Compare Homeowners Insurance in Nashville
In 2017, Zillow ranked Nashville as the hottest single-family housing market. The housing market in Nashville, Tennessee is up 34 percent since 2013.
This is great for Nashville; a flourishing housing market means a flourishing city. But rising housing costs means that the cost of homeowners insurance rises alongside. If you’re a current or future homeowner in Nashville, TN, be aware of the factors that impact insurance rates.
Average Nashville Home Insurance Rates
How much is home insurance in Nashville? Nashville is growing in popularity and benefits from a low cost of living. But the city’s homeowners insurance isn’t very cheap. To find out how much home insurance costs in Nashville, we made an ‘average’ house. Based on data from QuoteWizard users in Nashville, this is the ‘average’ Nashville home:
- 2,138 square foot home built in 1980
- 4 bedrooms and 2.5 bathrooms
- One story
- Deadbolt locks
- Fire extinguishers
- Composite shingle roof
To assess the cost of homeowners insurance in Nashville, we got quotes for this ‘average’ house. Remember: home insurance rates are unique to each person, their home, and their coverage needs. With that in mind, these are the average rates for Nashville home insurance:
The graph below shows the change in average Tennessee home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Tennessee homeowners insurance rates increased from $915 in 2011 to $1,149 in 2015, a jump of $234 dollars, or 25.57 percent.
QuoteWizardhelps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Nashville, Tennessee.
Last year, many people used QuoteWizard to compare home insurance quotes in Nashville, TN from multiple companies.
Best Home Insurance Companies in Nashville, TN
Most Popular Insurance Companies
Based on data from QuoteWizard users, these are the most popular insurance companies in Nashville:
- State Farm
- Liberty Mutual
- 21st Century
Best Insurance Companies
The above list shows the most popular home insurers in Nashville according to our users. But popular doesn’t always mean best.
Our study on the best homeowners insurance rates focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Nashville Home Insurance Rate Factors
When pricing your home insurance policy, insurers use several factors to determine the cost. The major factors in Nashville include fire protection class, natural disasters, weather, and crime rates. Below are the most common elements used to decide your insurance rate:
- Natural disasters: Insurance companies charge more for homes in disaster-prone areas. On average, Nashville has average weather. But the city occasionally faces inclement weather like thunderstorms, hail, and floods. In 2010, for example, Nashville experienced $2 billion in damages due to flooding.
- Dogs and Pets: Nashville has become one of the top dog-friendly cities in the country. Many of Nashville’s parks, festivals, and restaurants accommodate canines. This is great news for fellow dog lovers and owners. However, in 2015 homeowners filed over 15,000 liability claims due to dog-related injuries. On top of that, the CDC states that four and a half million people suffer dog bites every year. These statistics are the reason that insurance companies usually charge higher rates to cover homes with dogs. Some dog breeds like pit bulls are riskier than others, and they cost even more to insure.
- Previous claims: The more claims you file, the higher your premium rises. File frequently and your insurer may label you as high-risk. That raises your rates and, in some cases, cause your insurer to cancel your coverage. Bottom line: if you have a history of claims, expect to pay more. In fact, even claims filed by your home’s previous owner can hurt you. Why? Homes with a history of claims are more likely to require additional claims in the future.
- Proximity to emergency services: In 2014, some Nashville homeowners experienced “significant” rate increases because of new fire safety ratings. In the event of a fire, your home’s safety depends on how close you live to a fire department. Insurance companies use this information when setting your homeowners insurance rates. Unfortunately, Nashville’s fire department received a protection rating of 4. The best score a city fire department can receive is a 1 rating.
- Attractive nuisances: Pools, hot tubs, and trampolines are an expensive liability. If you own one, your home insurance rates may spike. The reason? Chances of an injury increase in homes with pools and trampolines. On top of that, trespassers normally cannot file liability claims if they’re hurt on your property. But exceptions are made for unsecured pools, hot tubs, and trampolines.
- Coverage amounts: A standard policy that covers the basics is an attractive option if you are looking to save. Your coverage amounts are a big factor in the price of your home insurance policy. The more coverage you need, the more your home insurance premium costs. But, being underinsured can lead to extra out-of-pocket costs if something were to happen to your home. It’s a balancing act: what can you afford to pay every month, and what can you afford to pay out-of-pocket in case of an emergency? Remember, people with unique homes, large assets, or valuables will need more coverage than others will.
- Home security and crime: Crime rate is a major factor insurance companies look at when pricing a policy. If property crime rates in your area are high, it’s guaranteed to affect your insurance rates. This could be the case in Nashville; 78 percent of their total crimes reported in 2017 were property crimes. This is a property crime rate of 39.34 per 1,000 residents. These statistics are not great, and they can spike your insurance rates. Crime rates vary considerably by neighborhood.
- Credit history: It’s an unfortunate fact, but if you have bad credit history, you will pay more for home insurance. In 2017, Nashville was ranked 50th out of 100 cities for average credit score. According to this data, Nashville residents have an average credit score of 668. This isn’t a terrible credit score ranking, but there is always room for improvement.
Types of Homeowners Insurance
There are several different home insurance plans that may fit your specific needs:
- HO-1: Basic insurance that covers standard perils.
- HO-2: Broad policy covering everything in HO-1, as well as falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers all perils unless specifically excluded. Also covers unattached structures and liability.
- HO-4: Provides belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3, but with expanded coverage and less limitations for property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
9 Ways to Save Money on Homeowners Insurance in Nashville
There are numerous steps you can take to lower your home insurance premium:
- Redo your roof: Your home's roof is the first layer of defense against bad weather. A high-quality roof is the only thing that stops damage from wind, hail, and rainstorms. Insurance companies offer better rates to homes with high-quality roofs.
- Be a senior: Seniors get many discounts, and home insurance is no exception. Seniors typically stay on top of maintenance. They also spend more time at home, meaning they can spot potential problems like leaks or fires before they’re out of control. 22 percent of Nashville’s population are seniors. If you’re a fan of the early bird special, you might also qualify for decent insurance discounts.
- Secure your Home: Nashville has a high property crime rate, which hurts home insurance rates. To combat this factor, consider installing new technology and security systems. This will make your home safer to live in and defend against intruders.
- Shop around: Buying insurance is usually a tedious process. It's tempting to buy the first policy that fits your needs. But if you don't shop around and compare quotes from different companies, you’re probably losing money. Each insurance company offers different rates and discounts. And these rates usually change every year. So, always compare quotes from different home insurance companies in Nashville to get your best deal.
- Renovate: Poorly maintained homes cost more to insure because they’re more likely to require extensive repairs. You should stay ahead of the curve and take preventative care of your home. Beyond new roofs and smart technology, certain home improvement steps can help lower your premiums. Consider repairing your foundation, redoing your plumbing, updating your wiring, or installing new appliances.
- Avoid claims: Filing claims frequently causes your home insurance premium to increase. If you file more than a few claims in a year, there’s a good chance your insurance company will label you as high risk. If you continue to file claims, they may even drop your coverage. If possible, pay for damages out of pocket rather than filing a claim.
- Raise your deductible: Raising your deductible doesn’t sound great, but it can save you money in the end. Your deductible is the amount you must pay out-of-pocket before your insurance kicks in. Higher deductibles cost you more money when you file a claim, but it also means you save more money every month. Some experts say that, on average, homeowners only file one claim every ten years. If that stat is true, a high deductible might not be a bad idea.
- Pay off your premium: If you pay for the entire year’s premium in one go, you earn a discount. Your insurer saves on monthly billing and administrative charges, and they pass some of those savings onto you.
- Bundle: Buying multiple insurance policies from one company is a great way to save money on insurance. Try bundling your home and auto insurance; you could easily save 20 percent on your premium.
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