Home insurance can cover losses from storm damages, fires and even theft, but not all home insurance policies are the same. It’s important to comparison shop to find the right balance of price and protection. MoneyGeek studied Tennessee’s top insurance companies and scored them based on several factors, including affordability, to help you find the right policy no matter where you call home. MoneyGeek can help everybody, from homeowners with pools and high-value properties to those who have bad credit or are rebuilding credit.
The Best Homeowners Insurance Companies and Cheapest Quotes in Tennessee for 2020
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- The Best Cheap Homeowners Insurance in Tennessee
The 5 Best Homeowners Insurance Companies in Tennessee
If you want to find the best home insurance in Tennessee, you need to carefully look at many factors that can influence your overall experience and utility. Factors like your premium costs, coverage options, the ability of the company to pay claims and the customer service quality can all be important.
MoneyGeek has ranked the top five companies in the state so that you can easily find the best homeowners insurance in Tennessee. The companies have been ranked based on their average costs, and their ability to pay claims based on AM Best’s financial stability rating and J.D. Power’s customer satisfaction ratings.
1
USAAScore: 99
2
AllstateScore: 93
5/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
With a large network of agents, Allstate can offer personalized services to customers in Tennessee. Standard coverage can include dwellings, personal liability, personal property and other structures. Discounts are on offer for safe homes and policy bundles. Technology features include a useful common and costly claims tool and the ability to pay bills and file claims using their mobile app.
Read MoneyGeek's Allstate Home Insurance Review3
ErieScore: 92
4.9/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
While operational in limited states, Erie offers excellent customer satisfaction. Coverage can include structures, liability and personal property with additional valuables, replacement costs, and identity fraud protection. Getting an advanced quote can bring a discount. Many pre-set packages and detailed customization options are available. Claims can be made online and are handled by a direct representative.
Read MoneyGeek's Erie Home Insurance Review4
State FarmScore: 92
4.7/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm has a wide range of plans covering dwellings, personal property, liability and medical payments for guests. Safety upgrades and energy efficiency upgrades can also be covered. There is a detailed online quote system and you can make claims using the mobile app.
Read MoneyGeek's State Farm Home Insurance Review5
Auto-Owners Insurance CoScore: 77
3/5
Affordability
4.5/5
User Satisfaction
5/5
Financial Stability
Auto-Owners boasts of excellent customer service thanks to their large network of agents and their penchant for a personal touch in their dealings. Transactions can be done directly through a personal agent in the area. They offer discounts for seniors, new homes and fully paid premiums. The basic website provides relevant information about their products and services.
What Is the Average Cost of Homeowners Insurance in Tennessee?
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$0
home insurance is 0.0% more than the average.
For home insurance in Tennessee, the average cost comes out to about $3.466 per year for a baseline dwelling coverage amount of $250,000. When compared with the national average, this is approximately $1,363 or 64.8% more expensive on average. The final rates for individual customers are calculated based on their risk profiles.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Tennessee
Your homeowners insurance cost can also depend on your current situation and factors relevant to where you live. For example, carriers might consider factors like the age of your dwelling, roof quality and proximity to the nearest fire station while determining your costs.
Home Insurance Calculator
State
Tennessee
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Tennessee
For cheap home insurance in Tennessee, your best option might be Allstate. For a baseline dwelling coverage value of $250,000, an Allstate policy can cost you about $1,776 per year. This comes at around $1,690 or 48.8% cheaper than the state average. The dwelling coverage helps you recover any financial liability related to rebuilding or repairing your home if it gets damaged by any specific circumstances like theft, hurricanes or floods. To find the best fit for your needs, compare home insurance quotes from different providers.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
Company
Amountper year
1. Allstate
In 2020, Allstate ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Tennessee.
$1,776
2. USAA
In 2020, USAA ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Tennessee.
$1,896
3. Erie
In 2020, Erie ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Tennessee.
$2,095
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Tennessee.
$2,360
5. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Tennessee.
$6,333
Best Cheap Homeowners Insurance Companies for Expensive Homes
For expensive homes in Tennessee, the appropriate coverage level can certainly make sense for better financial security. For a $2 million home, the cheapest policy might be one from USAA at an average cost of $8,668 per year. The second most affordable can be Allstate, with an average annual premium of $9,765. Policies from other providers can cost a whopping ten times as much in some cases.
Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. USAA
In 2020, USAA ranked #1 in Tennessee for the cheapest homeowners insurance for high-value homes.
$8,668
2. Allstate
In 2020, Allstate ranked #2 in Tennessee for the cheapest homeowners insurance for high-value homes.
$9,765
3. State Farm
In 2020, State Farm ranked #3 in Tennessee for the cheapest homeowners insurance for high-value homes.
$13,893
4. Erie
In 2020, Erie ranked #4 in Tennessee for the cheapest homeowners insurance for high-value homes.
$18,603
5. Travelers
In 2020, Travelers ranked #5 in Tennessee for the cheapest homeowners insurance for high-value homes.
$27,610
Best Homeowners Insurance Companies if You Have a Pool
If your home in Tennessee has a pool, you might need to increase your insurance coverage accordingly. This necessity can also mean an increase in premium costs. In Tennessee, the most affordable option can be Allstate with an average annual cost of $1,812 for an average property value of $250,000.
Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Allstate
In 2020, Allstate ranked #1 in Tennessee for the cheapest homeowners insurance for homes with a pool.
$1,812
2. USAA
In 2020, USAA ranked #2 in Tennessee for the cheapest homeowners insurance for homes with a pool.
$1,902
3. Erie
In 2020, Erie ranked #3 in Tennessee for the cheapest homeowners insurance for homes with a pool.
$2,078
4. State Farm
In 2020, State Farm ranked #4 in Tennessee for the cheapest homeowners insurance for homes with a pool.
$2,214
5. Travelers
In 2020, Travelers ranked #5 in Tennessee for the cheapest homeowners insurance for homes with a pool.
$6,986
Cheapest Home Insurance in Tennessee if You Have Poor Credit
Insurance providers tend to look at credit scores of potential customers while determining personalized quotes. Having poor credit might mean more expensive insurance premiums. If you have poor credit in Tennessee, the most affordable home insurance might be from USAA which comes at an average cost of $3,947 a year. The second most affordable would be Allstate with an average annual cost of $4,293 for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. USAA
In 2020, USAA ranked #1 for the cheapest homeowners insurance for owners with poor credit in Tennessee.
$3,947
2. Allstate
In 2020, Allstate ranked #2 for the cheapest homeowners insurance for owners with poor credit in Tennessee.
$4,293
3. State Farm
In 2020, State Farm ranked #3 for the cheapest homeowners insurance for owners with poor credit in Tennessee.
$5,312
4. Erie
In 2020, Erie ranked #4 for the cheapest homeowners insurance for owners with poor credit in Tennessee.
$6,089
5. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #5 for the cheapest homeowners insurance for owners with poor credit in Tennessee.
$6,333
How to Get Homeowners Insurance Quotes in Tennessee
To get a personalized quote, you need to provide details like your name, address and social security number to your insurance provider. The provider might also require details like your home’s age and value, the security measures you have installed, details about addons like pools and solar installations and a list of valuables in the home. You also need to mention the level of coverage you are seeking. With these details, providers can develop personalized quotes that you can then compare and choose from.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Tennessee
Home insurance rates in Tennessee can also be influenced by home values, crime rates and the likelihood of natural disasters. For example, a 2018 FBI study has Tennessee ranked 11th in the country in terms of property crime rate per 100,000, with 42,226 violent crimes and 191,279 property crimes.Tennessee ranks 36th in the nation with a typical average cost of $185,922 per home.
Emergency preparedness can be a good idea in Tennessee, especially if you consider the possible effects of hazardous weather on your home. You can include coverage for natural disasters in your home insurance policy for better peace of mind.
Do You Need Hail Insurance in Tennessee?
Hail events can cause significant damage to your home. According to 2011 data, Tennessee experienced 247 hail events in a year. Including hail insurance in your policy can, therefore, be a smart move.
Do You Need Flood Insurance in Tennessee?
About 11.7% of all homes in Tennessee, totaling about 383,200 homes, can be at risk of flood damage. This risk makes having flood insurance in Tennessee a good idea. Some providers might not have the option of flood insurance. In such cases, look for a National Flood Insurance Program (NFIP) policy run by the government if your community qualifies for it. Higher coverage amounts can also come with an incremental private policy.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Tennessee that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Tennessee. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.