Average Costs and Cheapest Homeowners Insurance Companies in Tennessee

The insurer offering the most affordable homeowners insurance in Tennessee may differ depending on your needs and situation. MoneyGeek analyzed thousands of homeowners insurance quotes in Tennessee to calculate average rates from different providers to help you get what you need at the best price. We found Allstate is the cheapest, open-to-all company for homeowners with expensive homes or newly constructed homes. It’s also the most affordable option for pool owners or with poor credit.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Tennessee.

MoneyGeek averaged thousands of quotes to find the cheapest homeowners insurance provider for different dwelling coverages in Tennessee. We found Allstate, with an average annual premium of $1,776, is the best option for cheap homeowners insurance in Tennessee for baseline dwelling coverage of $250,000.

For various amounts of dwelling coverage, the most affordable insurers in Tennessee are:

• Cheapest for $100,000: Erie
• Cheapest for $250,000: Allstate
• Cheapest for $500,000: Allstate

Current or former military can choose USAA, the cheapest option in Tennessee for dwelling coverage of $100,000.

Keep in mind that how much dwelling coverage you need depends on the replacement cost of your home. Toggle the table below to find out the cost for the dwelling coverage best suited to your needs.

Home insurance cost changes with the amount of dwelling coverage you purchase. A higher coverage level means your insurer protects you against more damage but charges a more expensive rate.

The cost of homeowners insurance in Tennessee, on average, for baseline dwelling coverage of $250,000 is $3,466 per year.

If you choose the lowest dwelling coverage of $100,000, you pay $2,129 per year on average. On the other hand, if you purchase the highest dwelling coverage of $3,000,000, you pay around $42,402 annually. The difference is roughly $40,273.

Dwelling coverage is the most significant factor that affects the price of homeowners insurance.

Your homeowners insurance cost may depend on your current situation and factors relevant to where you live in Tennessee. For example, carriers might consider factors like the age of your dwelling, roof quality and proximity to the nearest fire station when determining your costs.

You can adjust the dwelling coverage limits, deductible and other limits to see how the average cost of homeowners insurance in Tennessee changes depending on your needs.

MoneyGeek analyzed thousands of quotes to determine the cheapest insurance provider in Tennessee for different dwelling coverages.

For homeowners with an expensive home that need a policy with $2,000,000 dwelling coverage, the most affordable insurance companies, on average, are:

• Allstate: $9,765 per year
• State Farm: $13,893 per year

If you are a military family member with an expensive home, the cheapest homeowners insurance in Tennessee for $2,000,000 dwelling coverage is with USAA, costing around $8,668 per year.

The cost of insurance for an expensive home in Tennessee can vary greatly depending on the preferred coverage level and insurer — it’s important to gather and compare quotes from different providers to find the best option for you.

Using a sample home built in 2015, MoneyGeek averaged thousands of quotes from different insurance providers to find the cheapest in Tennessee for newer homes in need of $250,000 dwelling coverage.

The companies averaging the most affordable homeowners insurance in Tennessee for newer homes with baseline dwelling coverage of $250,000 are:

• Allstate: $1,232 per year
• Erie: $1,274 per year

The age of your home can influence your annual premium. In Tennessee, homes built in 2015 are around $1,062 cheaper to insure than those built in 2000.

However, it’s worth noting that the figures for homes built in 2000 differ from the first section due to a different ZIP code collection process.

The average cost to insure a newer home in Tennessee is $1,762 per year. Meanwhile, a home built in 2000 costs approximately $2,824 per year to insure, which is $1,062 more expensive.

Compared to newly constructed homes, older homes are more expensive to insure because they may have materials that are less resistant to things like weather. Plus, years of wear and tear can cause problems like a burst pipe, leaky roof or electrical fire. Consequently, insurers charge higher premiums to offset the risks that older homes may bring.

Having a home with a pool can increase the cost of your homeowners insurance premium. To help you find affordable home insurance with a pool, MoneyGeek averaged thousands of quotes from different insurance providers in Tennessee to locate the cheapest rates.

On average, the cheapest companies in Tennessee for homes with a pool and baseline dwelling coverage of $250,000 are:

• Allstate: $1,812 per year
• Erie: $2,078 per year

For military families that have a pool at home, USAA offers the second cheapest homeowners insurance in Tennessee at roughly $1,902 per year.

Pools typically present an added risk to insurers. Since they consider them a liability hazard, companies tend to charge higher rates to cover pool-rated accidents or injuries.

Your home insurance costs in Tennessee can differ depending on whether you have a pool on your property. For example, the average cost of homeowners insurance with dwelling coverage of $250,000 for pool owners is $2,998 per year. Meanwhile, those without a pool pay an average annual rate of $2,824.

If you’re a homeowner with poor credit, MoneyGeek found the cheapest policies for you by analyzing thousands of quotes from different home insurance providers in Tennessee.

On average, the companies with the cheapest homeowners insurance in Tennessee with poor credit and $250,000 dwelling coverage are:

• Allstate: $4,293 per year
• State Farm: $5,312 per year

USAA is the cheapest company in Tennessee for eligible active or former military members, offering insurance to poor credit homeowners at around $3,947 per year.

Insurance companies usually consider your credit score to determine the cost of homeowners insurance because it may reflect how much money you have available and if you are likely to pay your bills on time or file a claim. Having poor credit can significantly raise your insurance premium.

The cost of your home insurance is typically influenced by several factors, including credit history. If you have a poor credit score, you may face higher insurance rates compared to homeowners with good to excellent scores.

In Tennessee, there’s around a $4,171 difference in premium cost for homeowners with poor credit and good credit. Homeowners with poor credit pay around $7,584 per year for home insurance, while those with good credit pay approximately $3,412 per year.

What Tennessee city you live in plays a role in finding the cheapest home insurance policy. MoneyGeek analyzed the cities of Memphis and Nashville in Tennessee and found average annual rates of $3,852 and $3,079, respectively.

We also determined that Allstate is the cheapest home insurance provider for both cities. It offers a policy at around $1,888 per year in Memphis and approximately $1,665 per year in Nashville. You can click on your city to find more information about insurance rates.

To get a binding homeowners insurance quote estimate from an insurance company, you need to provide your name, address and social security number. The provider might also require your home’s age and value, the security measures you have installed, details about add-ons 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 compare to choose the best fit.

To get a home insurance estimate anonymously, use MoneyGeek’s Tennessee home insurance calculator. Our tool provides estimated costs based on the thousands of quotes that we compiled.

MoneyGeek analyzed homeowners insurance premiums from six 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.