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.
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.
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.Charlotte of Knoxville, TN Consumer Affairs
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:
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).
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.