Best cheap homeowners insurance in Nashville

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More than half of Tennessee residents own a home, and the majority are within the $200K-$250K property value range. In Nashville, the average cost of homeowners insurance for $250K dwelling coverage is $1,495 per year.

To find the best cheap home insurance in Nashville, we compared the top homeowners insurance companies in the area. By analyzing coverage options, financial stability and third-party rankings, we found five home insurance companies offering cheap rates in Nashville.

Best cheap home insurance companies Nashville

Below are five of the most popular homeowners insurance carriers in Nashville offering the best coverage and cheap rates for $250K dwelling coverage. These five were selected because of high scores for customer satisfaction based on third-party reviews and superior financial strength. All home insurance companies listed have rates cheaper than the average cost of homeowners insurance in Nashville.

Home insurance company Average annual premium for $250K dwelling J.D. Power customer satisfaction score
Erie $795 839/1,000
Allstate $846 829/1,000
USAA $1,154 889/1,000
Auto-Owners $1,164 843/1,000
Farmers $1,457 814/1,000

Erie

Of all the companies reviewed, Erie has the cheapest annual home insurance rates for Nashville residents based on $250K dwelling coverage. Erie offers guaranteed replacement cost in its base homeowners policy, which ensures the repair of your home regardless of increased construction materials or inflation.

Erie offers a multi-policy discount up to 25% for bundling home and auto insurance with the same carrier. Nashville homeowners can include optional coverages like water backup and sump pump overflow or service line protection to further protect their home and customize their insurance policy. Though Erie insurance products are only offered in 12 states, the home insurance company ranked fourth in the J.D. Power 2020 U.S. Home Insurance Study and is the sixth largest homeowners insurer in Tennessee.

Learn more: Erie Insurance review

Allstate

Not all Nashville residents own a single-family, townhome or condo. For those who live in a manufactured or mobile home, Allstate offers insurance coverage as well as the typical homeowners insurance policy. Homeowners who house share can also include additional coverage under their policy to protect their belongings from theft or damage resulting from hosting renters.

According to Allstate, the three costliest claims in the Nashville area are wind, damage to property of others and accidental discharge or leakage from household systems. These homeowners claims can be covered by your Allstate home insurance, but may come at an additional cost for the added protection. Allstate is the third largest home insurer in Tennessee and has the second cheapest cost for homeowners insurance in Nashville.

Learn more: Allstate Insurance review

USAA

USAA offers homeowners insurance and other products to Nashville residents who are past or present military, their spouses and children. Like Allstate, USAA offers home sharing coverage besides the standard homeowners insurance coverages. Though Nashville and other areas of Tennessee tend to see smaller earthquakes, there have been over 300 in the last year. Residents wanting added protection can get earthquake coverage as part of their homeowners insurance with USAA.

Though USAA is only offered to the military and their direct families, it is still the fifth largest home insurer in Tennessee. USAA also has the highest customer satisfaction rating in the J.D. Power 2020 Home Insurance Study, though it does not qualify for ranking because of restricted membership.

Learn more: USAA Insurance review

Auto-Owners

Nashville homeowners can customize their home insurance policy with Auto-Owners to include leaks from household appliances, equipment breakdown coverage and water damage caused by a backup of sewers or drains. Auto-Owners also offers special personal property coverage, which expands the basic coverage to include loss, misplacement, staining and defacement.

There are multiple ways to save on Auto-Owners home insurance in Nashville, which can keep homeowners rates cheap and your home protected. Discounts include automatic backup generator, being mortgage free, having an automatic water shut-off system and being claims-free.

Learn more: Auto-Owners Insurance review

Farmers

As the seventh largest home insurer in Tennessee, Farmers offers three customizable homeowners packages for Nashville residents. Choose from the standard, enhanced or premier package, with higher coverage limits and extra features built into each one. Claim forgiveness, cosmetic damage coverage and declining deductibles are built into each home insurance package.

If you prefer a personalized insurance experience, Farmers agents are dedicated to providing it. All Nashville home insurance products are flexible, giving the homeowner control over coverage limits tailored to their needs.

Learn more: Farmers Insurance review

Nashville home insurance options

Though homeowners insurance may not be required, it is a great way to protect what could be your largest asset. Nashville residents may consider the following coverages to include in their home insurance policy based on crime statistics for burglary and vandalism as well as the likelihood of severe weather events:

  • Personal property: This coverage protects all your belongings and includes claims for burglary and vandalism of personal property. Work with your insurance agent to ensure there is enough coverage in place in case there was a severe event and all your belongings are damaged.
  • Wind and hail: Most standard homeowners insurance policies provide coverage for wind and hail, including damage caused by tornadoes. With severe weather events like tornadoes affecting Nashville residents, consider this coverage to protect your home and belongings.
  • Flood insurance: Though flood coverage is not included in a homeowners insurance policy, most insurance companies offer a separate flood policy to cover this loss. You can also get a quote directly from the National Flood Insurance Program (NFIP).
  • Backup of sewers and drains: This optional coverage can be added to Nashville homeowners insurance policies to cover damage caused by drain or sewer backups into the home.
  • Sinkhole coverage: Tennessee is one of the top states in the country for damage caused by sinkholes. Including this optional coverage in your home insurance policy in Nashville can give you coverage if a sinkhole damages your home or belongings.

Home insurance discounts in Nashville

One way to keep cheap homeowners insurance rates in Nashville is taking advantage of discounts offered by the insurance company. You can combine these discounts to keep rates affordable while ensuring you have the right coverage in place.

  • Early quote: If you shop for homeowners insurance coverage before your current policy expires, most home insurance companies offer an early quote discount.
  • Multi-policy: Often the largest percentage discount offered on home insurance, Nashville homeowners can reduce the cost of home and auto insurance by placing them both with the same carrier.
  • Safety and security devices: The more secure your home, the more you stand to save on your homeowners insurance. This includes having deadbolts, centrally monitored burglar and fire alarms and smart home features.
  • Claim free: The longer you go without filing a home insurance claim, the more you may save on homeowners insurance.

Homeowners have a wide range of insurance discounts to choose from in Nashville to get cheap rates. In addition to the ones listed above, home insurance companies also offer discounts for paying in full, going paperless, having a green home and being a new homeowner.

Frequently asked questions

What is the best home insurance company?

Homeowners in Nashville should consider coverage and discount options, company financial strength and price when searching for the best home insurance company in Tennessee. Each household’s needs are unique, so the best home insurance company is different for each homeowner.

How much does home insurance in Nashville cost?

The average cost for homeowners insurance in Nashville is $1,495 per year for $250K in dwelling coverage. Your rate may be more or less depending on your claims history, zip code, coverage needs and available discounts.

How much home insurance do I need in Nashville?

How much coverage you need for homeowners insurance depends on your dwelling value and other coverage needs. Work with your insurance agent to determine the coverage you need to protect your Nashville home.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Written by
Mandy Sleight
Insurance Contributor
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate.com, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.
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