Tennessee Home Insurance

If you own a home in Tennessee, you need to protect it with homeowners insurance. Homeowners insurance covers your property and belongings from damage caused by fire, theft, storms and other perils. It also provides liability protection if someone gets injured on your property and sues you.

Homeowners insurance is not required by law in Tennessee, but most mortgage lenders will require you to have it as a condition of your loan. Even if you own your home outright, homeowners insurance is a smart investment that can save you from financial hardship in case of a disaster.

The cost of homeowners insurance in Tennessee depends on many factors, such as the size, age and condition of your home, the amount of coverage you choose, the deductible you pay, the location and crime rate of your neighborhood and your credit score. According to Bankrate, Tennessee homeowners pay an average of $1,755 annually for home insurance with $250,000 dwelling coverage, or $146 a month, higher than the national average of $1,428.

The coverage and limits of homeowners insurance policies vary depending on the type of policy you buy. The most common types are HO-2, HO-3 and HO-5. HO-2 policies cover only specific named perils, such as fire, lightning and windstorm. HO-3 policies cover all perils except those that are explicitly excluded, such as flood, earthquake and war. HO-5 policies are similar to HO-3 policies but offer more comprehensive coverage for your personal property.

In addition to the standard coverage types, you may also want to consider adding optional endorsements or riders to your policy to increase your protection. For example, you may want to add earthquake insurance if you live in an area prone to seismic activity, or flood insurance if you live in a high-risk flood zone. You may also want to add replacement cost coverage for your personal property, which pays the actual cost of replacing your belongings without deducting depreciation.

Homeowners insurance laws and regulations in Tennessee are overseen by the Tennessee Department of Commerce and Insurance (TDCI). The TDCI provides consumer education and assistance on various insurance topics, such as how to shop for insurance, how to file a claim and how to file a complaint against an insurer. You can visit their website  or call them at 1-800-342-4029 for more information.