Average Cost of Homeowners Insurance in Tennessee (2024)


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Updated: May 22, 2024

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The average cost of homeowners insurance in Tennessee in 2024 is $2,578. This figure is $155 more than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Tennessee, with the difference between the lowest and highest premiums averaging $12,199. The insurance provider you choose can also affect your premiums. If your rates have recently increased, we've also analyzed the cheapest home insurance in Tennessee to help you find more affordable policies.

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Rates updated:

Jul 12, 2024

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To establish the average cost of homeowners insurance in Tennessee, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Tennessee as of 2024.

1.7MQuotes Analyzed
 
8Companies Compared
 
19ZIP Codes

Average Cost of Home Insurance in Tennessee by Coverage Amount

In Tennessee, homeowners pay an annual premium of $2,578 for insurance policies with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage. This rate is $155 more than the national average.

When considering how much coverage you need, ensure it covers the cost of rebuilding your home and replacing personal items. For example, a policy with $100K in dwelling coverage averages $1,463 annually. If you require more extensive coverage, such as $500K in dwelling, the premium increases to $4,288.

Average Annual Home Insurance Premium Tennessee by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,463
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$2,578
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$4,288
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$5,980

Average Cost of Home Insurance in Tennessee by Insurer

Premiums for homeowners insurance in Tennessee can vary significantly among providers, even when offering similar coverage. For instance, one insurer may quote a premium that's markedly lower than another for the same amount of dwelling and personal property coverage.

Although the state average for homeowners insurance sits at $2,578 annually, there are plenty of great home insurance providers in Tennessee. Differences in underwriting can lead to a broad range of premium quotes, reflecting each company's assessment of risk and claims experience.

Average Annual Home Insurance Premium Tennessee by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
ASIAnnual Premium$1,350
Auto-Owners InsuranceAnnual Premium$1,770
USAAAnnual Premium$1,777
State FarmAnnual Premium$1,977
AllstateAnnual Premium$2,108
ErieAnnual Premium$2,357
Foremost InsuranceAnnual Premium$3,069
TravelersAnnual Premium$6,219

Average Cost of Home Insurance in Tennessee by Credit Score

Homeowners in Tennessee with poor credit pay an average of $13,706 per year for homeowners insurance, which is $11,128 more than the state average. This stark contrast exemplifies the impact credit scores have on insurance costs. Conversely, those with excellent credit enjoy a premium of $1,507, saving $1,071 below the average.

Although you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare the most affordable Tennessee home insurers to see which will provide the biggest savings.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$13,706
Below FairAnnual Premium$7,079
FairAnnual Premium$4,213
GoodAnnual Premium$2,578
ExcellentAnnual Premium$1,507

Average Cost of Home Insurance in Tennessee by Construction and Roof Type

The type of roof on your home influences insurance premiums due to material durability. For example, homes with composition roofing have a lower average premium, while those with shake-treated roofs see higher costs.

Construction materials also affect insurance rates, as more durable materials can offer better resistance to damage. Homes with superior construction materials generally enjoy lower insurance premiums compared to those with standard frame construction. Explore the table below to see how your home's materials can impact your insurance costs.

Average Annual Home Insurance in Tennessee by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,463
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$2,578
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$4,288
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$5,980
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$7,910

Average Cost of Home Insurance in Tennessee for Newly Constructed Homes

Insuring a newly constructed home in Tennessee costs an average of $1,264 per year, which is less than the $2,578 annual average for older homes. New homes benefit from modern materials and adherence to current building codes. The table below illustrates how premiums vary between new and existing homes, reflecting the impact of updated construction standards on insurance costs. Adjust the filter to match the coverage you need.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$2,578
New Construction (2023)Annual Premium$1,264

Average Cost of Home Insurance in Tennessee by Claims History

In Tennessee, homeowners who have maintained a claim-free status for over five years can expect to pay an average annual premium of $2,578 for their homeowners insurance. However, if a homeowner has filed one claim within the past five years, the average premium increases to $2,963 — an additional $385 annually. For those with two claims in the same period, the annual average jumps to $3,262, which is $684 more than the baseline average premium. These figures highlight the financial benefit of a claims-free history when it comes to insurance costs.

Average Annual Home Insurance in Tennessee by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$2,578
1 claim in past 5 yearsAnnual Premium$2,963
2 claims in past 5 yearsAnnual Premium$3,262
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TENNESSEE NATURAL DISASTERS AND HOME INSURANCE

In Tennessee, flooding and tornadoes pose the highest risks to homes. While standard homeowners insurance typically covers damage from tornadoes, it does not usually cover flood damage. Homeowners concerned about floods and other natural disasters may need to purchase separate insurance.

Average Cost of Home Insurance by City in Tennessee

For the cities we analyzed, we found premiums ranging from $2,134 to $3,155. In Knoxville, the average annual premium is $2,134, while Memphis averages $3,155 per year. Clarksville sits closer to the overall state average at $2,504. Location impacts premiums due to factors like local crime rates and weather risks. Compared to credit rating or coverage amount, city location has a moderate effect on insurance costs.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
ChattanoogaAnnual Premium$2,606
ClarksvilleAnnual Premium$2,504
HendersonvilleAnnual Premium$2,370
KnoxvilleAnnual Premium$2,134
MemphisAnnual Premium$3,155
MurfreesboroAnnual Premium$2,652
Nashville-DavidsonAnnual Premium$2,516

How to Shop for Home Insurance in Tennessee

Shopping for home insurance in Tennessee doesn't have to be daunting. With the right approach, you can find a budget-friendly policy that meets your needs. Here's how to find the best deal for you.

1
Assess Your Coverage Needs

Figure out how much coverage you need for your home.

2
Compare Insurance Quotes

Look at different prices to find the best deal.

3
Check for Discounts

Ask about deals like bundle or safety feature discounts.

4
Choose a Deductible

Pick a deductible amount that fits your budget.

5
Review the Insurer's Reputation

Make sure the company is good at handling claims.

6
Purchase Your Policy

Buy the insurance that's right for you and your home.

Bundling Home Insurance With Auto Insurance in Tennessee

By bundling their home and auto insurance policies, Tennessee homeowners can save anywhere from $430 to $754, which translates to a 16% discount on the combined cost of your policies. This multipolicy approach simplifies your insurance management in addition to the savings you get. Explore our analysis of the best Tennessee home and auto bundles to help you make an informed decision about your policy.

Home Insurance Discounts in Tennessee

Tennessee offers several homeowners insurance discounts to help lower your premiums.

  • Impact-resistant roofing: Installing materials that withstand severe weather.
  • Home security systems: Adding burglar alarms or other security features.
  • Fire safety measures: Equipping your home with smoke detectors and fire extinguishers.

Remember, to capitalize on potential discounts, it's important to inquire about them when requesting a quote.

FAQ: Homeowners Insurance in Tennessee

On average, what is the cheapest insurer in Tennessee?
Is flooding in Tennessee covered by homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Tennessee?
How much can I save bundling my home and auto insurance in Tennessee?

Additional Resources for Homeowners Insurance in Tennessee

Navigating homeowners insurance in Tennessee can be streamlined with the right resources. Whether you're looking to understand state regulations, find affordable coverage or report fraud, the following tools can assist you:

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.