Homeowner insurance coverage in Tennessee is among the U.S. states with average insurance rates for a condo, mobile, or stick built house falling in the mid-range. Ranked at No. 26, annual premiums cost between $706 and $750. Strangely enough, while homeowner insurance in the state is considered among the least expensive, Tennessee renters’ insurance rates are among the most expensive, ranking No. 12 in the country.
There are several types of insurance coverage in Tennessee, namely:
·Homeowners 1 (HO-1) policy: Only a few companies offer this type of policy because it is the most basic type of coverage with very limited options. Covered perils listed in HO-1 are fire, lightning, smoke damage, windstorm, snow, ice and hail, burglary and theft, explosions, glass breakage, vehicle or aircraft damage, riot and civil commotion, and vandalism and malicious mischief. It also includes personal property coverage, liability and medical expense coverage, and additional living expense coverage.
· Homeowners 2 (HO-2) policy: Aside from the items mentioned in HO-1, HO-2 also covers falling objects, damage resulting from the weight of ice or snow, water from plumbing problems, freezing of the pipes and plumbing systems, electrical damage to appliances, and ruptured water heaters, heating systems and air conditioning units.
· Homeowners 3 (HO-3) policy: The most commonly purchased policy in Tennessee. It provides all the coverage mentioned in HO-1 and HO-2 except flood, earthquake and war.
· Tenant/Cooperative Owners (HO-4) policy: Also known as the renter’s insurance coverage. It covers the contents of the apartment and personal liability.
· Homeowners 5 (HO-5) policy: Includes all the terms mentioned in HO-3 and with additional coverage provided for physical loss of personal property. Excluded are items specifically listed in the policy.
· Condominium Unit Owner (HO-6) policy: This Tennessee home insurance policy is designed for condominium units, and includes all coverage as HO-4.
· Homeowners 8 (HO-8) policy: Coverage is the same as in HO-1, but HO-8 is a cash coverage policy instead of a replacement cost coverage policy. This type of policy is recommended to homeowners whose property exceeds the market value.
Tennessee certainly has had its share of natural calamities, such as hurricanes, floods, fires and tornadoes. Floods, in particular, are an important concern in the state of Tennessee, owing to histories of past natural disasters which include the August 2001 flooding that submerged the eastern part of the state in 20 feet deep water. Because of this, flood coverage should be a priority among Tennessee residents. Since it is not included in the basic policy, a separate plan could be purchased from the National Flood Insurance Program. It is very affordable. At $300 yearly, one could get $100,000 coverage. However, it must be mentioned that there is a 30-day waiting period before the policy becomes active, so it is advised to get flood coverage during the summer months.
Although a homeowner insurance policy in Tennessee is already considered affordable, residents could avail of discounts by purchasing additional plans, such as auto or life insurance, with the same insurance provider or by installing security alarms and protective devices in the home.
Find homeowner insurance rates in each of these Tennessee cities:
Alcoa – Athens – Bartlett – Bloomingdale – Brentwood – Bristol – Brownsville – Chattanooga – Clarksville – Cleveland – Clinton – Collegedale – Collierville – Colonial Heights – Columbia – Cookeville – Covington – Crossville – Dayton – Dickson – Dyersburg – East Brainerd – East Ridge – Elizabethton – Farragut – Fayetteville – Franklin – Gallatin – Germantown – Goodlettsville – Green Hill – Greeneville – Harriman – Harrison – Hendersonville – Humboldt – Jackson – Jefferson City – Johnson City – Kingsport – Knoxville – La Follette – La Vergne – Lakeland – Lawrenceburg – Lebanon – Lenoir City – Lewisburg – Lexington – Manchester – Martin – Maryville – McMinnville – Memphis – Middle Valley – Milan – Millington – Morristown – Mount Juliet – Murfreesboro – Nashville-Davidson – Newport – Oak Ridge – Paris – Portland – Pulaski – Red Bank – Ripley – Savannah – Sevierville – Seymour – Shelbyville – Signal Mountain – Smyrna – Soddy-Daisy – South Cleveland – Spring Hill – Springfield – Tullahoma – Union City – White House – Winchester
Homeowner insurance in Tennessee provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Tennessee above.