UPDATED: APRIL 21, 2023 | 2 MIN READ
More Tennessee residents are renting than ever before – which means they need to protect their personal belongings more than ever. But how can they do so when they aren’t eligible for homeowners insurance?
Renters insurance in Tennessee is a simple and affordable solution to the problem. And it doesn’t just protect personal property. It offers many other coverage options which tenants can add to their policy for maximum protection. The average renters insurance quote costs less per month than a full gas tank.
What does Tennessee renters insurance cover?
Basic renters insurance coverage includes:
- Personal liability coverage, which protects the tenant in the event they are responsible for harming someone or damaging another’s property
- Personal property coverage, which pays to repair or replace any property (with certain exceptions and coverage limits) damaged by named perils on the policy
- Loss of use, which reimburses the tenant for alternative living accommodations and additional living expenses if the rental property is damaged beyond habitation
Tennessee residents will be glad to know that property loss and damage from windstorms is standard with every renters insurance policy. The only catch is that the renters policy must provide enough coverage to repair or replace all of their belongings. Flood coverage is rarely offered, but tenants can purchase their flood insurance separately.
Does the state require renters insurance?
So far, renters insurance isn’t legally mandated anywhere in the US. But it never hurts to get a quote. Tenants need to go over their lease and figure out whether going without coverage will violate the terms of their agreement.
How to find affordable renters insurance in Tennessee
Getting an inexpensive renters insurance policy in Tennessee isn’t just comparing quotes between providers. It’s about knowing what type of coverage the tenant needs, how much, and what they can afford to spend on premiums.
The first step is determining how much liability protection the tenant may need based on the total value of their liquid assets. Next, they’ll need to take an inventory of all the personal property in the home and calculate its value. For example, someone who owns a lot of computer equipment might want to choose replacement cost coverage and add a special rider for valuable items.
Tennessee renters insurance prices
The final insurance review depends on more than just the value of one’s personal property. Location matters, especially in an area where people file claims for vandalism, property damage, or natural disasters. The renters insurance company that manages the policy will also influence the monthly premiums.
Cities where renters insurance is the cheapest
Residents in Kingsport and Brentwood are lucky – they get to pay some of the cheapest average cost of renters insurance rates in the state. Places like Franklin or Spring Hill are still affordable but less so. This could be caused by water damage, property values, crime rates, or any of the above.
Affordable renters insurance companies in Tennessee
The Tennessee Farmers is looking out for renters by offering some of the cheapest insurance rates in the state. It goes up from there, with State Farm being on the more expensive side of the top five most affordable renters insurance companies. But factors like customer service and coverage options are also critical factors to consider when determining affordability.
Cheapest renters insurance in Tennessee
The chart above shows that Tennessee Farmers takes the cake for the cheapest renters insurance in Tennessee. But those numbers are based on state averages. Prospective policyholders should take those numbers with a grain of salt until they can get a personalized quote.
Renters insurance that’s the best for most people
Tenants who want their renters insurance to be simple and affordable are flocking to Lemonade. On top of being competitively cheap, they have a solid customer service record. Unfortunately, they don’t offer many add-on coverage options.
Fastest claims process
Fast claims processing is a hallmark of excellent customer service. So that’s why this award goes to State Farm. This company serves almost 25% of Tennessee’s renters, which means they’re the most popular company in the state. And despite having more customers than their competition, State Farm consistently gets high marks in customer service.
Best optional coverages
The award for coverage variety, though, goes to Nationwide. They’ve broken the mold by adding earthquake and flood coverage options to their portfolio of renters insurance add-ons. It’s extremely rare to see a private company offering flood coverage for renters. Nationwide, customers can choose extra liability coverage, identity theft protection, replacement cost coverage, and more.
Best bundling discounts
State Farm earns another point in the win column for this category. At the same time, the average bundling discount in Tennessee for renters and auto insurance is around 7%. But some lucky State Farm customers can get a discount as high as 25%.
Best for home business owners
Home business owners need a renters insurance company that’s reliable, offers a wide variety of personal property coverage add-ons and protects them from the most threats. So Nationwide clearly wins this contest. The flood and earthquake coverage is essential for renters whose livelihood matters most, along with many other coverage options.
How much is renters insurance in Tennessee?
That depends on factors like crime, property values, zip code, and the amount of coverage needed. But the average renter can get cheap renters insurance in Tennessee for around $10-$15 per month.
Does Tennessee require renters insurance?
Tennessee does not legally require tenants to purchase renters insurance to sign a lease. But the landlord might. And even if they don’t, Tennessee renters insurance is so cheap that it’s a wise investment.
Why is Lemonade insurance so cheap?
Lemonade is a renters insurance agency that keeps its prices down by limiting how much its renters policy covers. This reduces the amount of money they spend paying out claims. And to attract more business, they pass those savings to their customers.
What is the difference between renters insurance and homeowners insurance in Tennessee?
Homeowners insurance is only for property owners who have used the land and the structure as private residences for some years. Anyone who lives there but pays rent to the property owner must consult renters insurance providers for quotes. Any property owner renting the home to a tenant needs landlord’s insurance.
Finding cheap renters insurance in Tennessee
It’s much easier to find affordable renters insurance in Tennessee compared to other states. And this is true despite the prevalence of devastating events like floods, tornadoes, and earthquakes. These (and other disasters) can leave people paying thousands of dollars to replace their property losses out of pocket. Any tenants struggling to create the perfect renters insurance package are strongly encouraged to use our online resources.