The Best Home Insurance in Tennessee 2023

According to NerdWallet, the average cost of home insurance in Tennessee is $1,980 annually, which is higher than the national average $1,820. When choosing homeowners insurance, the price is not the only factor to consider. It’s important to ensure that your insurance policy covers any problems you may face in Tennessee such as flooding, sinkholes and tornadoes.

NerdWallet studied rates across Tennessee to determine the most affordable homeowners insurance.

Please note that some insurance companies mentioned in this article have changed their underwriting policies and may no longer be issuing new policies in the state you live in.

NerdWallet has compiled a list of the Top Homeowners’ Insurance Companies .

Find out more about each company and decide which is the best one for you.

State Farm’s wide network of agents makes it a good choice for homeowners that prefer to deal directly with an agent. The National Association of Insurance Commissioners reports that the company’s focus on customer service is paying off. It has received fewer complaints from customers than one would expect for a business of its size.

State Farm provides a Ting device for free to home insurance policyholders. Ting is an intelligent plug that monitors the electrical network in your home to prevent fires.

Erie, a regional insurance company based in Pennsylvania, offers guaranteed replacement costs for your home’s structure. This coverage will cover the cost of rebuilding your entire home after a catastrophe, even if it exceeds the limit for your dwelling. This option is not offered by all insurance companies, but it can be a good way to protect yourself against rising construction costs.

Got a car to insure, too? You could save around 20% if you bundle home and auto insurance through Erie. If your home is equipped with certain safety features, such as sprinklers or smoke alarms, you may be eligible for a discount.

Farmers’ homeowner policies may include two types of valuable insurance: replacement cost and extended dwelling coverage. The extended dwelling coverage provides extra coverage for your home’s structure, while the replacement cost coverage pays more for damaged or stolen items.

Some Farmers policies come with additional benefits that could save you money. Farmers, for example, won’t increase your rate if you’ve never filed a claim in the last five years.

USAA offers homeowners insurance for veterans, active military personnel and their families. You may want to consider USAA if you are a member of one of these groups. USAA’s homeowners insurance policies offer some unique benefits, such as coverage against identity theft and deductible-free military uniforms.

Tennessee homeowners can participate in the company’s Connected home program. This offers a discount on their policy if they purchase and install approved smart devices. Water leak sensors, cameras, and thermostats are among the devices that qualify.

Tennessee’s average cost for home insurance is $1,980 per year. This is 9% higher than the average national cost of $1,820.

Many insurers in Tennessee and other states use your credit score as a basis for determining rates. Your insurance score is not the same as your credit score.

According to NerdWallet, Tennessee residents with bad credit pay on average $4,260 annually. This is 115% higher than the rate for those with good credit.

Your ZIP code will determine how much you have to pay for Tennessee home insurance. The average cost of homeowners’ insurance in Nashville is $1.855 per year. In Memphis, it’s $2.540.

Below are the insurance companies we found that offer rates below the Tennessee state average of $1980 per year.

When you shop for home insurance in Tennessee you will want to ensure that you have enough coverage for flooding, sinkholes and tornadoes.

Tennessee is prone for severe weather events such as tornadoes that can cause serious damage to homes. Review your policy to ensure that it covers damage caused by strong tornado winds, such as roof shingles being ripped off or trees falling.

You may be required to pay a separate wind or hail deductible if your standard homeowners policy covers wind damage. A homeowners insurance deductible is a deduction from the claim settlement. )

Your policy might have a $1,000 deductible for the majority of claims, and a 1% deductible for wind damage. If your home has dwelling coverage of $250,000, you would have to pay the first $2,500 in wind damage.

Flooding can also be a risk to homeowners, particularly those living in low-lying regions or near water bodies. Water damage from flooding is not covered by most homeowners’ insurance policies. If you are at risk, you will need to buy additional flood insurance.

RiskFactor.com is a website run by the nonprofit First Street Foundation. It will tell you how likely your home is to flood. It’s worth getting flood insurance even if you do not live in a flooding plain.

While you can buy flood insurance at any time, it usually takes 30 days before the policy is effective.

According to the U.S. Geological Survey, Tennessee has the highest number of sinkholes. This is due to the karst terrain, which consists of rocks that dissolve in water. Most sinkholes can be found in the eastern and central parts of the state.

Standard homeowners’ insurance policies will not cover damage caused by a sinkhole that forms or collapses beneath your house. Tennessee homeowners insurance providers are required by law to offer the option of adding sinkhole coverage to their policy.

Tennessee’s Department of Commerce and Insurance supervises the insurance industry. You can find consumer resources as well as educational information on insurance. You can file a complaint online, by mail or fax. Call 800-342-4029 for answers to specific questions about insurance.