Tennessee Vacation Home Insurance

Your Guide to Tennessee Vacation Home Insurance

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Tennessee Vacation Home Insurance

In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. If you want to protect your investment, proper coverage is necessary. Vacation home insurance will provide for your assets and liability. 

An independent insurance agent can help find a policy for an affordable price. They work with a network of carriers so that you have options. Connect with a local expert for custom quotes in minutes. 

What Is Vacation Home Insurance?

In Tennessee, your vacation home insurance is similar to your primary homeowners policy. It will have some of the basic coverages and come with others specific to owning this type of property. Check out what vacation home insurance is below.

  • Vacation home insurance: Provides liability, property damage, and loss of use coverage for a vacation property. This home will be used for renting to others on a short-term basis.

What Does Vacation Home Insurance Cover?

Your Tennessee vacation home insurance will come with a variety of limits to protect your investment. The majority of vacation home policies have the following coverages.

  • Dwelling limit: Pays for the replacement or repair of your home itself when a covered claim occurs.
  • Personal property: Pays for the replacement or repair of your personal belongings.
  • Personal liability: Pays for bodily injury, property damage, and libel or slander claims against a household member.
  • Loss of use: Pays for your lost rental income when a claim shuts down your operation for a period of time. 
  • Medical payments: Pays for the first $1,000 - $10,000 of a medical expense when a third party gets injured on your property.

The primary perils your Tennessee vacation home policy will cover are the same as your homeowners policy. This coverage comes standard on most property insurances.

  • Fire
  • Wind
  • Hail
  • Lightning
  • Severe storms
  • Theft and vandalism

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How Much Is Vacation Home Insurance in Tennessee?

Tennessee has roughly 603,310 small businesses in existence. If you're operating a vacation home, the right commercial coverage could save you from financial ruin. Take a look at the items insurance companies use when determining your premiums.

  • Where you live
  • How many claims you've filed
  • How new your house is
  • How close you are to a fire department
  • How close you are to a fire hydrant
  • The materials of your home
  • Your credit score
  • If you have a pool, trampoline, or pet
  • The square footage of your home
  • How much it costs to replace your home

While you can't change everything, there are specific items that can be controlled for favorable premiums. Here are some risk factors that you can improve for a better vacation home rating in Tennessee.

  • Improving your credit score
  • Filing fewer insurance claims
  • Updating your roof, electrical, plumbing, or heating

Will the Location of My Vacation Home Impact My Rates?

In short, yes, your location has a lot to do with how much insurance you'll need. Carriers use various property factors when determining your insurance costs. Companies look at the following having to do with your location.

  • Local crime rate
  • Local claims reported and paid 
  • Flood zone

Another item that should be considered is your flood zone. Zones are assigned by FEMA and used to see how risky your property is for a loss. If you're in an A or V zone, you'll be required to purchase a separate flood insurance policy.

How an Independent Insurance Agent Can Help

Your Tennessee commercial coverage is necessary to protect your property fully. Since many things could go wrong, it's vital to understand how to cover your asset. Vacation home insurance can help. 

An independent insurance agent will have access to several carriers so that you get the best rates and coverage for a fair price. They do the shopping on your behalf at zero cost to you, saving time. Connect with a local expert on TrustedChoice,com for coverage comparisons. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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