Collierville Homeowners Insurance

Your Complete Guide to Collierville, TN Homeowners Insurance

Find the right homeowners insurance policy for you.

Collierville, Tennessee is a suburb of Memphis with over 43,000 residents. Many of the town’s large homes have high property values, while many small, older homes help the town maintain its historic southern charm. 

While Collierville is a safe city, residents are not immune to break-ins, fires, and severe weather that can easily damage or destroy their homes and personal property.

If you own a home in Collierville, you need affordable homeowners insurance that covers your risks. Having reliable, responsive homeowners insurance means having peace of mind in the face of unpleasant events. 

Local independent insurance agents can help you find the best and most affordable insurance coverage for your home. 

Cost of Homeowners Insurance in Collierville, TN

Tennessee is the 22nd most expensive state for home insurance in the US, and the average cost of homeowners coverage in Collierville is higher than both the state and national averages. This is probably due to the prevalence of larger, more expensive homes in this town. 

  • National average yearly premium: $1,173
  • Tennessee average yearly premium: $1,149
  • Collierville average yearly premium: $1,569

Your home insurance rates may be higher or lower than average depending on your home’s unique characteristics (size, location, age, value, etc.) and other risk factors (crime rate, severe weather risk) in your neighborhood. 

If your property’s location comes with more hazards than most, expect to pay more. You will also pay more if your home will cost more to repair or rebuild than others. 

A larger home will simply cost more to rebuild than a smaller home. If you have a historic home, you may have special coverage needs and may have to pay more than average to cover your very special residence. 

Comparing quotes from multiple insurance companies and making sure you are maximizing your discounts is the best way to make sure you’re getting the best local rate on your home insurance, no matter where you live in Collierville. 

Burglary Rate in Collierville, TN

The home burglary rate in Collierville is lower than both the state and national averages. This is great news for residents of this very safe town. You are less likely to be the victim of a property crime than residents of many other cities in Tennessee.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Tennessee: 6.06
  • Number of burglaries per 1,000 homes in Collierville: 1.80

No matter where you live, you can still be the victim of a home burglary, break-in, or vandalism. Your home insurance is designed to reimburse you for loss or damage following such an event. 

Remember that home security systems are the best way to keep burglars out. What’s more, homes with burglar alarms often qualify for extra discounts on their homeowners insurance.

Catastrophic Events in Tennessee

Collierville is more likely to experience a tornado than many other cities in Tennessee and the US. Tornadoes typically occur during the spring months, but in Collierville they have occurred in every month of the year. 

  • Number of declared disasters in Tennessee: 69
  • Most common reasons for disasters in the state: Severe Storms and Floods
  • Average number of tornadoes per year in Tennessee: 29.1
  • Average amount of property damage per year in Tennessee: $1,153,112,000
  • 1 in 15 insured homes has a claim each year

Homeowners insurance is designed to cover a variety of hazards you face as a homeowner. 

There is a real threat of severe weather and flooding in Tennessee. Tornadoes can occur anywhere across the state and can wipe out your entire property. An insurance agent can help you review your structure and contents coverage limits so you can be sure that they are high enough to enable you to rebuild, repair, or replace if necessary.

Be sure to ask your insurance agent if you need flood insurance. Flood damage is not covered by your standard home insurance policy; it must be purchased through the National Flood Insurance Program (NFIP). 

Liability Insurance for Collierville, TN Homeowners

Your home insurance policy covers your home’s structure and your belongings. It also includes liability coverage, which is designed to help you pay for a variety of expenses if you are sued for negligence. 

It’s not uncommon for incidents as simple as those below to result in time-consuming, expensive lawsuits: 

  • A guest in your home trips on loose carpeting and breaks her ankle.
  • Your child hits a baseball through a neighbor’s window.
  • Your dog bites a passerby.
  • You are accused of libel or slander because of something you posted on social media. 

If someone is injured on your property, your liability coverage will pay for their medical expenses related to the accident. If they sue you for additional damages, your liability coverage pays for attorney fees, court costs, and any settlements or judgments that you are required to pay to the injured party. 

You can learn more about liability insurance and how to protect yourself from lawsuits by speaking with a local independent insurance agent. 

Second Home and Vacation Home Insurance

Second homes often have vastly different insurance needs than homes that serve as a primary residence. 

Seasonal or vacation homes are unoccupied and unprotected for long periods. If property damage occurs, it often gets worse before anyone discovers it. What’s more, vacant properties are popular targets for thieves and vandals. Vacant home insurance may be needed in these situations.

Rental properties or vacation homes that are rented to tourists also have some unique risks. Properties that you rent out to others are likely to come with far greater liability risks than a primary residence. Landlord insurance can help you cover the specific risks you face as a landlord. 

An independent insurance agent can help you review the unique coverage needs for all of your residential properties. You can evaluate competitive quotes to make sure you’re getting the best price. 

Why Work with an Independent Insurance Agent?

Independent insurance agents in your city can help you find a reliable and affordable home insurance policy. Independent agents aren’t tied to one company, so you can be sure you are getting honest, unbiased advice. 

Contact an agent in Collierville to start comparing customized home insurance quotes.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
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