Best Home Insurance Rates In Tennessee

On average, your neighbors pay $96 a month.

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Tennessee is the home of Jack Daniels, the Grand Ole Opry, and American rock 'n' roll, rockabilly, and blues. Artists such as Elvis Presley, Johnny Cash, and Jerry Lee Lewis all recorded in Memphis. The Volunteer State is also home to the nation’s most visited national park, Great Smoky Mountains National Park. Tennessee’s climate poses a number of homeowners insurance risks, including tornadoes.

Average Tennessee Homeowners Insurance Rates

How much is home insurance in Tennessee? Tennessee’s average homeowners insurance premiums are just about equal to the national average. The average cost of homeowners insurance in the state of Tennessee is $1,149. That's almost exactly the same as the national average of $1,173. There are 20 states with higher average home insurance rates than Tennessee.

Tennessee (TN) Average Annual Homeowners Insurance Rates
  2013 2014 2015
Tennessee Annual Average $1,090 $1,139 $1,149
Tennessee Price Per Month $91 $95 $96
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 19 19 21
Source: Facts + Statistics: Homeowners 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, TN homeowners insurance rates increased from $915 in 2011 to $1,149 in 2015, a jump of $234 dollars, or 25.57 percent.

Tennessee average homeowners insurance rates

Choosing a homeowners insurance company in Tennessee should be easier. Actually, it’s already easy. The key to finding the best rates is to get a home insurance quotes comparison in Tennessee from multiple companies.

Most Popular Tennessee Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Tennessee. Out of the 16,978 Tennessee homeowners that used QuoteWizard to request insurance quotes last year, 1,220 had no home insurance.

  1. Allstate
  2. Farmers
  3. Liberty Mutual
  4. Geico
  5. Progressive
  6. Nationwide
  7. USAA
  8. Erie
  9. AAA
  10. Travelers
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Best Homeowners Insurance Companies in Tennessee

The above list shows the most popular home insurers in Tennessee according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Tennessee Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 TN Farmers Mutual Insurance A+ 19.3%
2 Allstate A+ 8.1%
3 Liberty Mutual A 6.8%
4 USAA Insurance Group A++ 4.9%
5 Travelers Companies A+ 4.9%
6 Farmers Insurance A+ 3.9%
7 Nationwide Mutual A+ 3.9%
8 Erie Insurance A+ 2.4%
9 Auto-Owners Insurance A++ 2.1%
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Tennessee Home Insurance Rate Factors

Many factors come into play when insurance companies price your homeowners policy. Some, like pet ownership, are within your control. Others, like natural disasters, impact your whole state. Here are some of the factors that influence the cost of homeowners insurance in Tennessee.

Your Personal Rate Factors

Your House

Insurance risks vary from home to home. The amount you’ll pay for homeowners insurance also differs based on the house. Insurers study certain details of your home:

  • Your home’s age. Old homes generally need more repairs than new homes. It’s no surprise that a higher chance of major repairs means higher homeowners insurance rates. 18.2 percent of TN homes were built between 1990 to 1999, which means many residents don’t have to worry about this.
  • The quality of your roof. Having an old or dilapidated roof will raise your rates. Regular roof maintenance can lower rates, especially if you use region-appropriate material. Maintaining your roof can mean the difference between major and minor repairs after a storm. In TN, for example, keep gutters clear to limit damages caused by severe rainfall.
  • Your home’s replacement cost. Replacement cost is how much money it will take to rebuild your home from the ground up. Your dwelling/structure coverage is a primary factor in the price of your policy. This coverage should equal your home’s replacement cost. Replacement cost is based on your home’s style and size, not how much you bought your home for. For example, a $100,000 home in Memphis could have a higher replacement cost than a $300,000 home in Nashville.

Claims History

If you’re looking to save money, you should be aware of how often you file claims. Claims stay on your record for five to seven years. If you file several claims during that time, your rates will jump significantly. Because of this, homeowners should avoid filing any unnecessary claims. If you file too many claims, insurers will see you as high risk. Some may even refuse to cover you.

Pets

The type of pet you decide to adopt could also influence your rates. People who own a specific dog breed or exotic pet pay more for homeowners insurance. That is, if they can find coverage to begin with. According to the AVMA, 44.1 percent of TN residents own a dog, the eighth highest rate in the country.

Credit Score

Insurance companies will also look at your credit score to determine your rates. It’s an unpopular but common practice. The result? People with bad credit scores pay more for homeowners insurance. When it comes to credit, TN falls far below the national average. The state has the ninth lowest average credit score in the nation.

Tennessee Rate Factors

Weather

TN is the 16th most natural disaster-prone state in the country. Insurance companies will take natural disaster risk in your area into account to price your policy. Places that are more natural disaster-prone have high homeowners insurance rates. Hazards also vary depending on where in the state you live. If you live in Lawrence County, there’s a higher risk for tornadoes. If you live in Nashville, be prepared for flooding.

No matter where in TN you live, you (and your home) may face one of these natural disasters at some point:

  • Floods
  • Tornadoes
  • Earthquakes
  • Thunderstorms
  • Blizzards

There’s a risk of flooding in Tennessee, and homeowners insurance doesn’t cover flood damage. Make sure you buy flood insurance.

According to Nashville.gov, there are steps you can take to prevent damage from a natural disaster.

  • Buy flood insurance.
  • Keep doors and windows closed during a tornado.
  • Use flood damage resistant materials in your home.
  • Keep trees trimmed.

Property Crime

Burglary puts your home and your possessions at risk. That’s why areas with high property crime rates pay more for homeowners insurance. TN has the 10th highest property crime rate in the country. In 2017, the average property crime rate in your state was 2,940.6 per 100,000 residents.

TN property crime rates vary based on where you live. For example, Nashville has an average of 37.85 property crimes annually per 1,000 residents. Whereas Memphis has an average of 57.31 property crimes annually per 1,000 residents.

There are steps you can take to prevent a burglary in your home. Installing deadbolt locks, alarms, and security cameras, for example, can lower protect your home and lower your insurance rates.

Types of Home Insurance Policies

Homeowners have several policy options when shopping for home insurance. In TN, these are the insurance types you can choose from:

  • HO-1: This policy covers normal damages and is the most basic insurance policy.
  • HO-2: This is a broad homeowners insurance policy. It covers everything in HO-1, plus falling objects and damages to AC units, pipes, and other home systems.
  • HO-3: This is the most popular policy type. It covers all damages unless specifically excluded. This policy type also covers unattached structures.
  • HO-5: This is a comprehensive policy like HO-3, but it comes with more coverage and less property claim limitations. It’s considered a premium policy.
  • HO-6: Do you own a condo? If so, this may be the best policy for you. It covers possessions and offers liability for condo owners.
  • HO-7: This policy has similar coverage as HO-3, but for mobile homeowners.HO-8: If you own an older home, you may need a policy to cover the specific needs of older homes. This policy is like HO-3, but for old homes

Tennessee Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Julie McPeak
Insurance Hotline:
800-342-4029
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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