Stats in Your State
To make understanding the market easy, we’ve put together several graphs and charts to illustrate the various factors that affect home insurance premiums. Below you can compare how your homeowners rates compare with others in Tennessee and the U.S. average.
Homeowner Insurance Premiums
Both U.S. and Tennessee home insurance rates climbed from 1999 to 2007, but during that time Tennessee homeowners enjoyed cheaper premiums than the U.S. average. With relatively low property values and few risks of natural disasters, Tennessee presents a low-cost market for home insurance.
Renter Insurance Premiums
Unlike home insurance rates, renters insurance in Tennessee has cost more than the national average each year from 1999 to 2008. Though the difference ranged anywhere from $5 to $20 more, this represents as much as a 14% difference in rates.
Existing Home Sales
Tennessee was no exception to the nationwide trend of home sales in the 2000’s. While the decade began and ended at nearly the same pace of 100,000 existing homes sold, sales rose to nearly 175,000 in the middle of the decade before plummeting again along with the market recession.
Flood Insurance in Region
Tennessee residents suffered roughly $11.8 million in flood damages in 2011 and 2012, with approximately 550 claims filed during that time. Though this may seem like a lot, Tennessee ranks well behind neighboring Gulf Coast states of Arkansas, Louisiana, and Mississippi.
The average house in Tennessee is relatively new when compared with other states, with over half of Tennessee’s homes having been built since 1980. A large population boom in the 1970s and 1980s continued throughout the 20th and into the early 21st century.
Rules in Your State
Whether you're a home owner or a renter, it pays to understand how home insurance works in Tennessee. The Tennessee Code (Title 56, Chapter 8, Part 1) lays out your rights as a consumer. Refer to this code to determine if your insurance company has been treating you unfairly.
Representatives & Resources in Your State
Here readers will find links to local government resources that can assist and guide you toward a fuller understanding of how homeowners insurance works and your options for different types of policies in Tennessee. If you need assistance on a particular issue or are just looking to find out more about the rules and regulations, contact the Insurance Department.
Tennessee Department of Commerce and Insurance
500 James Robertson Parkway
Nashville, TN 37243
Consumer Complaint Resource
Consumer Brochures and Information
Federal Emergency Management Administration: Region 4
Tennessee residents can benefit from services and disaster relief provided by FEMA. In addition to relief and support after a catastrophe, FEMA also provides disaster preparedness tips to get ready in advance.