The Cheapest and Best Homeowners Insurance in Nashville
The Cheapest Home Insurance Companies in Nashville
While comparing the home insurance companies in Nashville, you will find that most of them offer similar core coverages. As a result, cost is a significant factor when considering a home insurance policy.
For average Nashville homeowners, the following are the cheapest insurance companies based on a policy providing $250,000 in basic dwelling coverage:
- Allstate: $1,665 per year
- Erie: $1,684 per year
On average, the cheapest homeowners insurance companies in Nashville for luxury homes covered by a $2 million dwelling coverage are:
- USAA: $7,403 per year (only serving current and former military members and families)
- Allstate: $8,836 per year
Keep in mind that the level of coverage you choose impacts the cost of your home insurance policy. You can use the table below to understand how Nashville's home insurance rates change when you adjust the dwelling coverage.
The Cheapest Home Insurance in Nashville, Ranked
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The sample home insurance plans used by MoneyGeek have $250,000 in base dwelling coverage and $100,000 in personal property limits. For dwelling coverage of $2,000,000, the personal property limits increase to $800,000. All plans provide $100,000 in liability coverage.
Even if you live in a different part of the state, you can compare home insurance quotes in Tennessee from multiple insurance providers.
The Average Cost of Homeowners Insurance in Nashville for 2021
The average annual homeowners insurance rate in Nashville is around $3,079 per year or $257 per month. This is much lower than Tennessee's average annual homeowners insurance cost of $3,466 and higher than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Nashville
The location of your home in Nashville influences the cost of your home insurance policy. In addition, your credit score, the level of dwelling coverage and personal property coverage you purchase will have an impact. MoneyGeek's home insurance calculator can assist you in comparing quotes from different insurers in your state.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Nashville
Price is important when selecting a homeowners insurance policy in Nashville, but you should also consider the customer service experience and financial stability of the companies you're comparing. Since you're more likely to make a claim during a trying time, a financially stable insurer will be able to cover the claim fairly and quickly if it's legitimate.
According to MoneyGeek, the following insurers offer the best homeowners insurance in Nashville:
- Best Overall: USAA (only serving current and former military members and families)
- Runner-up: Erie
MoneyGeek rated the companies based on their affordability, customer satisfaction and financial stability.
Active service personnel who have USAA coverage are covered for the loss of their uniforms with no deductible applied. USAA's home-sharing coverage is a perfect add-on for those who have rented their homes. It will cover the costs of being a landlord, regardless of whether you've rented out a room or your entire house.
USAA is our top pick for Nashville due to high scores in a variety of categories, especially J.D. Power's customer satisfaction. However, the company only serves current and former military personnel and their family members.Read MoneyGeek's USAA home Insurance Review
Erie offers impressive add-on coverages that are not covered by other standard home insurance policies, like water backup and sump overflow protection and service line protection. Plus, all Erie plans offer guaranteed replacement cost coverage for your home, which means the insurer will not reduce the value of your property due to depreciation.
MoneyGeek scored Erie as the second-best home insurance company in Nashville thanks to a high score in affordability. Identity recovery coverage from the company can cover the costs incurred by the loss of personal data.Read MoneyGeek's Erie home Insurance Review
Cheapest Home Insurance Companies in Nashville for Newly Constructed Homes
In Nashville, newer homes are less expensive to insure than older ones. The use of modern materials in newly constructed homes makes them highly resistant to damage. Additionally, insurers believe that new homeowners are less likely to file claims, and they are offered lower insurance rates. Plus, insurers find it easier to replace new building materials.
In Nashville, a newly built home costs an average of $1,906 per year to insure, compared to around $3,079 for a home built in 2000.
On average, the following are the two cheapest homeowners insurance companies in Nashville that provide $250,000 in dwelling coverage for newly constructed homes:
- Allstate: $1,164 per year
- Erie: $1,138 per year
The Cheapest Home Insurance in Nashville for New Homes, Ranked
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Cheapest Home Insurance Companies in Nashville if You Have a Lot of Personal Property
Besides your home’s structure, your home insurance policy will also cover the personal property you wish to insure. The more personal property you insure, the higher your insurance premium.
A standard home insurance policy with personal property limits of $250,000 costs Nashville residents $3,438 per year on average. A $100,000 personal property coverage limit, on the other hand, will cost you an average of $3,079 per year.
For homes with a $250,000 dwelling coverage and high personal property limits, the two cheapest home insurance providers in Nashville are, on average:
- Allstate: $1,690 per year
- USAA: $1,759 per year (only serving current and former military members and families)
Cheap Companies in Nashville for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Nashville for High Deductibles
All homeowners insurance policies come with a deductible, which is the amount you pay out of pocket when filing a claim. Your insurer pays your claim after you pay the deductible amount for your plan. The deductible you select for your home insurance policy influences how much your homeowners insurance costs in Nashville. The higher your insurance deductible, the lower your home insurance cost.
A home insurance policy with a $2,000 deductible costs $2,775 per year on average in Nashville, while a policy with a $1,000 deductible costs around $3,079 per year.
On average, for homes with a $2,000 deductible, the following two companies offer the cheapest homeowners insurance in Nashville:
- Erie: $1,479 per year
- Allstate: $1,489 per year
The Cheapest Companies in Nashville for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Nashville if You Have Poor Credit
Insurance companies may request your credit score in order to give you a more precise homeowners insurance quote. A person with a low credit score is considered highly likely to file a claim. Consequently, insurance companies quote higher rates for Nashville homeowners with a poor credit score.
A standard homeowners insurance policy in Nashville will cost you an average of $6,738 per year if you are applying with a bad credit score. With a strong credit score, you can get an average insurance quote of around $3,079 per year for comparable insurance, which will save you about $3,659 per year.
If you have a bad credit score and are looking for a homeowners insurance in Nashville, the following two companies offer the cheapest rates, on average:
- USAA: $3,470 per year (only serving current and former military members and families)
- Allstate: $3,809 per year
The Cheapest Companies in Nashville for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Nashville
Before providing you with an accurate homeowners insurance quote in Nashville, insurance providers will ask you for a range of information, particularly the factors listed below:
- Home replacement cost: This is how much it takes to restore your home to its original state if it is damaged as a result of a covered peril. The replacement cost of your home is a determinant of your home insurance dwelling coverage. You can acquire an estimate of this cost by using a construction professional, appraiser or building contractor.
- Personal property value: The personal property coverage limit in your home insurance policy is determined by the estimated worth of the personal property you want to protect.
- Personal information: To customize your home insurance, you will need to provide personal information, such as your home address, insurance claim history, credit score and the number of persons living in your household.
- Details about your home: This can include details about your home, such as its age, size and any built-in security features.
Homeowners Insurance in Nashville Analysis: Methodology
MoneyGeek used the data from Quadrant data to compare home insurance rates from six insurers in Nashville for this analysis. To determine a company's affordability score, we looked at different levels of home insurance coverage for the sample home profile. J.D. Power customer satisfaction surveys were also used for this study.
This study's baseline profile is that of an ordinary homeowner with a 2,500 square-foot house constructed in 2000. The insurance policy for the home contains $250,000 in dwelling coverage, $100,000 in personal property coverage and $100,000 in liability coverage. All of the plans under consideration have a $1,000 deductible.
We also used homeowner profiles with newly built homes, increased dwelling or personal property coverage, higher deductibles and poor credit score for the study.
About Mark Fitzpatrick