The Cheapest and Best Renters Insurance in Nashville
The Companies With the Cheapest Renters Insurance in Nashville
For Nashville residents, cost is one of the essential factors to consider when purchasing renters insurance policies since most companies provide the same standard coverages. To secure the best coverage, you may need to compare renters insurance quotes from different providers.
Moneygeek discovered that, on average, the most affordable renters insurance in Nashville for the average consumer is from:
- USAA: $75 per year (limited to current and former military members)
- State Farm: $115 per year
USAA provides better value to its policyholders by reimbursing them for items at replacement costs. The company’s standard and comprehensive policies also cover damage from earthquakes and floods.
The figures indicated in this study represent a policy with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and $500 as the deductible. Renters may pay different amounts based on the amount of coverage and many other factors. Use the table below to compare prices for different personal property coverage limits.
Renters who reside outside Nashville, but within Tennessee can still compare average renters insurance rates in the entire state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Nashville?
According to MoneyGeek’s scores, the best renters insurance providers in Nashville are:
- Best Overall: State Farm
- Runner-up: Travelers
USAA received the highest score in Nashville by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
To get these scores, MoneyGeek used a unique scoring system that considers various factors such as J.D. Power’s affordability, customer satisfaction scores and AM Best’s financial stability ratings. Moneygeek also discovered that the top two insurers provide exceptional coverage that’s not available in other insurance companies.
USAA is one of the cheapest providers of renters insurance in Nashville and across the country. The company features various coverages and includes earthquake and flood coverage in all its policies. Policyholders also receive considerable discounts if they are still in active military service.
USAA scores highly across all categories, including financial stability and affordability. However, it is limited to current and former military members together with their families.Read MoneyGeek's USAA renters Insurance Review
The second most consistently cheap insurer is State Farm, which allows policyholders to increase their limits for valuable items while requesting a quote. With a State Farm Policy, you can pay an additional $25 per year if you want to include restoration coverage to your policy, which protects you against identity fraud damages.
State Farm is the second-best insurer in Nashville according to AM Best and J.D. Power scores. It is also the best provider for non-military renters within the city.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Nashville for 2023
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How much is renters insurance in Nashville? On average, the cost of renters insurance in the city is $192 per year or $16 per month, which is $33 more than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Nashville?
Several factors affect the cost of renters insurance differently. The most impactful factors to how much you will spend are:
- Personal property coverage amount – In Nashville, the more insurance coverage amount you purchase, the higher the renter's insurance premium. While shopping around for a renters insurance quote, be sure you understand the amount of property you need to be covered in your policy.
- Location - Your renter's insurance cost is partly influenced by your ZIP code. Crime rates and weather patterns can cause the rates to increase or decrease.
- Deductible – This refers to the amount you pay once the insurance provider accepts to replace your items. Most policies that have higher deductibles feature lower premiums because you will pay more out of pocket when replacing your damaged items.
- ACV vs. RCV – Once your items get damaged, insurance providers in Nashville will reimburse you based using either the Actual Cash Value (ACV) or Replacement Cost Value (RCV) method. Policies that use the ACV method consider the fact that your property has depreciated in value over time, so they pay less on your claims. RCV policies, on the other hand, are more expensive but reimburse the total cost of a new item of the same quality and type. ACV policies are great if you want to pay less premium for your renter's insurance.
- Liability coverage amount – Your level of coverage will have a minor impact on the cost of your renter's insurance. A standard policy has $100,000 in liability coverage, but you can add thousands more for only a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Nashville Neighborhood Impact Cost of Renters Insurance?
Unlike other types of insurance, where you live does not have a significant effect on your renters insurance premium. According to MoneyGeek’s findings, your neighborhood only impacts renters insurance rates by a few dollars per month.
Understanding Renters Insurance in Nashville
While it is not required to have renters insurance in Nashville, some landlords may ask you to purchase it before renting their property. MoneyGeek strongly recommends purchasing coverage if you wish to protect your assets from damage or theft.
What Does Renters Insurance Cover in Nashville?
When purchasing renters insurance, you need to ensure that you choose the right coverage amount for your needs in Nashville. According to the FBI, the number of property crimes reported in the city in 2019 was 3,641 per 100,000 residents, which is 93% more than the national average.
Nashville renters can also purchase additional coverage if they wish to get protection for other risks not included in their standard policy, such as water and fire damage. Typically, insurance providers in the city offer policies that include:
- Personal property coverage – This protects your personal items from incidents like fire, theft, plumbing issues, vandalism and some harsh weather patterns.
- Additional living expenses – If your rental unit becomes uninhabitable after an unexpected incident, this component of your insurance covers the costs of getting alternative housing.
- Liability insurance – This covers damages and injury that may occur to third parties while they are within your rental property. The coverage also includes any legal expenses and court judgment costs.
- Medical payments coverage – This includes protection for individuals who may get injured within your rental unit. The coverage caters to medical expenses related to the injury without regarding the person at fault.
What Is Not Covered by Renters Insurance in Nashville?
In Nashville, renters insurance policies do not cover all forms of damage, and you may need to purchase additional coverage. While the policy covers your personal property, it does not cater to any structural damage to your rental unit.
Water damage as a result of flooding is also excluded from your coverage. If you wish to protect your property against flood damage, you can purchase additional insurance through the National Flood Insurance Program (NFIP).
Your renters insurance in Nashville also leaves out damage to your roommates’ possessions, damage to your car, damage resulting from an earthquake as well as jewelry and other valuable items with a cost that is higher than your policy limits.
Since policies vary between insurers, you may need to read through the provisions within your plan before paying for it just to understand what’s included and what’s not.
Frequently Asked Questions About Renters Insurance in Nashville
Renters insurance provides a cheap way of protecting your assets in the event of theft or damage. Some of the most common questions you will come across about renters insurance in Nashville include:
Renters Insurance in Nashville Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Nashville to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.