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In Kentucky, as in the rest of the country, the cost of homeowners insurance policies would largely depend on the amount needed to replace or repair the property.

Though not required by the state, it still would make much sense for one to obtain it in order to address losses due to damages to the property itself, for its contents, for liabilities stemming from accidents occurring within the property, and in cases when the whole household has to live somewhere else when the property becomes inhabitable for a period of time. There are ways for homeowners to enjoy lesser insurance premiums, such as availing of discounts available for installing security systems and fire sprinklers. Homeowners also have the choice of obtaining term policies and perpetual insurance, which has no fixed term. As there are ways to incur savings in purchasing homeowners insurance, there are also special circumstances which could raise the premiums of a policy, such as the installation of swimming pools and decks into the homes. These architectural features could, in fact, raise the chances of accidents occurring within the home and increase the liability of the homeowner.

There are also instances when mortgage lenders require the purchase of homeowners insurance before mortgage loans are approved. This is to protect their interest should the home becomes damaged before the loan has been fully paid off.

Insurance providers in Kentucky offer several kinds of homeowners insurance, though the three most common provide basic, broad, and special coverage. Basic coverage include several named perils like fire, windstorm, theft, vandalism, and the like. Consumers should be aware that no typical homeowners insurance policies offered in Kentucky offers coverage for flood and earthquake. Those who feel that their homes could be susceptible to flood damage should direct their insurance agent to purchase products from the National Flood Insurance Program.

Those unable to obtain homeowners insurance from private insurance providers have the option of getting the product through the Kentucky Fair Access to Insurance Requirements (FAIR) Plan. This state-sponsored program was created to provide assistance for residents whose insurance applications were rejected because of multiple claims made in the past and whose property is located in remote areas far from quality fire protection services. The only requirement in availing the FAIR Plan is for the property to have basic safety standards of the state.