besthome insuranceKnoxvilleThe Best Cheap Homeowners Insurance in Knoxville, Tennessee for 2023: Quotes and Reviews
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besthome insuranceKnoxvilleThe Cheapest and Best Homeowners Insurance in Knoxville
The Cheapest Home Insurance Companies in Knoxville
When it comes to buying insurance, cost could easily be the biggest consideration for many homeowners, as many firms offer the same basic coverages.
The following companies came out on top of our rankings as the best providers of cheap homeowners insurance in Knoxville with a dwelling baseline coverage amount of $250,000:
- Allstate: $1,296 per year
- Erie: $1,426 per year
For more expensive homes, the cheapest homeowners insurance providers of policies with $2 million in dwelling coverage are:
- Allstate: $6,130 per year
- State Farm: $11,823 per year
USAA, with an annual premium of around $6,130, is cheaper than the aforementioned companies. However, it caters to families with a military background, so its policies are not available to the general public.
You can adjust the dwelling coverage limits in the table below to see how prices vary.
The Cheapest Home Insurance in Knoxville, Ranked
Dwelling Coverage:
$250,000
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Please note that all policies with initial baseline dwelling coverage of $250,000 have $100,000 in personal property limits, and all policies with $2 million in dwelling coverage have personal property limits of $800,000. Every policy also offers $100,000 in liability coverage.
Homeowners living in other Tennessee cities can access our guide to the best homeowners insurance in TN.
The Average Cost of Homeowners Insurance in Knoxville for 2022
Knoxville$2,048
Tennessee$3,466
U.S.$2,103
The average cost of home insurance in Knoxville is $2,048, which is cheaper than the Tennessee state average of $3,466. It's also a bit less than the national average, which is around $2,103.
Calculate the Cost of Home Insurance in Knoxville
The cost of homeowners insurance in Knoxville is partly influenced by where you live, how much dwelling coverage you desire, how much personal property coverage you purchase, your credit score and other factors. With MoneyGeek's home insurance calculator, you can compare home insurance quotes in your state.
Home Insurance Calculator
State
Tennessee
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Knoxville
When purchasing homeowners insurance in Knoxville, price should not be the sole consideration. You should also assess the company’s financial stability and customer service experience. You'll most likely be filing a claim at a stressful moment, and you'll want to make sure it's handled quickly and properly.
According to our research, the best homeowners insurance companies in Knoxville are:
- Best Overall: USAA
- Runner-up: Auto-Owners Insurance Co
MoneyGeek ranked home insurance providers in Knoxville based on affordability, consumer satisfaction and financial stability.
1
USAA
Score:99
USAA claimed the top spot as MoneyGeek’s best overall home insurance company in Knoxville with perfect scores in both customer satisfaction and financial stability. The company comes in second in terms of affordability. It offers unique add-on coverages, like home rental and automatically includes content replacement costs in its policies.
More About USAA
USAA is only available to individuals who are affiliated with the military, but if you find yourself eligible for its offerings, you can enjoy several rare add-on coverages. Home-sharing coverage, for instance, protects you and your guests if you're renting out a room or your full home. Damage caused by earthquakes is also covered. Personal belongings are automatically covered at today's replacement cost, with no depreciation.
Read MoneyGeek's USAA home Insurance Review2
Auto-Owners Insurance
Score:96
Auto-Owners Insurance Co grabbed the runner-up position for the best homeowners insurance in Knoxville with its perfect financial stability score and excellent ratings for both customer satisfaction and affordability. It also offers several add-on unique coverages, like equipment breakdown.
More About Auto-Owners Insurance
Out of the nine coverages Auto-Owners Insurance Co offers, four are considered rare. Damage to underground piping or wiring that connects your house to a public utility service provider or a private system is covered under this policy. Boats, ATVs and off-road vehicles are also protected. In addition, if your appliances, home systems or smart home gadgets are damaged as a result of a mechanical, electrical or pressure system failure, you are covered.
Read MoneyGeek's Auto-Owners Insurance home Insurance ReviewCheapest Home Insurance Companies in Knoxville for Newly Constructed Homes
In Knoxville, newly built homes might be substantially less expensive to insure. Homes made with modern materials are more resistant to damage, so homeowners are less inclined to file a claim. Insurers may also find it easier to replace newer materials. Consequently, the average cost of insuring a newly constructed home is $1,278, compared to $2,048 for a home built in 2000.
The cheapest policies for new homes, with $250,000 in dwelling coverage, are offered by:
- Auto-Owners Insurance Co: $893 per year
- Allstate: $906 per year
The Cheapest Home Insurance in Knoxville for New Homes, Ranked
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Cheapest Home Insurance Companies in Knoxville if You Have a Lot of Personal Property
Damage to personal goods kept in the home is also covered by home insurance. The homeowners insurance cost will be higher for those who want to cover more personal property. Personal property coverage limits of $250,000 cost an average of $2,305 in Knoxville, compared to $2,048 for $100,000 in personal property coverage limits.
MoneyGeek identified the cheapest insurance companies in Knoxville for those with personal property coverage limits of $250,000 as the following:
- Allstate: $1,315 per year
- Auto-Owners Insurance Co: $1,610 per year
USAA is the second most affordable company in Knoxville for this category, but it’s only available to those with military backgrounds.
Cheap Companies in Knoxville for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Knoxville for High Deductibles
A deductible can have a significant impact on the cost of Knoxville home insurance. If you choose a higher deductible, you'll pay more out of pocket if you file a claim, but your annual premium will be lower. Coverage with a $2,000 deductible costs an average of $1,856 per year, whereas coverage with a $1,000 deductible costs an average of $2,048.
The following companies offer the most affordable rates for policies with high deductibles:
- Allstate: $1,164 per year
- Erie: $1,283 per year
The Cheapest Companies in Knoxville for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Knoxville if You Have Poor Credit
The credit score is used by Knoxville insurance companies as a ranking element for determining insurance costs. Homeowners with bad credit ratings will pay extra for home insurance each year. If you have bad credit, home insurance will cost you around $4,552, compared to an average of $2,048 for homeowners with good credit.
The following are the cheapest companies in the city for homeowners with bad credit:
- Auto-Owners Insurance Co: $1,431 per year
- Allstate: $3,133 per year
The Cheapest Companies in Knoxville for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Knoxville
You’ll need to be ready with a lot of information to obtain online home insurance quotes in Knoxville. Typical questions include:
- Your home's replacement cost: This is the cost of rebuilding your home, not its market value. It will define the limitations of your dwelling coverage. To acquire an estimate of your home’s replacement cost, you need to consult a building contractor or construction professional.
- Personal property value: The worth of your belongings will determine the amount of personal property coverage you need.
- Personal information: Companies will want to know your address, information on who lives in your home, insurance history and other details.
- Information about your home: The insurer will want to know when your home was built, how big it is and what safety features it has, among other things.
Homeowners Insurance in Knoxville Analysis: Methodology
MoneyGeek compared house insurance rates in Knoxville from six different firms. The information was obtained in cooperation with Quadrant and quotes were obtained for a home with varying levels of coverage in order to calculate affordability scores. A homeowner's base profile included a 2,500-square-foot home built in 2000 with $250,000 in dwelling coverage, $100,000 in personal property coverage and $100,000 in liability coverage. The policies included a $1,000 deductible as well. Quotes for homeowners with newly constructed homes, additional dwelling or personal property coverage needs, higher deductibles and bad credit ratings were also collected. Finally, J.D. Power surveys were used to gather customer satisfaction ratings.
About Mark Fitzpatrick
