more dangerous your location is, for both natural and human risks, the higher premiums you will pay as there is a higher probability for claims.
• Building Size - The more square footage your property has, the more the premium will be.
• Deductible - The deductible is your out of pocket cost before your policy kick in. Lower deductible = higher premium, and higher deductible = lower premium.
• Security Precautions - Having a central fire alarm and security system can lower your premiums.
• Claims History - If you have made claims in the last 5 years your land lord insurance will cost more.

The amount of coverage provided by the insurance company can one of 2 types:

Replacement Cost - Replacement cost is a coverage that will pay you enough money to replace your belongings with "like kind or quality" up to the limit of the policy you have. This should not be confused with guaranteed replacement of your items; instead it's like kind or quality. So you wont get an upgrade to what you lost.

Actual Cash Value (ACV) - Actual cash value is the amount of money that the item was worth, minus depreciation for the wear and tear since you've had it.

Get A Kentucky Landlord Insurance Quote

Being a landlord can be stressful and time-consuming, but you can eliminate one worry from your life. Contact us today to find out the best way to get protection for all of your KY rental properties. We always take into consideration how much your properties are worth and recommend insurance that will protect your income and assets if you are found at fault and sued.

Futher Reading On Business Property Insurance

• Commercial Flood Insurance
• Commercial Property And Business Interruption Insurance
• Commercial Property Insurance Basics
• Commercial Earthquake Insurance
• Flood Insurance Requirements For Commercial Property
• How To Calculate Commercial Property Insurance Rates
• Landlord Insurance
• Types Of Insurance For Landlords

KY Landlord Insurance Quotes

Request a Kentucky Landlord Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.

Kentucky Insurance Rules

In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.

KY Business Insurance

The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.

Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.

There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.

You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.

Kentucky Personal Insurance

There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.

There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.

---

If you are looking for state specific Landlord Insurance quotes, costs and information: California Landlord Insurance, Colorado Landlord Insurance, Delaware Landlord Insurance, Florida Landlord Insurance, Illinois Landlord Insurance, Kentucky Landlord Insurance, New Jersey Landlord Insurance, New York Landlord Insurance, Oregon Landlord Insurance, Pennsylvania Landlord Insurance, Texas Landlord Insurance, Washington Landlord Insurance.