(800) 253-1482Homeowners Insurance in Tennessee
Summary: Homeowners insurance in Tennessee offers protection from many risks. Some are related to weather, however, you're also protected from liability claims, vandalism, and much more. You can save on premium rates by comparing top-rated carriers and using the many discounts available. Different coverages offer unique protections, so explore your options and get quotes from multiple carriers to stay protected without breaking the bank. Estimated Read Time: 5 mins
Homeowners insurance in Tennessee protects your property from threats like storms, tornadoes, and vandalism.
The right policy can help cover the costs of restoring your home after disasters.
By comparing options, you can find affordable coverage tailored to your needs.
Get free, no-obligation homeowners insurance quotes in Tennessee from top-rated carriers and save an average of 40% on premiums with Freedom Insurance Group.
How Much Is Homeowners Insurance in Tennessee?
Homeowners insurance in Tennessee typically costs between $900 and $3,200 per year, higher than the national average due to risks like crime, windstorms, and snowstorms.
Keep in mind the average cost of homeowners insurance depends on factors like your home’s age, location, claims history, and the carrier you choose, with clients that have a higher risk receiving higher rates.
To save, compare coverage from multiple carriers to find the best protection at the lowest premium.
Types of Homeowners Insurance Coverage in Tennessee
A standard home insurance policy (HO3) offers residents of the Volunteer State multiple protections.
While your home is protected, so too are other structures, personal property, and much more.
Here are the different coverages that make up your home insurance policy:
Dwelling Coverage
Your dwelling coverage holds the largest value within your policy as a whole. Its job is to protect your home’s structure (walls, roof, foundation, etc.) and any structure attached to your home as well.
You’re protected from various perils that may cause harm to your home, including fires, lightning, tornados, hail, accidental water damage/frozen pipes, vandalism, etc.
Protecting your home from such destructive forces is important but the policy limits you set in your dwelling coverage also affect the rest of your policy.
It’s important to have enough coverage to fully rebuild your home after a total loss and to have adequate protection so that the rest of your policy has high enough policy limits for whatever might come your way.
Other Structures Coverage
Just like your home is protected from windstorms, hail, snowstorms, etc., so too are your sheds, detached garages, fences, etc. Other structures coverage helps complete your protection throughout your property.
Personal Property Coverage
When perils affect your home, your personal belongings are often subjected to their damage as well. With personal property coverage, they receive the same protection your home and other structures do during a loss.
It’s important to note that there are policy limits and if you have single items or collections that are particularly valuable, you may need to increase your limits or add on endorsements that increase your protection.
Loss of Use Coverage
Loss of use coverage or additional living expenses protection provides you with coverage if your home is damaged so badly by a peril that it becomes uninhabitable and you’ll need to live elsewhere.
You are provided with reimbursement for hotels, dining, and other related expenses while you are waiting for your home to be livable once again.
Personal Liability Coverage
Home insurance is important for many reasons and one of them is the personal liability coverage they provide.
Should someone be injured on your property, you can cover their medical bill and your legal expenses if necessary.
Medical Payments to Others Coverage
Depending on the injury, you may need more protection, which is where Medical Payments to Others (Coverage F) comes in.
You’ll need to check your policy’s terms and conditions for more serious injuries, however, your home insurance policy will help you cover an injured party’s medical bills and potentially help you avoid legal issues.
Additional Optional Coverages
Tennessee home insurance policies deliver plenty of protection but there are several things homeowners aren’t protected from that require additional coverage:
- Flood Insurance: The National Flood Insurance Program (NFIP) is available along with private carriers to help you protect from damage. While homes are protected from many damaging weather events, flooding is not one of them.
- Homeowners Insurance Riders/Endorsements: There are several endorsements available that help you personalize your protection with affordable coverage not ordinarily covered by your policy. For example, you can add a rider that covers a particularly expensive piece of jewelry your personal property coverage doesn’t have high enough policy limits for.
Tennessee Home Insurance Discounts
You have plenty of options to save on the cost of home insurance through discounts.
Everyone needs to compare their coverage among multiple carriers to get the best rate but it’s also important to look at the different discounts each carrier is offering as well.
Here are a few common discounts available to homeowners in TN:
Home and Auto Bundles
If you own a home, chances are, you own a vehicle too. Bundling your home and auto insurance policies is a great way to save and consolidate the process for an easier experience.
Everyone who drives in Tennessee is required to have car insurance. Bundling these policies with your home insurance helps you protect against more while spending less.
New Home
Many carriers will give you a discount on homeowners insurance if you are purchasing a new home.
On average, newer homes come with fewer risks as they are less likely to have wear and tear, things break, or be affected by weather damage.
If you’re purchasing a new construction, be sure to ask about potential discounts with your agent to maximize your savings.
Increase Your Deductible
In most cases, if you pay a higher deductible, you’ll pay lower premiums as a result. Just remember that you’ll need to pay more after a loss before receiving your reimbursement following a claim.
Is Homeowners Insurance Required in TN?
Homeowners insurance isn't legally required in Tennessee, but most lenders will require it for the duration of your loan.
Even after paying off your mortgage, the cost of major damage can be overwhelming.
While it may be tempting to forgo coverage, it's wise to compare and find affordable protection to avoid having to overcome a significant financial loss.
Do You Need Fire Insurance on Your Home in Tennessee?
Fire insurance is part of standard homeowners insurance, covering your home, other structures on your property, and personal belongings.
While most policies include fire protection, some homeowners may need additional coverage if their policy excludes wildfires.
Over the last couple of decades, Sevier County has been at the highest risk for residents, and in more recent years, residents of Blount County have faced substantial wildfire risks.
In 2022, Tennessee saw a significant rise in wildfires, with 1,225 reported, up 122.7% from 2021.
Where your home is located remains a major factor in determining coverage and how much you pay in premiums.
Always compare coverages in your area and double-check how you’re protected by your homeowners insurance policy when enrolling.
