Covington Home Insurance

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Factors Affecting Home Insurance Prices in Covington

Part of the Cincinnati Metro Area, Covington, Kentucky, is located along the Ohio River and the Ohio/Kentucky/Indiana borders. The area is home to nearly 41,000 people. and the low cost of living combined with job growth in the area means more people are interested in buying homes in the area. Some of the most desirable neighborhoods include Licking Riverside, Kenton Hills, Lewisburg, Mainstrasse and Seminary Square.

The median cost of a home in Covington is $169,800, which is much lower than the national median price of about $338,000. The city has seen the appreciation of homes at a rate of more than 14% recently, making it an excellent place to invest in housing. However, it's important to remember the average home in the area is 75 years old. If you own an older home, you may pay higher insurance rates.

The Climate and Its Effect on Home Insurance Prices

Covington, KY, is a humid area that sees hot summers and cold winters. The humidity combined with an above-average rainfall of about 45 inches per year means that homes in the city may be more susceptible to damage related to flooding or other moisture. This is especially true for homes that are closer to the Ohio River than others. 

Crime Rates and What They Mean for Your Insurance

Crime is another factor to consider when searching for Covington home insurance. Both violent crimes and property crimes are prominent in the city when compared to the national average. Property crime falls at 53.4 on a scale of 1-100, which is much higher than the national average of 35.4. This means you can expect to pay a bit more for home insurance. Typically, a homeowner in the city pays $1,961 per year for coverage. 

Other Factors That May Affect Insurance Rates

There are several other factors to consider when searching for Covington home insurance. The age and size of your home determine a baseline for the price. Your credit is a factor as well. If you have poor credit, you may need to pay more for home insurance. On the other hand, though, you can also save money if you bundle your home insurance policy with auto insurance or other policies you have. Do you have a pet at home that is considered dangerous? You may need additional coverage to protect yourself in case it injures someone either at your home or away from it.

Incidents Covered by Home Insurance

A basic home insurance policy in Covington, KY, covers a range of situations.

  • Aircraft Damage
  • Automobile Damage
  • Civil Commotion
  • Explosion
  • Fire

That isn't to say you have full coverage, though. A basic insurance policy only covers the dwelling and attached items like decks. If you want to protect other structures, such as fences, you'll need additional coverage. It's also a good idea to get liability and medical payment protection in case someone is injured on your property or you or a pet injure someone while you're away from home. 

Comparing Prices for Covington Home Insurance

Finding the right Covington home insurance doesn't need to take up all your time and energy. VIU by HUB provides an easy way for you to input information about you, your home and your insurance needs. From there, you'll receive quotes from a range of insurance providers and be able to contact the ones that best meet your insurance needs and budget.

This information is intended for general informational purposes only and is not intended to constitute legal advice.


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