Home Insurance in Nashville, TN

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Living in the "It City" of Nashville, Tennessee, (TN)

Nashville, Tennessee, (TN) is during an unprecedented growth spurt because of its cultural offerings, sports teams, attractive tax benefits, appealing job market, and reputation as a friendly place to live. Real estate experts say that an average of 82 people per day are moving to the Music City. That number is growing steadily, leading to a housing market crunch that is driving up prices, with a median sales price of $415,000. When you are fortunate enough to purchase a house in the area, contact VIU by HUB to ensure it's protected by quality homeowners’ insurance in Nashville.

Types of Homeowners Insurance in Nashville

With residences in Nashville, TN varying from country cottages to urban lofts, it's impossible to identify a one-size-fits-all insurance policy. There are basically three levels of homeowner coverage accepted as industry standard that offer varying levels of protection depending on the type of residence and homeowner needs. 

  • Actual cash value covers the home's cost plus the value of your possessions after subtracting depreciation. This provides payment for the current value of your items, as opposed to how much you originally paid for them.
  • Replacement cost covers the current cash value of your home and belongings, but there is no depreciation deduction. This provides you payment up to the original value of your house for repairs or reconstruction.
  • Guaranteed (extended) replacement cost is an inflation-buffer policy that covers the total actual costs of repairing or rebuilding your home. This is the most comprehensive policy, offering the biggest blanket of protection to allow for rebuilding at current prices.

How to Lower Your Rates

Homeowners insurance in Nashville, TN is not something you want to skimp on, but there are ways to save some money on your premiums. Here are some tips: 

  • Install safety systems: Proof of the following safety devices installed in the home can lower your premiums
    • a monitored anti-theft system can lower premiums by at least 5%. Proof of central monitoring is usually required to get the discount. 
    • installing smoke alarms in older homes can save over 10% annually.
    • CO detectors, interior sprinkler systems, dead-bolt locks, and sometimes weatherproofing are other ways to potentially lower premiums.
  • Carefully plan renovations: Consider the type of improvements you want to make to your property and the materials that will be used. Wood-framed structures are more expensive to insure than cement or steel-framed structures due to fire resistance. Potentially injurious additions, such as swimming pools or trampolines, can also raise insurance premiums.
  • Pay off your mortgage: Although this is not an easy change to make just to lower your premium payments, it's a good goal to set. Insurance companies charge less for premiums when homeowners don't owe on a mortgage because they are assumed to take better care of a house that is 100% theirs.
  • Raise your deductible: Just like other types of insurance, annual premiums decrease when deductibles are higher. The problem with setting a high deductible is that low-cost claims, like broken windows or damage from minor leaks, will usually be paid by the homeowner because the damage is less than the deductible amount. These small fixes can sometimes end up costing more than a higher premium payment.
  • Use bundling discounts: Insurers often extend a discount of 10% or more to customers who purchase their other insurance products as well.
  • Review policies regularly: Changes to home features can affect your insurance rates, so it's important to review your policy on a regular basis. Conduct regular assessments of your home's value to ensure you are thoroughly protected and note neighborhood changes that could impact your discounts, such as installation of fire hydrants.

This information is intended for general informational purposes only and is not intended to constitute legal advice.

Home insurance in Tennessee by city

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