Cheapest and Best Homeowners Insurance in Tennessee as Rated by Customers in 2021
Tennessee Homeowners Insurance
You may never want to think about the chance that you may experience damage to your home and need to file a homeowners insurance claim. There are many things that may happen that would require you to file a claim, but having one of the best Tennessee home insurance company can put your mind at ease that if something were to happen, it would be handled smoothly.
To help you be more confident in your homeowners insurance company, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best Tennessee home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance. Next to each insurer you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the best Tennessee home insurance rankings.
If you’re looking for additional information on one of the best homeowners insurance companies in Tennessee, you can visit the company’s profile page where you’ll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.
On this page:
- Best homeowners insurance rates in Tennessee for a $200K dwelling
- Best homeowners insurance rates in Tennessee for a $400K dwelling
- Tennessee property crime statistics
- Tennessee disaster statistics
Out of the companies analyzed, USAA - a company for military families - is the cheapest homeowners insurance option, on average, for a $200K Tennessee home. If you don't qualify for coverage from USAA, the next cheapest option is Safeco.
The table below displays average homeowners insurance rates for a $200K home from the top five most popular companies in Tennessee.
|Company||Average rates for $200K dwelling|
|Liberty Mutual Insurance||$3,353|
|State Farm Insurance Company||$1,727|
|Farm Bureau Insurance of Tennessee||$1,556|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Tennessee will differ. Rate data is provided by Quadrant Information Services.
Among the companies analyzed, USAA provides the cheapest homeowners insurance, on average, for a $400K Tennessee home. However, USAA is a company for military families so if you don't qualify, the second cheapest company is Safeco followed by State Farm.
The table below shows the average homeowners insurance rates for a $400k home in Tennessee from the five largest companies in the state by market share.
|Company||Average rates for $400K dwelling|
|Liberty Mutual Insurance||$6,487|
|State Farm Insurance Company||$2,728|
|Farm Bureau Insurance of Tennessee||$2,857|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Tennessee will differ. Rate data is provided by Quadrant Information Services.
Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Tennessee compare to other states around the country? The FBI published the following statistics on crime in Tennessee for 2016:
- Property crime - 189,835
- Burglary - 40,312
- Larceny theft - 134,404
When compared to the national average rate per 100,000 inhabitants, all three crime statistics for Tennessee rank above the national average.
Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Tennessee federally declared disasters since 1953:
- Severe storm - 32
- Flood - 17
- Fire - 11
- Tornado - 4
- Severe ice storm - 3
- Hurricane - 1
- Snow - 1
How homeowners insurance rates are calculated in Tennessee
Ever wonder why you pay what you do for home insurance? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance in Tennessee may not be as obvious. Here’s a list of some of the things homeowners insurance companies consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Tennessee
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.
How Clearsurance rates and ranks the best Tennessee homeowners insurance companies
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Homeowners insurance guide
Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Tennessee homeowners insurance companies. But beyond just picking a company, it’s crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!