Also in Kentucky, and aside from the ice storm mentioned previously, in the 20+ years we've been in our home, while we have lost power occasionally, at the most it's a couple of hours. The ROI for a home generator just isn't worth it to me.
I totally disagree with those saying a generator is ALWAYS a good idea. Not only do you have the install costs, but you have maintenance cost to make sure it works when you need it. I think you (general) should look at how much you'd use a generator before deciding to purchase one.