Cheapest Homeowners Insurance in Tennessee (2024 Rates)


Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Updated: May 22, 2024

Advertising & Editorial Disclosure

In Tennessee, homeowners have a range of options for affordable home insurance coverage. While ASI stands out as the most economical choice across several categories, including for high-value homes, new homes and homeowners with low credit scores, State Farm offers the best bundle deals.

Why Trust MoneyGeek? MoneyGeek used information from the Tennessee Department of Commerce and Insurance and Quadrant Information Services to obtain data on insurance rates, discounts and more.

recency icon

These rates reflect the cheapest home insurance quotes in Tennessee as of 2024.

Overall Cheapest Homeowners Insurance in Tennessee

Tennessee's most affordable overall home insurance is from ASI, offering $100K in dwelling coverage for an average of only $1,088 per year. Compare the lowest prices for different dwelling coverage amounts below:

  • Cheapest for $100,000: ASI at $1,088 per year
  • Cheapest for $250,000: ASI at $1,350 per year
  • Cheapest for $500,000: ASI at $2,372 per year

Take a look at the cheapest homeowners insurance in Tennessee by dwelling coverage in the table below.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
ASIAnnual Premium$699
State FarmAnnual Premium$1,074
ErieAnnual Premium$1,171
Foremost InsuranceAnnual Premium$1,172
Auto-Owners InsuranceAnnual Premium$1,208
AllstateAnnual Premium$1,556
TravelersAnnual Premium$3,887

Compare Tennessee Home Insurance Quotes Online

In Tennessee, finding budget-friendly home insurance means checking rates from multiple insurers. MoneyGeek’s home insurance calculator simplifies this, providing Tennessee quotes quickly and without requiring personal information upfront.

Home Insurance Cost Calculator

MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.

High
Average
Low

Rates updated:

Jul 13, 2024

Shield Insurance
Why You Can Trust MoneyGeek

The MoneyGeek partners with some of the companies we write about. However, our content is written and reviewed by an independent team of editors and licensed agents. Reference our data methodology and learn more about how we make money.

Cheapest Home Insurance in Tennessee for High-Value Homes

For high-value homes in Tennessee, the most budget-friendly home insurance is ASI, offering $750K in dwelling coverage for $3,572 annually. Typically, high-value homes are more expensive to rebuild, requiring more dwelling coverage.

Take a look at the cheapest provider by varying dwelling coverage for high-value homes:

  • Cheapest for $750,000: ASI at $3,572 per year
  • Cheapest for $1MM: ASI at $4,413 per year

If you have a high-value home, ensure you base your dwelling coverage on the cost to rebuild it in case of an accident rather than your property value. Explore the cost of home insurance with MoneyGeek's table to see how premiums change by dwelling coverage.

Data filtered by:Results filtered by:
Coverages:
Coverages:$750K Dwelling / $375K Personal Property / $500K Liability
Construction Year:
Construction Year:2000
ASIAnnual Premium$3,572
Auto-Owners InsuranceAnnual Premium$4,146
State FarmAnnual Premium$4,437
AllstateAnnual Premium$4,504
ErieAnnual Premium$6,166
Foremost InsuranceAnnual Premium$9,532
TravelersAnnual Premium$11,740

Cheapest Home Insurance in Tennessee for New Homes

Newly built homes usually benefit from cheaper home insurance. ASI offers a $315 annual premium in Tennessee for homeowners with $100K in dwelling coverage. Newer homes tend to be cheaper to insure due to updated building codes and modern safety features.

Here are the most affordable offers from ASI for each dwelling coverage tier in Tennessee:

  • Cheapest for $100,000: ASI at $315 per year
  • Cheapest for $250,000: ASI at $538 per year
  • Cheapest for $500,000: ASI at $879 per year

For more variety and options, check out MoneyGeek's detailed comparison table below.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
ASIAnnual Premium$315
ErieAnnual Premium$568
State FarmAnnual Premium$645
AllstateAnnual Premium$796
Foremost InsuranceAnnual Premium$815
Auto-Owners InsuranceAnnual Premium$851
TravelersAnnual Premium$1,338

Cheapest Home Insurance in Tennessee for Low Credit Scores

Homeowners with poor credit scores in Tennessee may still find the most affordable home insurance with ASI, which offers annual premiums of $1,026 for $100K in dwelling coverage. Insurance companies rely on credit scores to predict the risk of policyholders defaulting on payments, influencing insurance rates.

  • Cheapest for $100,000: ASI at $1,026 per year
  • Cheapest for $250,000 ASI at $1,982 per year
  • Cheapest for $500,000 ASI at $3,481 per year

The effects of a poor credit score are evident when you look at the averages. For instance, policyholders with poor credit pay an average of $9,446 annually, compared to $2,252 for those with good credit for $100K in dwelling coverage.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
ASIAnnual Premium$1,026
State FarmAnnual Premium$2,832
Foremost InsuranceAnnual Premium$3,181
AllstateAnnual Premium$3,601
ErieAnnual Premium$4,070
TravelersAnnual Premium$12,733
Auto-Owners InsuranceAnnual Premium$38,682

Cheapest Home Insurance in Tennessee With a Claims History

For homeowners in Tennessee with a history of at least one claim in the past five years, the cheapest home insurance is ASI, with a $729 average annual premium for $100K in dwelling insurance. Check out the lowest premiums for different dwelling coverage for policyholders with one claim in five years:

  • Cheapest for $100,000: ASI at $729 per year
  • Cheapest for $250,000: ASI at $1,409 per year
  • Cheapest for $500,000: ASI at $2,475 per year

Homeowners with prior claims typically face higher future costs due to increased perceived risk. Additionally, Tennessee homeowners with two claims filed within the past five years spent an average of $592 more for their insurance than those without claims. This discrepancy underscores the importance of maintaining a minimal claims record to control costs.

Data filtered by:Results filtered by:
Claims History:
Claims History:1 claim in past 5 years
Construction Year:
Construction Year:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
ASIAnnual Premium$729
State FarmAnnual Premium$1,074
Auto-Owners InsuranceAnnual Premium$1,208
Foremost InsuranceAnnual Premium$1,371
ErieAnnual Premium$1,677
AllstateAnnual Premium$2,094
TravelersAnnual Premium$4,151

Cheapest Home Insurance in Tennessee by Home and Roof Materials

The type of home construction and roof material noticeably influence home insurance costs. For instance, in Tennessee, the lowest cost home insurance policy for a frame construction type home with a shake-treated roof is provided by ASI, offering an average annual premium of $946. This increased cost is because homes built with frame construction and shake-treated roofs generally pose more risk due to their susceptibility to weather damage.

The most affordable policies for these types of Tennessee homes, across various coverage values, are:

  • Cheapest for $100,000: ASI at $946 per year
  • Cheapest for $250,000: ASI at $1,828 per year
  • Cheapest for $500,000: Auto-Owners at $3,138 per year

Homes made with better materials often come with lower premiums. For instance, homes with superior construction and a tile roof cost $262 less annually than frame-type homes.

Data filtered by:Results filtered by:
Home Construction Type:
Home Construction Type:Frame
Roof Material:
Roof Material:Shake-Treated
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
ASIAnnual Premium$946
State FarmAnnual Premium$1,074
ErieAnnual Premium$1,171
Foremost InsuranceAnnual Premium$1,172
Auto-Owners InsuranceAnnual Premium$1,368
AllstateAnnual Premium$1,674
TravelersAnnual Premium$4,468

Cheapest Home Insurance in Tennessee by Deductible

Changing your deductible could save you hundreds each year. For a $2,000 deductible in Tennessee, the cheapest home insurance is from ASI, costing an average of $951 annually. On the other hand, the most affordable policy for a $500 deductible, also from ASI, costs $777 per year.

Here are the most inexpensive companies at each deductible level:

  • $2,000 deductible: ASI at $613 per year
  • $1,500 deductible: ASI at $704 per year
  • $1,000 deductible: ASI at $699 per year
  • $500 deductible: ASI at $777 per year

A deductible in home insurance is your out-of-pocket cost before insurance covers the rest. The average difference in price across all insurers for a $500 vs. $2,000 deductible is $249.

Data filtered by:Results filtered by:
Deductible:
Deductible:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
ASIAnnual Premium$613
Foremost InsuranceAnnual Premium$936
State FarmAnnual Premium$990
ErieAnnual Premium$1,063
Auto-Owners InsuranceAnnual Premium$1,208
AllstateAnnual Premium$1,359
TravelersAnnual Premium$3,450

Cheapest Home and Auto Insurance Bundle in Tennessee

Bundling home and auto insurance can offer significant discounts. For instance, the cheapest bundle in Tennessee is from State Farm, with average rates at $2,238 annually. Check out the other cheap bundles from different companies:

  • State Farm at $2,238 per year
  • Auto-Owners at $2,300 per year

Beyond the savings, you can experience the convenience of managing both policies under the same insurer. This ensures a smoother and more efficient coverage process, reducing stress and allowing you to enjoy a single contact point for all your policy needs. Explore the best home and auto insurance bundles in Tennessee to get more affordable policies.

State FarmAnnual Premium$2,238
Auto-Owners Insurance CoAnnual Premium$2,300
AllstateAnnual Premium$2,814
ProgressiveAnnual Premium$2,977
FarmersAnnual Premium$3,159
TravelersAnnual Premium$6,709

Cheapest Home Insurance in Tennessee by City

ASI is the most affordable home insurance in most Tennessee cities, with average rates ranging from $566 to $953. Costs can significantly vary due to local factors such as building codes, crime rates and climate risks. For instance:

  • Knoxville boasts the lowest average yearly premium at $566 with ASI.
  • On the flip side, the cheapest yearly premium in Memphis is $953, also from ASI.

Shopping around for insurance quotes is worthwhile, as insurers often have distinct rate calculations based on geography, leading to potential savings.

ChattanoogaCheapest CompanyASIAnnual Premium$628
ClarksvilleCheapest CompanyASIAnnual Premium$716
HendersonvilleCheapest CompanyASIAnnual Premium$656
KnoxvilleCheapest CompanyASIAnnual Premium$566
MemphisCheapest CompanyASIAnnual Premium$953
MurfreesboroCheapest CompanyASIAnnual Premium$668
Nashville-DavidsonCheapest CompanyASIAnnual Premium$661

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.