Homeowners Insurance in Franklin, TN
Experts break down homeowners insurance costs, coverage, companies, and more in Franklin, TN.
Franklin is an upscale suburb of Nashville and is the seventh-largest city in Tennessee. It is one of the wealthiest cities in one of the most affluent counties in the US. Franklin has benefitted from recent unprecedented growth in Nashville, allowing the city’s population to balloon to over 85,000 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 events is to purchase a quality homeowners insurance policy.
A local independent insurance agent can help you find the best homeowners insurance in Franklin, TN.
What Is Homeowners Insurance?
Homeowners insurance protects you when fires, severe weather, or other disasters strike. It contains dwelling coverage, which pays for repairing the physical structure of your home. It also includes contents coverage, which pays for repairing or replacing lost or damaged personal property after a covered event.
In addition to property losses, homeowners may face negligence claims at any time. If someone gets hurt on your property or your child or pet causes an injury or property damage, you may need to pay for the injured party's property repairs or medical bills. Moreover, you could be sued and face extensive legal costs to defend yourself or settle the issue.
Liability coverage is also essential to your Franklin, TN homeowners insurance policy. It covers the injured party’s expenses and many legal costs if you’re sued.
What Does Homeowners Insurance Cover in Franklin, TN?
When you purchase homeowners insurance in Franklin, TN, it is likely to include the following types of property coverage:
- Dwelling coverage: Pays to repair or rebuild your damaged home.
- Contents coverage: Pays for damage to your insured personal property, such as furniture, clothing, artwork, etc.
- Other structures coverage: Covers any detached structures on your property (e.g., sheds, fences, detached garages).
- Loss of use coverage: Pays for additional living expenses (hotel bills, food, etc.) if forced to live elsewhere while your home is being repaired.
Dwelling coverage will help you repair or rebuild the structure of your house after a covered loss, and contents coverage will help you repair or replace damaged or destroyed possessions. It's essential to have adequate coverage to ensure that you'll be fully reimbursed if you have a loss.
In addition, homeowners insurance includes homeowners liability coverage. It protects you when someone claims you have caused an injury or property damage. It covers the injured party's expenses (e.g., medical bills, property repairs) and your legal fees if you're sued. After a lawsuit, it can even cover financial settlements or court-ordered judgments.
What Isn't Covered by Homeowners Insurance in Franklin, TN?
Homeowners insurance in Franklin, TN covers many problems homeowners can encounter. But one major concern for many homeowners that it does not cover is flood damage.
Flooding can be a problem in some areas of Tennessee. It is one of the top five risks for homeowners in the state. Franklin has only a minor risk of flooding over the next 30 years, which means flooding is not likely to impact day-to-day life in the community. But that doesn’t mean you should ignore flooding as a potential hazard to your home.
Discussing your need to purchase flood insurance to supplement your home insurance policy with your insurance agent is a good idea.
When you buy a flood insurance policy through the National Flood Insurance Program (NFIP), you can affordably get up to $250,000 in structural coverage and $100,000 in contents coverage for your home.
The liability coverage in your homeowners insurance policy also has certain limitations. If you hurt someone because of an intentional act, your liability coverage will not cover you. You can find all the exclusions to your liability coverage in your policy documents.
And remember, almost all homeowners insurance policies in Franklin, TN will exclude coverage for property damage caused by the following:
- Ordinance or law (e.g., demolition or construction required to bring your house up to code)
- Earth movement (e.g., earthquakes, sinkholes, landslides)
- Water damage due to floods, sewer back-ups, and water that seeps through the foundation
- Power failure
- Nuclear hazard
- Intentional acts
- Governmental action (e.g., destruction, confiscation, or seizure of covered property by any governmental or public authority)
- Loss to property resulting from faulty zoning, bad repair or workmanship, faulty construction materials, or defective maintenance.
It's essential to understand your policy's exclusions when purchasing your homeowners insurance.
How Much Does Homeowners Insurance Cost in Franklin, TN?
Tennessee is the 22nd most expensive state for home insurance in the US. The average cost of homeowners insurance in Tennessee is lower than the national average.
- National average yearly premium: $1,211
- Tennessee average yearly premium: $1,196
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 to construct your home.
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 coverage you need and the deductibles you choose also impact your rates. Most insurance companies offer various home insurance discounts to help you save.
Shopping around is the best way to ensure that you are getting the best price. 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.
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What Common Disasters and Claims Are Covered by Homeowners Insurance in Franklin, TN?
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.
Tennessee has experienced 76 federally declared disasters since 1953. The top five property risks for homeowners in Tennessee are:
- Severe storms and lightning damage
- Flooding and water damage
- Burglary and other property crimes
- Wildfires and residential fires
Your home insurance in Franklin, TN can help you recover from most of these kinds of losses. If you experience a burglary, your home insurance coverage can be the key to quickly getting back to normal.
The statewide burglary rate in Tennessee is higher than the national average:
- Number of burglaries per 1,000 people in the US: 3.76
- Number of burglaries per 1,000 people in Tennessee: 4.89
Even if you live in a very safe city like Franklin, 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.
Cheap Homeowners Insurance near Me
Finding the best rate on home insurance in Franklin, TN is essential to staying within your budget. But simply buying the cheapest homeowners insurance near you can also lead to problems down the road.
The best way to approach your search for homeowners insurance is to shop around not just for the cheapest policy, but also for the policy that offers the best coverage to protect your home and fits your budget.
If you don't have enough homeowners insurance when something goes wrong, the financial consequences could be far more devastating than spending a few extra dollars a year to ensure adequate coverage.
Many factors influence the cost of your homeowners insurance, from how claims reimbursements are calculated to whether certain types of losses are covered. You can usually offset better coverage by choosing higher deductibles.
The best strategy is to discuss these issues with your independent insurance agent before deciding which policy offers the best value for your needs and budget.
What Are the Best Homeowners Insurance Companies in Franklin, TN?
Finding the best homeowners insurance companies in Franklin, TN, can be simple. A local independent insurance agent can help you get home insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.
How Can an Independent Insurance Agent Help Me Find the Best Homeowners Insurance in Franklin, TN?
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you various options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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