Tennessee Insurance: Everything You Need to Know

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If you live in Tennessee, it’s important to understand your insurance options. Whether you’re looking for health, auto, or home insurance, there are many factors to consider before making a decision. In this article, we’ll provide an overview of insurance in Tennessee and answer some frequently asked questions.

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Health Insurance

Health insurance is essential for protecting your physical and financial wellbeing. In Tennessee, you have several options for obtaining health insurance coverage:

Marketplace Plans

The Health Insurance Marketplace is a website where individuals and families can compare and enroll in health insurance plans. In Tennessee, there are several insurance companies that offer plans through the Marketplace, including:

Insurance Company
Number of Plans
BlueCross BlueShield of Tennessee
109
Cigna
42
Bright Health
17

When shopping for Marketplace plans, it’s important to consider factors such as monthly premiums, deductibles, and out-of-pocket costs. You may also be eligible for cost-sharing reductions or premium tax credits, depending on your income.

Employer-Sponsored Insurance

If you’re employed, your employer may offer health insurance as a benefit. These plans are typically more affordable than individual plans, but may have more limited options. Make sure to carefully review your plan’s benefits and limitations before enrolling.

Medicare

Medicare is a federal health insurance program for people over the age of 65 and those with certain disabilities. In Tennessee, there were over 1.3 million Medicare beneficiaries in 2020. There are several different parts of Medicare, each covering different types of services:

Medicare Part
Coverage
Part A
Hospital Insurance
Part B
Medical Insurance
Part C
Medicare Advantage
Part D
Prescription Drug Coverage

Before enrolling in Medicare, make sure to understand which parts you’re eligible for and what each part covers.

Auto Insurance

In Tennessee, all drivers are required to carry auto insurance. The minimum coverage requirements are:

Coverage Type
Minimum Required Coverage
Bodily Injury Liability
$25,000 per person/$50,000 per accident
Property Damage Liability
$15,000 per accident
Uninsured Motorist Bodily Injury
$25,000 per person/$50,000 per accident
Underinsured Motorist Bodily Injury
$25,000 per person/$50,000 per accident
Uninsured Motorist Property Damage
$15,000 per accident

It’s important to note that these are just the minimum requirements. You may want to consider purchasing additional coverage to protect yourself in case of an accident.

Home Insurance

If you own a home in Tennessee, home insurance is essential for protecting your investment. Home insurance policies typically cover damage to your home and personal property, as well as liability for accidents that occur on your property. When shopping for home insurance, make sure to consider factors such as:

  • The amount of coverage you need
  • Your deductible
  • What perils are covered (e.g. fire, theft, weather-related damage)
  • Optional coverages, such as flood insurance or earthquake insurance

FAQ

What is the average cost of health insurance in Tennessee?

The cost of health insurance in Tennessee varies depending on several factors, including your age, income, and the level of coverage you need. According to the Kaiser Family Foundation, the average monthly premium for a benchmark plan in Tennessee was $442 in 2020.

What is uninsured motorist coverage?

Uninsured motorist coverage is a type of auto insurance that covers you in case you’re in an accident with a driver who doesn’t have insurance. Underinsured motorist coverage is similar, but covers you in case the other driver’s insurance doesn’t fully cover the damages.

Do I need flood insurance in Tennessee?

It depends on where you live. If you live in a high-risk flood zone, your lender may require you to purchase flood insurance. Even if you don’t live in a high-risk zone, it’s worth considering purchasing flood insurance, as floods can happen anywhere.

Can I buy health insurance outside of the Marketplace?

Yes, you can purchase health insurance directly from an insurance company or through a broker. However, if you’re eligible for premium tax credits or cost-sharing reductions, you’ll need to enroll through the Marketplace to receive these benefits.

What perils are typically covered by home insurance?

Home insurance policies typically cover damage from perils such as fire, lightning, windstorms, hail, theft, and vandalism. However, it’s important to read your policy carefully to understand exactly what perils are covered and what exclusions apply.

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