Franklin Homeowners Insurance

Your Complete Guide to Franklin, TN Homeowners Insurance

Franklin is an upscale suburb of Nashville and is the seventh-largest city in Tennessee. Franklin has benefited from recent unprecedented growth in Nashville, allowing the city’s population to balloon to over 74,000 residents. 

No matter where you live, your home can be impacted by fire, severe weather, and even break-ins or vandalism. The best way to protect your Franklin home from these types of events is to purchase a quality homeowners insurance policy.

Where can you find an affordable policy with the coverage you need? An independent insurance agent can help you obtain the best and most affordable insurance coverage for your Franklin home. 

Average Cost of Homeowners Insurance in Franklin, TN

Tennessee is the 22nd most expensive state for home insurance in the US. The average cost of homeowners coverage in Franklin is higher than both the state and national averages. This is probably due to higher average property values in Franklin than in many other cities. 

  • National average yearly premium: $1,173
  • Tennessee average yearly premium: $1,149
  • Franklin average yearly premium: $1,951

When you receive quotes for homeowners insurance, expect your premiums to be more or less than the average for your city. Everyone’s homeowners insurance rates are a little different because insurance costs are based on your individual home’s characteristics and the amount of coverage you need.  

Some of the factors used to calculate homeowners insurance rates include the type of home you are insuring, the age, size, and value of your home, and the materials used in its construction. 

Insurance companies also evaluate other risk factors, such as: 

  • Your claims history and credit score
  • The crime rate and weather risks in your city or ZIP code

The amount of coverage you need and the deductibles you choose also impact your rates. Most insurance companies offer a variety of discounts to help you save. 

The best way to make sure that you are getting the best price is to shop around. An independent insurance agent can get quotes from multiple insurance companies, so you can compare costs and coverage and make the best choice for your needs and budget. 

Burglary Rate in Franklin, TN

The home burglary rate in Tennessee is quite high compared to the national average. The home burglary rate in Franklin is very low. 

  • 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 Franklin: 1.85

Franklin is a very safe city, which can help residents save on home insurance. Nonetheless, it’s always important to safeguard your home from break-ins, no matter where you live. 

A home security system is one of the best ways to keep burglars away. Having a burglar alarm may also help you qualify for a discount on your homeowners insurance. 

A local independent insurance agent can help you be certain that your home and your possessions are properly insured. If you have items like expensive jewelry, special collections, or family heirlooms, ask your agent about adding special endorsements or riders to ensure that these items have appropriate coverage. 

Catastrophic Events in Tennessee

Severe storms and floods are the most common causes of catastrophic property losses in Tennessee. While these events are devastating, your home is more likely to be impacted by more common events like heavy rain, strong winds, hail, or lightning. 

  • 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

Tennessee homeowners insurance protects you from the financial consequences of most property losses you could experience, including damage caused by a catastrophic storm or a simple hailstorm. After property damage occurs, your homeowners insurance policy will reimburse you for repair costs, lost and damaged possessions, and even living expenses if you can’t live at home while you make repairs. 

It’s important to keep in mind that flood damage is not covered by your homeowners insurance policy. 

Tennessee residents should consider purchasing separate flood insurance from the National Flood Insurance Program (NFIP). Your independent insurance agent can help guide you. 

Liability Insurance for Franklin Homeowners

Liability insurance is one of the most important parts of any homeowners insurance policy. It is designed to protect you when someone claims you have caused an injury or property damage. 

In these cases, it’s not unlikely that you could be sued for negligence. Without insurance protection, a lawsuit could be financially devastating. 

But the liability insurance portion of your homeowners policy takes the worry away. It covers court costs, legal fees, and even settlements or judgments levied against you if you are sued. 

Talk to your independent insurance agent to learn how a personal umbrella policy can offer even more liability coverage than your home insurance policy will allow. An umbrella policy supplements the liability coverage in both your home and auto insurance policies. 

Second Home and Vacation Home Insurance

If your primary residence is in Franklin and you also own a second home, a vacation home, or a rental property, you have special insurance considerations. 

Because second homes often have different risks from primary residences, you might need insurance coverage that is different from a standard home insurance policy. It’s important to talk to your insurance agent about how to sufficiently insure all of your residential properties. 

If you own a rental property, you probably need landlord insurance to protect you from the additional liability risks associated with renting your property to tenants. 

If your second home or vacation home is vacant for long periods, it is more susceptible to fires, water damage, and ice damage. What’s more, thieves and vandals often target homes that are empty for long periods. In these cases, vacant home insurance may be necessary to protect your investment. 

An independent insurance agent can help you find the right home insurance policy for all of your residential properties. 

Why Work with an Independent Insurance Agent?

The easiest way to find a reliable and affordable homeowners insurance policy is by contacting a local independent insurance agent. These agents work for you, not for a particular insurance company, so you can be sure that you are receiving trustworthy guidance and the coverage you need. 

Contact an agent near you to start comparing customized, competitively priced home insurance quotes. 

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