Best Louisville KY Home Insurance

Kentucky is a Great place to live, especially in Louisville KY a growing metropolitan area.  The median home price in Louisville KY is close to $225,000 per home and home values have increased  by 11.9% during the last year.  It is the low cost of living in what many consider the premier city of Kentucky in regard to music, food, and culture. There is still a strong local vibe for a major university downtown, University of Louisville  and bustling expansion. You want the best insurance coverage to help cover your $225,000 new home in Louisville, but what does it mean to have good home insurance coverage in Kentucky?  We know you have questions,

Best Louisville Home Insurance

Best Louisville KY Home Insurance

Homeowners Insurance can be a confusing topic and you aren’t always certain what you are getting for your insurance premium and hard earned salary. Combine that with a lot of insurance companies that would be happy to sell you coverage that isn’t enough insurance and that can be frustrating and difficult. That is where we step in at Dick Watts Insurance Louisville KY. We do not want to frustrate you. We do not want to underinsure you for the value of your home. And we certainly do not want to sell you insurance coverage that you do not need. How do we keep this balance with good coverage at a reasonable price.

As an Independent  Insurance agency, Dick Watts Insurance in Louisville KY can compare policy coverage and prices of various insurance carriers on your behalf to make sure you don’t get good or better but the best insurance for your investment your home. If you would like a policy review, send us your Home Insurance Declarations Page and we can review your insurance coverages. We also have included below more helpful information on what elements make up a solid Louisville home insurance policy. We love Louisville, the Derby, great restaurants ,culture and the local  food scene.


What parts add to a great Home Insurance Policy

Best Louisville KY home insurance

Dwelling Amount: Though deductibles seem to get all the attention in regard to policies. When it comes to homeowners insurance, it all starts with calculating the dwelling amount. Why is this important? This amount is the amount that will be paid by the insurance carrier in the event your home needs rebuilding after a covered cause of loss. Two questions are important here.

  1. If I have to rebuild after a tornado, fire, or other disaster will I have enough money from the insurance company? – Due to supply and demand the cost of building materials have increased recently. Many costs to construct a home have increased. The cost of lumber has increased by approximately 300% during the last year.  Know your builder and their costs. If you are looking for a custom build expect to pay more than what people are paying for cookie cutter home in your nearby master planned community.
  2. How does my deductible relate to my dwelling amount? Because your deductible for Wind Hail and Storm damage is calculated as a percentage of your dwelling amount, how much you pay out of pocket equals the percentage of your defined policy limit for Coverage A Dwelling Coverage.  If you have a $400,000- $500,000 Home in Louisville KY if you have a 1% home deductible you will pay in the neighborhood of $4,000 to $5,000 to replace your roof and other damaged property from a covered loss.

In addition, there are other coverages on your home insurance policy calculated as a percentage of dwelling amount. Lets look further into the specific coverages.

If you have to make a claim and replace the contents of your home and personal items, you will want to have enough coverage to replace as much of your personal property as possible. We get used to things around the house and not until we lose them do we often realize the cost of replacing furniture, appliances, toys, clothing, and food until we must replace those items.

  • Appliances – personal property that would be covered by the contents coverage in the event of a covered loss
  • Electronics- cell phones, desktop computer and ipads can make your life simpler but the costs can add up.
  • Furniture- we all have couches, desks, tables, beds and lamps that need to be replaces.
  • Toys- if your child’s toys are destroyed in the storm you will want to be able to replace those toys.
  • Food- Think of all the food you have in your pantry and refrigerator.

As you can see personal property values can add up quickly and could cost more than expected. Take some time to go through the rooms of your home and note what you would need to replace and the approximate cost. Store this information securely online in the cloud for safe keeping, take videos and photos of your personal property before the storm or disaster hits.  When it comes time to make a claim, having purchased Replacement Cost for personal property on your policy will help financially to replace appliances, furniture and electronics. This will help you be able to purchase a new item instead of receiving less  money for depreciated items.

Personal Liability Coverage on your Best Louisville Ky Home Insurance

Many times the insured will ask about lowering personal liability coverage limits in order to reduce the total premium, we understand that. However we do not advise to lowering your protection against a lawsuit from an personal injury that occurred in your home. If someone is injured in your home and plans a lawsuit against you they will demand the maximum amount allowed or determined by a jury. The injured party seeking restitution will try get a large as verdict as possible ( this of course is not legal advice, and we are not attorneys) The difference between having inadequate coverage and good protection is often the price of one cup of coffee and that is not really worth it. We are taking about only a few extra dollars per month to have good liability limits on your Louisville Ky home insurance policy.

Deductibles: We previously mentioned deductibles but this is often the most misunderstood sections of your homeowners insurance policy. The insurance company’s job is to restore you to the same condition you were in prior to the covered loss. Everyone’s risk is reduced through the use of home insurance deductibles.  The deductible is the money you will need to pay after a loss. If you go with the a low deductible then expect a higher premium. The higher the deductible the lower the home insurance premium.

Louisville Home Resources and Local Louisville Area markets


Better Business Bureau Louisville KY

Louisville Realtors 

Middletown Chamber of Commerce 

Trusted Choice Insurance Agents Louisville KY

Home Builders of Louisville 

Optional Home Insurance  Coverages can be added for an additional premium by an endorsement.

  1. Extended Replacement Cost Coverage
  2. Seepage and Leakage –
  3. Sewer and Water Back Up

Flooding is specifically not covered by homeowners insurance and requires a totally separate flood insurance policy. Let us help guide you through the available homeowners insurance coverages.

We would like to offer a free home insurance coverage review of your current policy. Send us you home insurance declarations page and we can review each coverage with you .


About Mike Watts

Mike Watts is an independent insurance agent in Louisville KY