What to Know about Homeowners Insurance

in Tennessee

Facts about Homeowners Insurance in Tennessee

Home insurance is not required by law. However, it is required by lenders if you currently have a mortgage or are taking out a home equity loan or line of credit. A well-planned home insurance policy can protect Tennessee property owners from large financial losses caused by severe weather events, such as hailstorms and tornadoes, and other potential hazards like accidental fires, burglaries, and liability lawsuits.

More Tennessee home insurance facts

  • Tennessee property owners collect about $154 million in hail damage claims per year.
  • Annually, an average of 29 tornadoes touch down in TN.
  • Firefighters in Tennessee respond to at least 8,000 fire calls a year.
  • 38,000 burglaries are reported by TN residents every year.

Average Cost of Homeowners Insurance in Tennessee

The national average cost of home insurance is $1,173 a year. In Tennessee, rates are slightly lower with an average cost of $1,149. Rates are calculated on a case-by-case basis according to many factors such as the size, age, and value of your house, the weather risks and crime rate in your ZIP code, and your claims history and credit score. Every insurance company has a different way of assessing risk and calculating rates, so comparing quotes is a good way to make sure you are getting your policy at a competitive price. Independent agents make comparison shopping easy.

Cost of Homeowners Insurance

cost of tennessee home insurance

Why Choose an Independent Insurance Agent?

  • Independent agents make it easy to compare rates and find the best price.
  • These agents live and work in your community.
  • Your agent can provide one-stop shopping for all of your insurance needs.

Find an independent agent in Tennessee

My most recent insurance company had raised their rates, so I began my research. I found TrustedChoice.com, and got a price from an independent agent over the phone. Speaking with the agent was a good experience, and they were able to find what I was looking for in a short period of time.

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What’s in My Home Insurance Policy?

Home insurance is designed to cover you against most of the risks you are likely to face as a property owner in Tennessee. If you have any particularly valuable items such as fine art, valuable collections, jewelry, or electronics, your insurance agent can help you determine whether an additional rider or endorsement is necessary for this property to be fully covered.  You can expect a typical homeowners insurance policy to provide you with the following:

  1. Coverage against weather damage: Severe weather events, from hailstorms to tornadoes, can result in major damage to your home. Your policy can cover the cost to rebuild, replace, or repair the affected property.
  2. Coverage against accidental damage: Sudden, uncontrollable accidents such as cooking fires and burst pipes are typically covered by home insurance. However, damage caused by long-term problems that have been ignored usually are not.
  3. Coverage against property crime: The burglary rate in TN exceeds the national average. If burglars or vandals target your home, your insurance can cover the cost to replace your stolen items and repair damage the criminals may have caused.
  4. Coverage against liability lawsuits: The personal liability insurance included in your policy can help pay for legal expenses and damages if you are sued for negligent actions that cause others property damage, injuries, or financial harm.
  5. Coverage for temporary living expenses, if needed: Your home insurance can help pay for temporary accommodations, meals, and related expenses if your house is rendered uninhabitable following a covered event like a fire. 

Be aware that flood damage is not covered by homeowners insurance. Many properties in Tennessee are at risk for flooding, so be sure to talk to your insurance agent about the benefits of supplementing your home insurance policy with flood insurance through the National Flood Insurance Program (NFIP).

Top Insurance Companies That Support Independent Agents in Tennessee

There are currently 366 independent insurance agencies in Tennessee ready to help you find the best home insurance policy. These agents work with a variety of insurance companies, so they can provide you with a selection of customized homeowners insurance quotes that you can review and compare together. Let a local independent agent help you find the best policy to meet your coverage and budgetary needs.

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Why Go Independent When Looking for Homeowners Insurance?

  • Agents research for you
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  • Multiple quotes

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