Tennessee Homeowners Insurance

Fran
Fran Majidi
November 7, 2020

Homeowners Insurance in Tennessee: Complete Consumer Guide

If you’re a new homeowner in Tennessee or plan to become one, you may not know some of these interesting facts about the state. Did you know that Tennessee is called “The Volunteer State”? This is because during the War of 1812 a group of exceptionally courageous volunteer soldiers from Tennessee served under General Andrew Jackson. No one knows for sure where the state got its name but it's thought to have come from the Native American villages called Tanasi and Tanasqui. Famous people from Tennessee include Aretha Franklin, Dolly Parton, Kenny Chesney and Justin Timberlake. Elvis Presley’s Graceland mansion, located in Memphis, is second only to the White House for getting the most visitors.

Types of Homeowners Insurance policies in Tennessee

HO-1 is the most basic and limited type of police, which many insurers do not sell.

HO-2 is still quite basic and not as commonly sold as HO-3.

HO-3 is the most common type of homeowners insurance policy residents in Tennessee have.

HO-5 is a comprehensive form of homeowners insurance and the second most common policy type for single-family dwellings.

HO-6-is for condo owners.

HO-8 is for homes that don’t meet insurer standards for other policy forms.

What factors affect rates on homeowners insurance in Tennessee?

Several factors affect homeowners insurance premiums. Construction type is one main factor and so are home security, rebuilding cost, credit score, type of plumbing, past claims, local crime rates, and more.

Top 5 disasters in the State of Tennessee

Tennessee federally declared Severe Storms as the most disaster with 35 counts since 1953, followed by Flood, Fire, Tornado and Severe Ice Storm disasters. Here are the top 5 federally declared disasters in the state of Tennessee:

Rank Declaration Title Disaster Number

1

Severe Storms

35

2

Flood

18

3

Fire

11

4

Tornado

5

5

Severe Ice Storm

3

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Tennessee?

The average homeowners insurance cost in Tennessee is about $1,118.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Tennessee a safe state?

2019 Crime in Tennessee Crime Number Crime Rate*

Property Crime

181,153

2,652.6

Burglary

29,869

437.4

Larceny-Theft

132,104

1,934.4

*Rate per 100,000 inhabitants

Safest Cities in Tennessee by Property Crime*

  • Brentwood, TN has a population of 43,217 with a Property Crime rate of 8.7 per 1k. The city average home value is approximately $718,585.
  • Spring Hill, TN has a population of 43,303 with a Property Crime rate of 8.8 per 1k. The average home value there is about $320,148.
  • Gallatin, TN came in third as the safest city in the state of Tennessee and has a population of 41,918 with a Property Crime rate of 10.8 per 1k. Its home value averaged at about $287,841.
  • Franklin, TN has a population of 83,517 with a Property Crime rate of 11.1 per 1k. Its average home value is $503,993.
  • Hendersonville, TN has a population of 58,388 with a Property Crime rate of 11.2 per 1k. The city home value averaged $330,563.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Tennessee

Top homeowners insurance companies in Tennessee

Allstate has an A++ from A.M. Best for financial strength and a 4/5 from J.D. Power for customer service.

Auto-Owners Insurance has an A+ from A.M. Best for financial strength and a 3/5 from J.D. Power for customer service.

Erie Insurance has an A from A.M. Best for financial strength and 4/5 from J.D. Power for customer service.

Foremost Insurance has an A from A.M. Best for financial strength. What they do best: they cover non-standard homes that other providers turn down.

Tennessee Home Insurance FAQs

Does Geico offer home insurance in TN?

Yes, there are Geico agents in Chattanooga, Clarksville, Knoxville, Memphis, Nashville, and Johnson City.

Is homeowners insurance required in Tennessee?

Most mortgage lenders require homeowners insurance but if you’ve paid off your mortgage it’s not required to have home insurance in Tennessee. You should have it anyway, in case there’s a disaster.

How to get a discount on homeowners insurance in TN?

Bundle your home and auto for a discount and ask your agent if you’re eligible for any other discounts, like association or affiliations discounts, multi-policy discounts and other opportunities for a price break.

Get a Free Home Insurance Quote Online Now.

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