Find the Best Homeowners Insurance Rates & Companies in Tennessee
The average cost of homeowners insurance in Tennessee is slightly below the national average. While US homeowners overall pay about $1,211 annually for coverage, Tennessee residents pay just $1,196 for theirs. Home insurance rates in Tennessee rank 22 for the most expensive in the country.
Average new home prices in Tennessee are currently about $303,453. Your home is a pricey investment, so it deserves the right protection in case of disaster. That's why it's critical to get equipped with a home insurance policy ASAP.
An independent insurance agent can help you find the right home insurance policy for you. But for starters, here's a behind-the-scenes look at homeowners insurance in Tennessee.
Best Homeowners Insurance Companies in Tennessee
Home insurance can be purchased from many different carriers, no matter where you live. But you want to skip the hassle of browsing endless companies that won't deliver what you want. That's why we've gone ahead and compiled a list of our top choices for the best home insurance companies in Tennessee. Start with these gems:
- Stillwater: Stillwater offers home insurance along with many other types of personal property coverages. Excellent ratings for financial strength and overall by the Better Business Bureau (BBB), as well as 24/7 claims reporting make Stillwater a fantastic choice.
- Nationwide: Nationwide offers home insurance and numerous other products for individuals. Excellent ratings by both AM Best and the BBB, and 24/7 claims reporting make Nationwide a great option.
- Encova: Encova offers home insurance along with many other coverage options. Numerous discount options and high ratings by AM Best and the BBB, along with 24/7 claims reporting, all make Encova a carrier you can't go wrong with.
- Travelers: Travelers also offers home insurance as just one piece of its extensive catalog. A history of excellent financial strength and customer feedback, multiple discount options, and 24/7 claims reporting make Travelers a top-notch choice.
A Tennessee independent insurance agent can help you decide if any of these top carriers offer the home insurance policy that fits you best.
What Homeowners Insurance in Tennessee Can Cover
Certain coverages come standard in homeowners insurance policies across the map, including in Tennessee. These basic coverages are:
- Liability coverage: This coverage can pay for your legal fee if you get sued by a third party for claims of personal property damage or bodily injury.
- Contents coverage: This coverage can reimburse for damage or destruction to your personal belongings like furniture and clothing after theft, fire damage, and more.
- Dwelling coverage: This coverage can reimburse for damage or destruction of the home's structure after a disaster like lightning strikes, fire damage, vandalism, etc.
- Loss of use coverage: This coverage can reimburse for unexpected costs after a major disaster like a fire displaces you from your home temporarily, forcing you to have to stay somewhere like a hotel.
Tennessee is also prone to a few natural disasters, which may or may not be covered by home insurance. First, it's necessary to become familiar with your state's most common natural disasters, which are:
- Severe storms
Home insurance can reimburse for costs of wind damage to your home by severe storms and tornadoes, but it can't reimburse for costs of earthquake damage or natural flood damage. You'll need a flood insurance policy to recover the costs of damage caused by flooding from severe storms, hurricanes, and more.
What Homeowners Insurance in Tennesse Will Not Cover
Home insurance, like any other coverage, comes with a list of common exclusions. Don't look to your home insurance to cover any of the following costs:
- Home wear and tear
- Your or your family's malicious or intentional acts against others
- Sewer backup damage to your home
- Business-related losses in your home
- Maintenance-related losses in your home
Flood damage in Tennessee
Flooding and severe storms are a couple of the top natural disasters in Tennessee, so it's a good idea to talk to your independent insurance agent about adding flood coverage. A sewer backup endorsement might also be a good option. If a sewer line or sump pump fails, backs up, or breaks, having this endorsement can help you recover the costs of damage to your home that would otherwise have been excluded by a standard home insurance policy.
Average Cost of Homeowners Insurance in Tennessee
The rates of home insurance in Tennessee are about neck and neck with the current national average of $1,211 per year. Residents in Tennessee pay about $1,196 for home insurance each year. Tennessee falls in just about the middle of the pack, at number 22, for overall home insurance costs in the country. Tennessee's property values, low crime rates, lower risk of natural disasters than those of other states, and more all contribute to more affordable home insurance costs.
Average Tennessee Home Insurance Costs by City
Each city has its own average home insurance rates, as well. More expensive home insurance rates can be found in cities with higher property values, crime rates, and frequency of natural disasters. In Tennessee, residents in the city of Brentwood pay the highest average home insurance rates for the state, of $2,721 per year. Contrastingly, the city with the best and cheapest homeowners insurance rates in Tennessee overall is Tullahoma, where residents only pay about $716 annually.