Home Insurance in Three Way, Tennessee
The median home value in Three Way is $250,700, 18% higher than the Madison County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Three Way was built around 1997. About 7% of homes were built before 1960, about 9 points below Madison County's 16%.
Housing in Three Way breaks down to 99% single-family homes and 1% mobile or manufactured homes.
In Three Way, about 61% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 2%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 93% of occupied homes in Three Way are owner-occupied.
In Three Way, 60% of homes are primarily heated with natural gas.
What's the biggest home insurance risk near Three Way? FEMA's National Risk Index points to earthquake (Relatively High) in Madison County and Madison County had 221 active NFIP flood policies as of September 2026. See the full Madison County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
The statewide average premium for a standard HO-3 homeowners policy in Tennessee is $1,649 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $250,700 |
|---|---|
| Median year built | 1997 |
| Owner-occupied share | 93% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Earthquake (Relatively High) |
| Active NFIP policies in Madison County | 221 |
| Home insurance premium | $1,649 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)