Tennessee Condo Insurance

Find the Best Condo Insurance Rates & Companies in Tennessee 

Cooperative living is an ideal housing alternative for many Tennessee residents. Condominium owners can benefit from the close proximity to shopping and dining, shared amenities like clubhouses, and affordable condo insurance policies. Whether you own a condo in downtown Memphis for its convenient location near your work or have chosen to spend your retirement near Douglas Lake in Sevierville, having a condo insurance policy is essential for getting the reimbursement you deserve after many common or unexpected disasters like lawsuits and fires.

Fortunately, a local independent insurance agent in Tennessee can help you find the right condo insurance today. Your agent can evaluate your coverage needs and get you set up with a policy fast. But first, here's a breakdown of Tennessee condominium insurance requirements, rates, and more.

Best Condo Insurance Companies in Tennessee

Many different carriers sell condo insurance in Tennessee. However, not all insurance companies are equal in quality and service. That's why we've included a few of our top recommendations for the best condo insurance companies in Tennessee.

1. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), offers nationwide coverage, and provides 24/7 claims reporting.
2. Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has outstanding ratings from AM Best and the BBB, offers numerous discounts, and provides 24/7 claims reporting.
3. Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers is a longstanding insurer, has great ratings from both the BBB and AM Best, and offers numerous discounts.

An independent insurance agent in Tennessee can help you compare coverage options and premium rates from each of these top-rated carriers and any others you're interested in.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance, also called HO6 insurance, is a special form of homeowners insurance. HO6 insurance or condo insurance policies include coverage for your personal property or contents, liability, and additional living expenses. 

While HO6 policies don't include coverage for the home's structure or dwelling, HO3 insurance policies do. Condo insurance doesn't include dwelling coverage because it's typically provided by the homeowners association's master policy for each unit.

Is Condo Insurance Required in Tennessee?

You might be required to have condo insurance in Tennessee. Most mortgage lenders and many condo associations require condo owners to have condo insurance. 

Regardless of whether coverage is actually required, it can be a great idea to get a policy. Without this coverage, you could have to pay out of your own pocket for the cost of an unexpected lawsuit or an incident of vandalism. This could lead to potentially devastating financial losses.

What Does Condo Insurance Cover in Tennessee?

In Tennessee, condo insurance protects you in three major ways. Condo insurance typically includes the following coverage:

• Loss of use coverage: This can reimburse you for temporary living expenses like takeout meals, hotel rooms, laundry services, etc. if your unit is uninhabitable after a covered loss like a fire.
• Contents coverage: This can reimburse you for incidents of theft, destruction, or damage to your personal belongings, including furniture, clothing, silverware, electronics, etc.
• Liability coverage: This can reimburse you for lawsuit costs, like attorney and court expenses, if a third party sues you over a claim of bodily injury or personal property damage.

Tennessee condo insurance often covers the following perils:

• Wind, lightning, and hail
• Theft and vandalism
• Burst pipes
• Explosions
• Fire and smoke

Make sure to review your specific Tennessee condominium insurance policy to be certain of what's covered.

What's Not Covered by Tennessee Condo Insurance?

Your condo insurance policy also comes with a set of coverage exclusions. In Tennessee, your condo insurance probably won't cover any of the following:

• Insect damage and infestation
• Flood damage
• Routine maintenance
• Malicious or intentional acts against third parties
• Sewer backup damage

If your condo is located in an area prone to flooding, you may want to buy a flood insurance policy to protect your property. You can also typically add sewer backup endorsements to your condo insurance to have protection against these costly disasters.

How Much Does Condo Insurance Cost in Tennessee?

The average cost of condo insurance in Tennessee is $455 per year, which is the same as the current national average rate. That said, the cost of your specific policy may vary based on the following criteria:

• Your claims history
• The type and amount of coverage you need
• The exact location of your condo
• Your deductible amount
• Any discounts you've added

Asking about Tennessee condo insurance discounts can potentially help reduce your premium rates considerably.

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