If you live in a condo, then it is important for you to purchase condo insurance to protect your investment. Some homeowners associations offer insurance, but it is not always the best option. It's better to have your own policy and make sure you are fully protected in case anything happens.
Homeowners association's insurance covers the outside of your building and common areas. But HOA's policy doesn't cover what's inside your condo like furniture or other personal belongings.
If you are looking for the best condo insurance in Tennessee, then this guide is for you. You'll find the list of best condo insurance companies for Tennessee residents and their average annual rates. You can use this guide to make informed insurance decisions.
- The residents of Tennessee pay an average of $641 per year for condo insurance for a coverage level of $600,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
- Based on the analysis by Insurance.com, State Farm is the top pick for the best condo insurance company in Tennessee.
- Tennessee Farmers offers the cheapest condo insurance in Tennessee at an average of $322 per year.
Best condo insurance companies in Tennessee
In Tennessee, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction rating of all the major insurers across Tennessee. Below are the best condo insurance companies in Tennessee based on Insurance.com's analysis.
| Company | Average rating(out of 5) |
|---|---|
| State Farm | 3.9 |
| USAA | 3.8 |
| Erie Insurance | 3.3 |
| Allstate | 3.2 |
| Farmers | 2.8 |
| Travelers | 2.7 |
Compare best condo insurance companies in Tennessee
We have compared the insurance providers based on their J.D. Power score and ratings from AM Best to help you find affordable condo insurance in Tennessee. Based on the analysis by Insurance.com, State Farm tops the list of best condo insurance companies in Tennessee. It has earned 3.9 scores out of 1000 from J.D. Power and an A++ rating from AM Best, which is the highest ratings they offer.
USAA is another option after State Farm for condo insurance, it received 3.8 scores from J.D. Power and an A++ rating from AM Best. Here is a comparison of some of the best condo insurance companies in Tennessee:
| Company | J.D. Power Score | AM Best Rating |
|---|---|---|
| USAA | 884 | A++ |
| Travelers | 794 | A++ |
| State Farm | 829 | A++ |
| Erie Insurance | 827 | A+ |
| Allstate | 815 | A+ |
| Farmers | 792 | A |
Average cost of condo insurance in Tennessee
The average cost of condo homeowners insurance in Tennessee is $641 a year or $53 a month with $1,000 as deductible, $40,000 as personal property coverage, and liability coverage of $100,000. Your average annual premium will vary depending on your location, the coverage limits you select, and deductible amount among other factors.
Condo insurance covers the interior of the unit, it provides protection against the damage caused by fire, theft, vandalism, natural disasters, and frozen pipes.
To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.
| Average Annual Premium | Average Monthly Premium |
|---|---|
| $641 | $53 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in TENNESSEE
AVERAGE RATE: $894
Most & least expensive zip codes for condo insurance in Tennessee
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 38127 | Memphis | $1,013 |
| 38114 | Memphis | $997 |
| 38118 | Memphis | $988 |
| 38108 | Memphis | $981 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 37682 | Milligan College | $677 |
| 37665 | Kingsport | $677 |
| 37684 | Mountain Home | $680 |
| 37694 | Watauga | $683 |
Condo insurance rates by companies in Tennessee
The rates for condo insurance by companies in Tennessee vary greatly. It is important to shop around and compare quotes to find affordable premium. To find the best insurance company in Tennessee, you should consider price, coverage options, financial stability, and customer satisfaction.
In the table given below, you'll see that major companies in Tennessee have different insurance rates for condo insurance, and Tennessee Farmers, Shelter Insurance, Farmers, and State Farm are the top four cheapest condo insurance companies for Tennessee residents.
| Company | Average Annual Rate |
|---|---|
| Tennessee Farmers | $322 |
| Shelter Insurance | $358 |
| Farmers | $500 |
| State Farm | $519 |
| Auto-Owners | $524 |
| Allstate | $627 |
| Erie Insurance | $683 |
| Travelers | $900 |
| USAA | $989 |
Methodology
Insurance.com compared condo insurance rates in 2022 provided by Quadrant Data Solutions for $60,000 personal property coverage with a $1000 deductible and $300,000 liability coverage for all available ZIP codes. ZIP codes were ranked based on the average rates for personal property coverage of $60,000, liability coverage of $300,000, and a $1,000 deductible and included good credit ratings. Content was updated in 2023.
