Tennessee homeowners have a lot of options when it comes to homeowner’s insurance. To add to the confusion, some insurance companies are more competitive in different parts of Tennessee and can even be priced differently in neighboring zip codes. Collierville and Germantown might have lower rates than Memphis with some carriers and vice versa with others. This is one of the reasons why we, along with most financial advisors, recommend using an independent agent that has access to multiple carriers. Even with our carriers, we may see a several that are really competitively priced and several others that are double or triple the premium.
As far as coverage, your agent is often times more important than the actual insurance company. We are amazed everyday at what coverage options get left off a quote just to make the quote cheaper. This is one of the reasons why we always want to review any current policies or quotes.
Different insurance companies can vary in the coverage options they offer. There are some companies that only offer actual cash value on the dwelling and/or the roof. This means in the event of a covered loss that homeowner would have to subtract out depreciation instead of getting the full replacement value. Some companies may offer earthquake coverage and others may not. This can be really important for West Tennessee homeowners to consider.
So which company has the best insurance coverage? That answer can be different depending on the person asking. Depending on each person’s circumstances, they might get a different answer. That’s why it is important to consider talking with an independent insurance agent when your shopping your insurance.