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Tennessee Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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Tennessee Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in Tennessee is $1418 per year and $118 per month. Tennessee homeowners insurance rates are $20 per year more then the national average and about 1% more annually. When compared to the other US states that makes the cost of homeowners insurance in Tennessee the 18th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in Tennessee is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Tennessee in minutes.
| Tennessee Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $118 |
| Average Annual Premium | $1418 |
| State Rank (Most Expensive) | 18th |
Cheapest Insurance Companies for Homeowners in Tennessee (2022)
For homeowners in Tennessee, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Tennessee. The following are the best insurance rates from carriers that offer homeowners insurance in Tennessee.
| Cheapest Companies | Quotes |
|---|---|
| Tennessee Farmers | $1,255 |
| Allstate | $1,660 |
| USAA | $1,777 |
| Shelter | $2,323 |
| Travelers | $2,388 |
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How to Get Affordable Home Insurance in Tennessee
With so much to do and see in Tennessee, it's no wonder that home insurance falls near the bottom of your to-do list. The truth is that the most significant financial investment of your life is homeownership. And with investments of any size comes risk. No need to worry, because there are steps you can take as a homeowner to protect your investment. Soon enough, you and your family can go back to enjoying the sights and sounds of Tennessee.
The crucial first step to protect your home is homeowners insurance. Home insurance is not required by law but is key to providing financial liability for your property in case of natural disasters or theft. Your mortgage lender may also require you to have homeowners insurance to take out a home loan. There are different coverage levels available, depending on your home's property type, location, and other factors.
There's more to homeowners insurance than meets the eye. Keep reading for a full guide on Tennessee home insurance.
Homeowners Insurance Quotes in Tennessee by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in Tennessee costs $2,039 annually, and the median home value is $167,500
That's a significant amount of money. These costs are essential, but how will you pay these costs while providing for yourself and your family?
That's where Insurify comes in. Compare quotes in your vicinity and find the best value in homeowners insurance. You can adjust insurance coverage levels to fit your needs, leaving you with the best Tennessee homeowners insurance.
Average Annual Homeowners Insurance Premium in Tennessee by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Tennessee Farmers$1,255
Allstate$1,660
USAA$1,777
Shelter$2,323
Travelers$2,388
State Farm$3,379
Erie$3,463
Home Insurance Rates in Tennessee by City
Much like housing costs, your Tennessee home insurance will vary depending on which city you own your home is in. ZIP code variables, like local crime rates, nearby insurance claims, and home costs, and risk variables, like natural disasters such as earthquakes and tornadoes, determine the average premium price. These variables plus what neighborhood you live in determine how much you pay on home insurance coverage.
Home insurance rates in Tennessee differ and are dependent on the town you live in. Rates can be relatively high or low compared to the national average. Take a look at the most and least expensive ZIP codes in Tennessee for home insurance.
| City | Median Home Price |
|---|---|
| Fisher Island | $4,267,962 |
| Coral Gables | $3,603,721 |
| Miami Beach | $3,029,308 |
| Jacksonville | $152,300 |
| Palm Coast | $229,818 |
| Cape Coral | $232,309 |
What Does Home Insurance Cover in Tennessee?
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- Civil commotion
Broad form homeowners insurance policies include all basic form coverage, plus:
- Protection from falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household systems including HVAC and pipes
- Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
- Accidental discharge or overflow of water or steam
- HO-2 policies typically cover both dwelling protection and personal property.
- In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
- The most common form of homeowners insurance is known as a “special form” policy.
- While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
- HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
- Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
- If you own a mobile home or manufactured home, you likely have an HO-7 policy.
- Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
- Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
- HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
- Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
- HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
- Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Tennessee city level guides, check out these below.
Mobile Home Insurance in Tennessee
Mobile home insurance in Tennessee is a vital piece of the equation for insurance products. There are more than 618 mobile home communities in Tennessee. With risks as well as challenges that come with mobile homeownership, there is a lot to consider. Natural disasters can cause more damage to mobile homes due to lighter materials. When the rainy season comes along, insurance companies experience high volumes of flood-related insurance claims. It’s important to remember not all flood-related damage is covered by standard homeowners policies, which is a reason to look into specific mobile home insurance for your mobile or manufactured home in Tennessee.
Insurance is a necessity for mobile homeowners to cover you in case of vandalism, personal liability protection, and damage from the elements. It's also necessary that you protect your family from these risks. Your best bet for a homeowner's insurance policy on a mobile home is an HO-7 policy, customized for manufactured and mobile homes.
The price of mobile home insurance may be a concern for you, understandably. Do you know that you can get the best price on mobile home insurance in Tennessee by letting Insurify help you compare policies from multiple insurance companies, such as Liberty Mutual, State Farm, Allstate, and more? Talk to your insurance agent and discuss home insurance coverage options. For instance, you can get lower home insurance rates by permanently affixing your mobile or manufactured home to its foundation for wind protection. You can also save by installing a home security system and smoke detectors. There are options to help you get some home insurance policy discounts and keep extra money in the bank.
Tennessee Natural Disasters and Home Insurance Rates
The unfortunate reality is that natural disasters happen wherever you live. Floods, severe storms, earthquakes, tornadoes, wildfires, landslides, and power outages are common occurrences in Tennessee. FEMA notes that between the years of 1953 to 2019, Tennessee had 59 significant disasters declared, severe storms, and floods being the most prevalent. It's essential to know the covered loss for your dwelling coverage.
Also, your insurance premium could go up if you live in a high-risk area. And while homeowners insurance will cover wind damage, falling objects, and lightning, most home insurance policies do not cover damages due to flooding or earthquakes. You would have to get an additional rider or policy.
Storms and Flooding
There are a variety of severe storms that you have to face while living in Tennessee. Lightning, thunder, ice storms, hail, and sometimes even a snowstorm can disrupt the area you live in, with spring and summer months being the riskiest for property damage. And unless you live up in the Great Smoky Mountains, you're likely to experience flooding no matter where you live in Tennessee.
Since most home insurance companies do not offer flood insurance, it's vital to seek out flood insurance, whether or not you live in a flood zone. The National Flood Insurance Program has flood insurance available. Ask your insurance agent about additional coverage when discussing your coverage options.
Wildfires
Did you know that Tennessee experiences 2,000 to 3,000 wildfires annually? If you are one of the 2.3 million who live in a heavily-forested or mountainous area, you could be at risk during mid-February to mid-May and mid-October to mid-December. While most insurance companies offer fire damage protection, it may differ if you live in a fire-prone area. Check with your local agent to see if you have the right coverage for wildfires and how they affect your premium.
Earthquakes
While most homeowners insurance in Tennessee does not include earthquake insurance, you can purchase a separate policy. Earthquake insurance generally covers the cost of debris removal, living expenses during home repairs or a rebuild, and structures attached to your home, such as a garage, and personal property.
Earthquake insurance does not cover anything your home insurance already covers- there’s no double dipping. In other words, if damage to your land, such as sinkholes, damage to vehicles, water damage from external sources like rain or sewer backup are covered by your homeowners policy, they won’t be covered on your supplemental earthquake coverage. Speak with an insurance agent to determine the correct policy that fits your needs.
Special Home Insurance Situations in Tennessee
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Tennessee.
Cheapest Home Insurance for Houses Near Fire Department in Tennessee
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $1,659 |
| Erie | $3,462 |
| Shelter | $2,323 |
| State Farm | $3,378 |
Cheapest Home Insurance for Houses Less Than 20 Years Old in Tennessee
The age of your home and its major systems may affect the policy rate you're quoted by insurance companies
| Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $1,328 |
| Tennessee Farmers | $1,117 |
| Travelers | $1,886 |
| USAA | $1,475 |
Enjoy the Sunshine State even more knowing your Tennessee property is protected from anything life may throw it's way.
How to Find the Cheapest Home Insurance in Tennessee
Before you put on your blue suede shoes and go out on the town, it's essential to know the risks of living in Tennessee. Thankfully, it doesn't take much effort to save on Tennessee home insurance. With the right tools and a little research, you are equipped with big savings.
Use Insurify to compare home insurance premiums for your property in Tennesse.
Tennessee Homeowners Insurance FAQ
Home insurance typically does not cover flooding in Tennessee. Know the liability coverage, living expenses, and medical expenses that your policy does cover in case of flooding, though. You can also find separate flood insurance through the National Flood Insurance Program.
Many insurance providers offer bundling on home insurance with car insurance or life insurance. Check with your insurance carrier or agent to see if they offer discounts on bundled insurance products.
The best home insurance companies in Tennessee will depend on many factors, including price, customer service, financial strength rating, and insurance coverage. It's best to check out their ratings and do some research before comparing insurance quotes. For instance, J.D. Power provides awards annually to top-rated insurance companies, which can speak volumes if you are stuck deciding between two or more companies.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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