Tennessee Condo Insurance


Providing you a seamless experience to finding the best condo insurance in Tennessee





Getting a Condo Insurance Quote in Tennessee



For many people in Tennessee, living in a condo is the most convenient option. Deciding on the right condo insurance in Tennessee can be confusing, however. We can assist you by outlining a few key points that you should remember while negotiating the price of your condo insurance. You will want to receive the best policy for your needs at the best price. There are many things that will influence how expensive or cheap your annual condo insurance estimate is going to be. We have made it a priority to make the condo insurance buying process as simple as possible.

Difference in Costs of Condo insurance in Nashville, TN Compared to State Average

4 %

Difference in Costs of Condo insurance in Memphis, TN Compared to State Average

14 %

Difference in Costs of Condo insurance in Knoxville, TN Compared to State Average

15 %

Difference in Costs of Condo insurance in Knoxville, TN Compared to State Average

15 %


Tennessee Condo Insurance Statistics at a Glance

Numerous factors impact the price of condo insurance. As property values are on the rise, Tennessee condo insurance coverages can be expensive. Tennessee is rated the 14th most expensive state for condo insurance. Tennessee residents pay an average of $120 per month or two $1,446 payments per year. Although residents currently pay more on condo insurance, the trends show that insurance premiums are going down. Overall most cities in Tennessee have comparable average monthly prices but there are some differences. Bristol, TN has been found to be the lowest priced city with two payments of $38.67 per month or $464 annually. On the other hand, Dyersburg, TN has the highest condo insurance rates in the state at two payments of $61.13 per month or $733.50 annually. Insurance companies have varied rates, so it is necessary to shop around when you are looking for condo insurance.


  • $555

    Average Annual Cost of Condo Insurance in Tennessee

    The average cost of condo insurance in Tennessee on an annual basis is $555.

  • $46

    Average Monthly Cost of Condo Insurance in Tennessee

    The cost of condo insurance in Tennessee is roughly $46 per month.

  • 26%

    Percentage of Income on Ownership for Condos in Tennessee

    Residents of Tennessee spend an average of 26% of their income on condo ownership.

  • 22 years

    Median Age of a Property Which Requires Tennessee Condo Insurance

    The average age of a property requiring condo insurance in Tennessee is roughly 22 years.



What Affects the Costs of Your Condo Insurance in Tennessee

There are several factors that impact the pricing of condo insurance in Tennessee. Insurance companies calculate individual risk and policy requirements in different ways. From this they can provide an accurate quote for your condo insurance coverage. There are some factors out of your control that can influence the price of your condo insurance. These can include the location, age, and construction quality of your condo. Insurance companies can assess if you are entitled to any discounts. There are some factors within your control that can help or harm the final pricing of your insurance. The condo insurance price can be impacted by your credit history, claims history with other insurance providers, your driving record, the price of the personal belongings that you have in your condo, the people who reside in your condo, and whether you rent or own the condo. To get the best possible quote, we strongly recommend that you have all of this information ready prior to obtaining a condo insurance quote for your Tennessee property.
tennessee condo insurance content image


Average Cost of Condo Insurance in Tennessee by City

In Tennessee, an HO6 insurance policy is the most common kind of condo insurance. You will probably require this insurance whether you live in a city such as Nashville or Memphis or live in a larger town like Paris. We have provided a full list of projected condo insurance quotes for whichever city you live in. From this you can determine the cost to cover your condo. The following averages are based on all insurance prices for different towns in Tennessee, so depending on where your condo is located within your specific neighborhood, your final price could differ from what is quoted below.



tennessee condo insurance content image

Choosing the Best Condo Insurance Company in Tennessee for Your Needs

You should allow the time and put in the effort when picking the best condo insurance provider for your condo in Tennessee. Choosing the best insurance for your specific requirements will give you peace of mind in the long run. Spend that extra time as you are insuring yourself, your home, and your possessions. Do not forsake the value of your condo as well as the properties interior by rushing and settling for the cheapest coverage on the market. Spend the time looking and comparing the prices of several companies prior to making any decisions. You will want to choose the best condo insurance provider in Tennessee to suit your requirements. Keep in mind that a dependable and reputable company will not force you into making a decision or paying for coverage that you do not need. Begin by looking at condo insurance companies that provide their long-term customers with discounts or provide package insurance reductions. Finally, be sure that your provider is accredited. Visit the Tennessee Department of Insurance website to find out the licensing status, fiscal stability, complaints and history of your chosen insurer.

The Top Rated Condo Insurance Companies in Tennessee Based off Consumer Ratings

The top-rated insurance company is State Farm as the largest condo insurance provider in the United States for over 50 years. A study done by J.D. Power revealed that in Tennessee State Farm scored a 0.2 out of 5 (lower than the average) in the coverage offerings, charging and payment, customer support and claims. In Tennessee, State Farm also obtained a NAIC criticism ratio of 0.2. State Farm, as with many other insurance companies in Tennessee, provides premium discounts on condos that were made or renovated to better withstand any natural disasters in The Volunteer State. Reviewing pure Tennessee insurance company metrics, Progressive has the highest J.D. Power score at 0.8 while Tennessee Farm Bureau has the cheapest at 0.08. The insurer in Tennessee with the cheapest NAIC criticism ratio is Tennessee Farm Bureau in 0.08 while Progressive has the highest NAIC criticism ratio in 0.8.



Tennessee Condo Insurance Requirements

Under the Condominiums Act in Tennessee, a condo unit owner is allowed to obtain insurance for his or her own advantage but is not required to do so. The Act states that if at the time of a price reduction the owner has an insurance plan that covers exactly the same risk as the association's coverage, then the association’s policy will take precedence and will provide the insurance. Tennessee law demands condominium associations acquire insurance for all condominiums. However, condo unit owners may want to consider buying insurance policies to insure their accountability, their possessions, any alterations that they personally make, or any reduction or event not insured by the association's coverage.


What's Covered with Your Condo Insurance in Tennessee

When searching for a condo insurance policy, you will notice that most condo insurance companies in Tennessee provide standard coverage. This may consist of policies for construction property, personal property, and loss of use coverage and liability. Coverage for building property protects the condo owner financially for damage to the inside of the condo (walls, floors, tiles) and reduction of permanent fixtures caused by a covered event, such as a fire. A personal property policy protects your personal belongings, such as furniture, electronic equipment, and clothing, that are lost due to a covered event. With a liability insurance policy, if you are held accountable for bodily injury or property damage this policy provides you with protection. In Tennessee, a condo insurance plan provides insurance for $100,000 in liability damages. Under the lack of use policy, If your Tennessee condo becomes uninhabitable and you need to live out of your condo due to a covered event and are paying more than you would living in your condo then you will be paid for the increased living expenses



How to Get Tennessee Condo Insurance Discounts

In Tennessee each insurance provider has a discount or loyalty program. When you are researching insurance companies for your condo be sure to ask about any discounts that may be available to you or your family. Normally, there are many discounts offered on Tennessee condo insurance. Some of the discounts you should ask about are bundled and multi-policy discounts, customer discounts, loyalty discounts and paid-in-full discounts.


Getting the Best Tennessee Condo Insurance Rates

Researching multiple insurance companies is essential to find the best condo policy in Tennessee with the greatest savings that fits your needs. To find the best price, contact us and see if any other insurers can beat what you are paying. Also, ask a friend to contact their condo insurance provider which may produce a referral discount. It is possible to increase your payment as the higher your deductible, the lower the price of your insurance plan. Be careful though to ensure that your deductible is not too high. In case of a loss you are responsible for paying any sum up to the deductible. Many insurers offer discounts to clients who package their insurance policies. If you can package your policies this can save you money. As an example, check with the provider of your car insurance and see if they can reduce your premium if you buy condo insurance from them as well. If you stay with the same insurer for multiple years, they may provide reductions in coverage. Some of these discounts may save you up to 10% on your premiums. Your credit rating is very important. Ensure that it stays high as insurance companies take that into account when finalizing your condo insurance premium. Continue to increase your credit rating to find a reduced insurance premium.