Best homeowners insurance in Tennessee for 2023

Compare the best homeowners insurance companies in Tennessee

Tennessee homeowners pay an average of $1,755 annually for home insurance with $250,000 dwelling coverage, or $146 a month. This is higher than the national average of $1,428. Your own rate is likely to vary based on the specifics of your property (your home's age and condition, for example), as well as the part of the state you live in.

By analyzing average annual rates gathered by Quadrant Information Services, Bankrate chose USAA, Allstate, Travelers, State Farm and Auto-Owners as the companies providing the best Tennessee homeowners insurance. Our editorial team also assigned a Bankrate Score, out of a possible five points, based on average rates and other factors, including each company’s score in J.D. Power's 2022 U.S. Home Insurance Study, its AM Best financial strength ratings, its coverage options and more. Our Bankrate Scores might help you make a more informed decision about which insurance company is right for you.

*USAA not officially ranked by J.D. Power due to eligibility restrictions

How Bankrate chose the best home insurance companies in Tennessee

To find the best homeowners insurance companies, Bankrate analyzed average rate data from Quadrant Information Services for each Tennessee provider. We also looked at third-party scores from J.D. Power and financial strength ratings from AM Best. We used these factors to award each company a Bankrate Score with a maximum of five points. 

Bankrate Scores are calculated based on criteria like affordability, third-party ratings, online/mobile tools and coverage options. If you are looking for the best Tennessee homeowners insurance companies, Bankrate Scores can be a valuable comparison tool to help you determine whether a company provides a well-rounded customer experience in multiple categories, rather than excelling in just one area.

How to find the best cheap home insurance in Tennessee

No one wants to pay more than they need to for Tennessee homeowners insurance, so it pays to shop around. Cost, however, is only one of the factors you should consider. A cheap policy, for example, is less desirable if poor customer service might mean delayed claims payments or difficulties in managing your policy. It's important to do your homework and determine the company that has the best options for your needs. 

Consider the following steps when shopping for cheap homeowners insurance in Tennessee:

1. Assess your situation: How old is your house? Is your roof fairly new? Are you near a fire station? Take a realistic look at your home and property so you’re prepared to answer questions the insurer asks.
2. Do some research: Take a look at the websites of companies that interest you. Is it easy to find information? Do they list discounts and coverage options? Is there an easy-to-use mobile app? Consider how you like to do business — online or in-person — and ensure that the company is well-suited to meet your needs. One tip that may be helpful: see how easy it is to find the answers to your questions online to get a sense of how the company works with its customers.
3. Ask for quotes: Many insurers will give you an online quote just for answering a few questions on the website. Others require you to talk to an agent. It's a good idea to get several quotes so you can compare the prices, but be sure you're asking for the exact same coverage for each quote.
4. Make your choice: Experts recommend basing your decision on the quotes, as well as any other factors that are important to you. If you have questions, ask an agent before you sign up for your policy. A response to your application may come in a few hours, or it may be several days before you are approved. In some cases — for example, if you've had multiple claims in the past — it may take longer. Pay your first month's premium and you should be all set.

Common home insurance discounts in Tennessee

A homeowner's greatest ally when it comes to finding the lowest premium is the list of potential discounts that almost all insurers offer. Many of them are easily earned and could shave a significant amount off your monthly costs. Here are a few of the more common Tennessee discounts.

Home insurance coverage options in Tennessee

In addition to the standard coverage included in most home insurance policies, Tennessee homeowners might also want to be aware of the possible need to explore additional coverage like:

• Sinkhole insurance: A sinkhole can literally swallow up all or part of your property, and Tennessee is one of the most likely states to experience damage from sinkholes. Sinkholes are not covered in a standard policy, but a separate sinkhole insurance policy could protect your property if your area is at risk.
• Flood insurance: Flood insurance is another common insurance expense in Tennessee, although it does not come standard on policies. One great resource to check out is the Federal Emergency Management Agency (FEMA) Flood Map Service Center to see what the risk is near you. You can also purchase coverage through FEMA’s National Flood Insurance Plan (NFIP), although many private insurance companies also sell flood coverage.
• Wildfire insurance: Although Tennessee is not one of the top states for wildfires, they are becoming more common. In 2021, there were 550 wildfires reported in Tennessee, resulting in 4,937 acres burned.

Frequently asked questions