Home Insurance in Franklin, TN
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Living in Franklin
An affluent suburb in Williamson County, Tennessee, with a population of around 83,000, Franklin is located just south of Nashville. Franklin's historic charm and local amenities, including restaurants, theatres, and beautiful parks, make it a desirable area and home to several well-known professional musicians, athletes, and other celebrities. The median home value is $730,000, representing a significant investment. VIU by HUB is proud to offer high quality homeowners’ insurance in Franklin, TN to protect the city's residents and their homes.
What's Covered by Homeowners Insurance in Franklin, TN?
Homeowners insurance in Franklin, TN is a package policy, covering both property damage and legal responsibility for injuries or damage caused to others. While standard policies don't cover floods, earthquakes, or damage due to lack of maintenance, most of these can be covered by additional policies or endorsements purchased separately. A standard home insurance policy includes these four types of coverage.
- Home structure coverage: This pays for the costs of repairing or rebuilding the home in the event of damage or destruction from fire, hail, hurricane, lightning, tornado, or other disaster covered by the policy. Additional structures, such as garages, sheds, or gazebos, are generally covered as well.
- Personal belongings coverage: Personal items such as clothes, furniture, and sports equipment are covered from loss due to theft or other disaster included on the policy. This includes off-premises coverage, so belongings are covered wherever they are located. To ensure that expensive items are covered to their full appraised value, homeowners can purchase an additional endorsement or floater.
- Additional living expenses: If a house becomes inhabitable due to fire, storm or other damage covered by the policy, then additional costs of living will be covered. This includes hotel bills, restaurant meals, and other expenses that may vary from one insurer to the next.
- Liability protection: This protects policy holders against lawsuits for injury or damage done to others. This covers the cost of defense in court and any awards that result, up to policy limits. Umbrella policies are available for higher liability limits and broader coverage against libel and slander.
How to Lower Your Insurance Premiums
While you never want to skimp on your home insurance policy, there are some steps you can take that may lower your rates. Here are some ideas:
- Install safety systems: Installation of certain safety devices, such as these, can impact your premiums:
- Anti-theft systems with central monitoring can decrease rates by at least 5%.
- Dead-bolt locks, interior sprinklers, and CO detectors can lower premiums.
- Smoke alarms installed in older homes can result in annual savings of 10% or more.
- Thoughtful additions and renovations: The improvements you make to your home and property can affect your homeowners’ insurance in Franklin, TN. Carefully consider the materials you use, as wood structures cost more to insure than those framed with fire-resistant cement or steel. Additions with high accident potential, such as trampolines or swimming pools, can also result in increased rates.
- Shop for discounts: Many insurance providers issue discounts for different things, including bundling discounts if you purchase multiple insurance products from the same company.
- Raise your deductible: Just like most types of insurance, your annual premium goes down when the deductible level goes up. If you choose this option, be aware that you will likely be responsible for a lot of little fixes to your home when the repair cost exceeds the deductible amount, and these costs can add up over time.
- Conduct regular reviews: Changes to your property or neighborhood can affect your rates, so be sure you review your policy regularly. Changes in the value of your property can also lead to you being over or under-insured, so conduct a regular value assessment to be sure you are properly covered and not wasting or risking too much.
This information is intended for general informational purposes only and is not intended to constitute legal advice.