Everything new Tennessee residents need to know about insurance. Auto minimums, no-income-tax benefits, flood risk, registration deadlines, and money-saving tips.
This article, authored by TCDS Insurance Agency founder Todd Conn, CLCS, delves into the specifics of everything new tennessee residents need to know about insurance. auto minimums, no-income-tax benefits, flood risk, registration deadlines, and money-saving tips.. As an independent agency based in Alabama, TCDS Insurance shops over 50 carriers to find the best coverage for clients in Alabama, Georgia, and Tennessee. This guide will help you understand the nuances of insurance in your area.
Many residents wonder about the extent of their coverage and what to do when the unexpected happens. For instance, understanding the difference between various policy types and deductibles can save you thousands of dollars. We will break down the essentials, providing clarity on what is and isn't covered, and how to best protect your assets.
At TCDS Insurance Agency, we believe in empowering our clients with knowledge. Whether you are a new resident or a long-time local, having the right insurance is crucial. We encourage you to review your current policies and contact us for a free, no-obligation quote to ensure you have the best protection at the most competitive price.
Tennessee requires minimum liability insurance of 25/50/15: $25,000 bodily injury per person, $50,000 bodily injury per accident, and $15,000 property damage per accident. You must carry proof of insurance at all times.
New Tennessee residents have 30 days to register their vehicles and obtain a Tennessee driver's license. Visit your local county clerk's office. Tennessee charges a one-time title fee and annual registration fee.
Tennessee is an at-fault (tort) state. The driver who caused the accident is responsible for paying damages. Tennessee uses a modified comparative fault rule—you can recover damages as long as you are less than 50% at fault.
Flood insurance is only required if you have a federally backed mortgage and your property is in a FEMA-designated Special Flood Hazard Area. However, the 2010 Nashville floods proved devastating flooding can occur far outside designated zones.
The average homeowners insurance premium in Tennessee ranges from $2,100 to $3,000 per year for a policy with $300,000 in dwelling coverage. Premiums vary based on location, age of home, and proximity to tornado and flood risk areas.
Tennessee has no state income tax on wages and salaries. This means more take-home pay, but it also means you should allocate some of those savings toward adequate insurance coverage to protect your assets.