Knoxville, located in Eastern Tennessee’s Knox County, has a homeownership rate hovering at 45%. This is far lower than the national average 66%. Although the Gateway to Great Smoky Mountains does not have high homeownership levels, the average premium for $250,000 of dwelling coverage, $1,355 per year, is slightly lower than the national average of $1,477.
The best Knoxville homeowners insurance is not just based on annual premiums. It considers many factors. Bankrate reviewed the information and determined that the best rates, customer service ratings and financial strength, as well as coverage options and discounts, are available to Knoxville residents.
Knoxville’s best home insurance company
There are many factors to consider when choosing the best Knoxville home insurance company. The J.D. scores are also reviewed. Power 2020 Home Insurance Satisfaction Study and other customer service ratings.
Erie
Erie, a regional insurer that serves 11 states including Tennessee, is an insurance provider. Erie offers the lowest premiums and many other benefits. Erie offers many discounts. These include savings of 16% to 25% on bundling and discounts for security alarms. You can also receive a quote before you renew your policy. JD Power consistently rates Erie as a top-rated provider of customer satisfaction.
Allstate
Allstate is another strong contender. It offers homeowners discounts as well as a wide range of coverage options. Allstate offers the standard policy coverages – dwelling, liability and personal property, as well as medical payments for guests. You can customize your policy by adding identity theft restoration, water backup coverage, and even yard or garden protection. You have many options to save on premiums, including bundling, customer loyalty, and claims-free.
USAA
USAA membership is available to veterans and current military personnel. You can get a variety of discounts and specialty homeowners policies if you are eligible. USAA provides additional coverage and provisions for renters of rooms or houses. Discounts include policy bundles and remaining claims-free to reduce your premiums at already-competitive rates.
Auto-Owners
JD Power ranks Auto-Owners as one of the top-scoring carriers. This proves that this regional powerhouse is focused not only on homeowner policies but customer satisfaction. For managing your policy and obtaining quotes, Auto-Owners relies heavily on its large agent network. However, this strategy is well-received with excellent customer service ratings. Auto-Owners offers a wide range of discounts from policy bundling to fully paying your premiums before you renew.
You might also be interested in Knoxville’s other home insurance policies
Although homeowners insurance is not required in Tennessee, it makes financial sense to purchase a policy so that your rebuilding and repair costs can be covered in case of a disaster. Tennessee and Knoxville are home to unpredictable and volatile weather throughout the year. This makes your home vulnerable to being damaged. This can be mitigated and a plan of action for if it happens. You should ensure that your policy provides adequate coverage for situations such as:
- Tornadoes in Tennessee: Tennessee saw 35 tornadoes in 2020. Additional financial protection can be provided by ensuring that your policy covers damage caused by tornadoes.
- Sinkholes: Tennessee is 7th in a list of states most susceptible to sinkholes. Knoxville is one city where sinkholes are more likely to occur. Sinkholes should be included in your policy.
- Flooding Knoxville is susceptible to flooding in certain areas. However, you can check your area with the FEMA zone to see if it is affected by floods. It is best to consult a licensed agent that is familiar with your local area to determine whether flood insurance may be required.
Knoxville home insurance discounts
Knoxville’s homeowners insurance average cost is $1,355, slightly less than the national average $1,477. You should take advantage of all discounts available to you so that you don’t overpay for your homeowners insurance. Knoxville residents may be eligible for discounts such as:
- Bundling policies: This is a great way to save money on your premiums. You can choose to have a homeowners policy through the same company that you purchased your auto insurance.
- Loyalty: If you keep your coverage with the same insurer each year, you may be eligible for additional savings on your premiums. Many carriers offer loyalty discounts, including Allstate.
- Discounts for new homes: Many carriers offer additional savings when you buy a brand-new or older home.
- Safety systems: You may be eligible to receive an additional discount if your home has an alarm system. This applies to smoke detectors or fire alarms that are installed in your house.
Questions frequently asked
Which is the best company for home insurance?
Although the best home insurer is subjective, there are key factors to consider when choosing the right one. You can compare multiple companies side-by side to determine the best home insurer.
What is the cost of Knoxville home insurance?
For $250,000 of dwelling coverage, the average homeowners insurance cost in Knoxville is $1.355 per annum. Keep in mind that your premiums will be based on personal data such as your age, gender, marital status and number of claims on prior policies. This means that your cost may vary from other customers. Rates can also vary depending on the carrier.
How do you purchase homeowners insurance?
Compare quotes from multiple carriers is the best way to purchase your homeownership policy. This will give you an idea about which carrier is offering the lowest rates. It also allows you to compare coverage options and digital assets. You can get a quote online or via mobile app from some carriers, while others require that you work with an agent.
