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Homeowners Insurance in Tennessee

Tennessee homeowners insurance is not a requirement under state law, but there are many benefits to purchasing a policy from a reputable company. For instance, home and property insurance provides customers with protection against damages to homes and other structures, personal property, additional living expenses and certain medical costs. Customers can purchase a cheap homeowners insurance plan if they wish to receive basic coverage or they may obtain a comprehensive personal liability policy if they wish to cover any additional properties that they own. Before purchasing home or property insurance, however, it is important to compare homeowners quotes from various companies, as rates vary by company. Also, there are several other important factors to consider. Many homeowners insurance companies in Tennessee sell basic or comprehensive policies to residents in the state. However, customers can also compare homeowners insurance quotes online. To learn more about homeowners insurance coverage in TN, review the information below.

Tennessee Homeowners Insurance Requirements

Residents do not need homeowners insurance coverage in Tennessee, as home and property coverage is not a requirement under state law. However, homeowner insurancemay be a requirement if residents obtain a home loan through a financial institution. In many cases, homeowners and property insurance is a mandatory condition of obtaining a home mortgage. Depending on a lender’s homeowners insurance requirements, customers may obtain a policy to meet the financial institution’s minimum requirements, or they may purchase a more comprehensive plan. For the most protection, it is important to purchase a homeowner and property insurance policy that insures the home for at least 80 percent of its replacement value.

What does Tennessee homeowners insurance cover?

TN home and property insurance generally covers damages to homes, dwellings, other structures and personal properties – up to a certain limit. For instance, homeowner insurance covers damages to structures such as fences, work sheds and detached garages, as well as certain household contents such as appliances, electronics and furniture. Homeowners insurance policies may also cover additional living expenses if a customer cannot live on his or her property after the home sustains a significant amount of damages. Furthermore, homeowners and property insurance may cover certain medical expenses for any accidents occurring on the customer’s property, including those caused by the insured’s family member or pets. To receive additional homeowners insurance coverage, a customer may obtain a comprehensive personal liability policy.

How much does Tennessee home and property insurance cost?

The cost of homeowners insurance in TN varies depending on several important factors, including the policy type, deductible amount and the specific characteristics of the home. Homeowners insurance companies take other factors into consideration as well, including the credit and claims history of the property owner. The average cost of TN homeowners insurance coverage is $1,139 annually, according to the Insurance Information Institution (III). Furthermore, other factors affecting TN homeowners and property insurance rates include the following:

  • The age and condition of the home
  • Whether the home is made from wood or brick
  • The home’s distance to a fire department or water source
  • The claims history of the customer
  • The type of homeowners insurance coverage and deductible amount
  • The credit history of the customer
  • Whether the home contains any protective devices, such as a security or sprinkler system

Since homeowner insurance rates vary by customer, it is important to shop around and compare Tennessee home and property insurance quotes before purchasing a new policy.

How to Compare Homeowners Quotes in Tennessee

Before purchasing a TN homeowner insurance policy, it is important to compare premium quotes from home and property insurance companies and gather as much information as possible. When comparing homeowners quotes, customers must provide each company with the following information if they wish to receive the most accurate estimates:

  • A description of the home, including its construction type, square footage, the year in which it was built and the location of the property
  • A list of any expensive valuables they own
  • The type(s) of pets they own and how many

When comparing homeowner insurance quotes in TN, customers can also ask about any available discounts. Many homeowners insurance companies offer discounts to customers who add security devices or alarm systems to their homes, or they may offer reductions in premium amounts if residents update their home’s roof, plumbing or electrical systems.

Where to Find Cheap Homeowners Insurance in Tennessee

Whether customers wish to obtain a cheap home and property insurance policy, or they need to purchase a comprehensive personal liability plan, they may choose to work with an exclusive agent, independent agent or they may search for a reputable company online. Exclusive homeowners insurance agents only work with one company, while independent agents represent several homeowners insurance companies in the state. Alternately, customers can obtain Tennessee home and property insurance policies through an online company, as long as the agency is registered to do business in the state. Before purchasing a homeowner insurance policy, however, it is important to review complaint data through the National Association of Insurance Commissioners (NAIC).


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