Average Cost of Homeowners Insurance in Tennessee (2024)

The average cost of homeowners insurance in Tennessee in 2024 is $2,578. This figure is $155 more than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Tennessee, with the difference between the lowest and highest premiums averaging $12,199. The insurance provider you choose can also affect your premiums. If your rates have recently increased, we've also analyzed the cheapest home insurance in Tennessee to help you find more affordable policies.

In Tennessee, homeowners pay an annual premium of $2,578 for insurance policies with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage. This rate is $155 more than the national average.

When considering how much coverage you need, ensure it covers the cost of rebuilding your home and replacing personal items. For example, a policy with $100K in dwelling coverage averages $1,463 annually. If you require more extensive coverage, such as $500K in dwelling, the premium increases to $4,288.

Premiums for homeowners insurance in Tennessee can vary significantly among providers, even when offering similar coverage. For instance, one insurer may quote a premium that's markedly lower than another for the same amount of dwelling and personal property coverage.

Although the state average for homeowners insurance sits at $2,578 annually, there are plenty of great home insurance providers in Tennessee. Differences in underwriting can lead to a broad range of premium quotes, reflecting each company's assessment of risk and claims experience.

Homeowners in Tennessee with poor credit pay an average of $13,706 per year for homeowners insurance, which is $11,128 more than the state average. This stark contrast exemplifies the impact credit scores have on insurance costs. Conversely, those with excellent credit enjoy a premium of $1,507, saving $1,071 below the average.

Although you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare the most affordable Tennessee home insurers to see which will provide the biggest savings.

The type of roof on your home influences insurance premiums due to material durability. For example, homes with composition roofing have a lower average premium, while those with shake-treated roofs see higher costs.

Construction materials also affect insurance rates, as more durable materials can offer better resistance to damage. Homes with superior construction materials generally enjoy lower insurance premiums compared to those with standard frame construction. Explore the table below to see how your home's materials can impact your insurance costs.

Insuring a newly constructed home in Tennessee costs an average of $1,264 per year, which is less than the $2,578 annual average for older homes. New homes benefit from modern materials and adherence to current building codes. The table below illustrates how premiums vary between new and existing homes, reflecting the impact of updated construction standards on insurance costs. Adjust the filter to match the coverage you need.

In Tennessee, homeowners who have maintained a claim-free status for over five years can expect to pay an average annual premium of $2,578 for their homeowners insurance. However, if a homeowner has filed one claim within the past five years, the average premium increases to $2,963 — an additional $385 annually. For those with two claims in the same period, the annual average jumps to $3,262, which is $684 more than the baseline average premium. These figures highlight the financial benefit of a claims-free history when it comes to insurance costs.

For the cities we analyzed, we found premiums ranging from $2,134 to $3,155. In Knoxville, the average annual premium is $2,134, while Memphis averages $3,155 per year. Clarksville sits closer to the overall state average at $2,504. Location impacts premiums due to factors like local crime rates and weather risks. Compared to credit rating or coverage amount, city location has a moderate effect on insurance costs.

Shopping for home insurance in Tennessee doesn't have to be daunting. With the right approach, you can find a budget-friendly policy that meets your needs. Here's how to find the best deal for you.

By bundling their home and auto insurance policies, Tennessee homeowners can save anywhere from $430 to $754, which translates to a 16% discount on the combined cost of your policies. This multipolicy approach simplifies your insurance management in addition to the savings you get. Explore our analysis of the best Tennessee home and auto bundles to help you make an informed decision about your policy.

Tennessee offers several homeowners insurance discounts to help lower your premiums.

• Impact-resistant roofing: Installing materials that withstand severe weather.
• Home security systems: Adding burglar alarms or other security features.
• Fire safety measures: Equipping your home with smoke detectors and fire extinguishers.

Remember, to capitalize on potential discounts, it's important to inquire about them when requesting a quote.

Navigating homeowners insurance in Tennessee can be streamlined with the right resources. Whether you're looking to understand state regulations, find affordable coverage or report fraud, the following tools can assist you:

• Tennessee Department of Commerce & Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Tennessee: Find cost-effective options for your home.
• Tennessee Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Tennessee: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.