The Best and Cheapest Renters Insurance in Tennessee for 2021: Rankings, Reviews and Rates

Cost is one of the most important factors people consider when choosing a renters insurance policy. The two companies that offer the cheapest renters insurance in Tennessee are State Farm and USAA. State Farm policyholders pay an average of $115 per year or $10 per month for renters insurance.

USAA policies cost an average of $124 per year or $10 each month. However, these policies are only available to members of the military, veterans and their eligible family members.

These average annual and monthly renters insurance costs are based on quotes from different ZIP codes in Tennessee for a policy with $20,000 in personal property damage, $100,000 in liability insurance and a $500 deductible.

Personal Property Coverage:

$20,000

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Company

Amountper year

1. State Farm

In 2021, State Farm ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Tennessee.

$115

2. USAA

In 2021, USAA ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Tennessee.

$124

3. Travelers

In 2021, Travelers ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Tennessee.

$320

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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Based on market share data, the five largest insurance carriers in Tennessee include State Farm with 23.5% of the market share, Tennessee Farmers Group (19.19%), Allstate (7.72%), Liberty Mutual (7.08%) and USAA (6.77%). Combined, these companies make up over 64% of the total renters insurance policies in the state.

If you purchase insurance from a larger company, you can have the confidence that your policy is backed by a financially stable provider that can pay out your claims.

The average cost of renters insurance in Tennessee is $218 per year, which is $58 more than the national average. The average monthly cost is $18 each month, which is $5 more than the monthly national average. These rates are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.

Renters in Tennessee can save money by comparing renters insurance quotes from different providers. MoneyGeek’s sample renter could save $205 per year by choosing State Farm, the cheapest provider in Tennessee, instead of Travelers, the state's most expensive option. That averages out to $17 per month in savings.

Your renters insurance premium depends on several factors. These can include your location, amount of coverage, deductible and more. Keeping these factors in mind can help you get the best cheap renters insurance in Tennessee.

• Location: Your ZIP code influences how much you pay for renters insurance. If your rental is in an area with a history of crime and severe weather patterns, you will likely pay higher insurance premiums.
• Coverage Amount: The higher your coverage amount, the more you’ll pay for insurance. Before purchasing a policy, complete an inventory of your home so you know how much it would cost to replace your items. This will help you avoid paying for more coverage than you need.
• Deductible: This is the amount you pay out of pocket once your insurance provider agrees to replace your items. Plans with higher deductibles have a lower monthly premium because you have to pay more if you file a claim. Plans with lower deductibles are pricier because your insurance company pays more to replace your belongings.
• Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): If your property gets damaged, insurers pay out your claim using either actual cash value (ACV) or replacement cost value (RCV) calculations. If your policy uses the ACV method, you will pay lower premiums but receive less money for old items that have lost value over time. RCV policies cost more but will pay the same amount as the cost of a brand new item of the same quality and type.
• Credit Score: Your credit score may be used to determine the odds that you'll file a claim. Policyholders with low scores have a higher probability of filing a claim than people with high scores. As a result, those with low scores will likely pay more for their renters insurance policy.

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Renters insurance protects your belongings from damage at an affordable price. Having a policy can be helpful if you ever experience theft, a fire or destruction caused by bad weather.

In Tennessee, 31.4% of the population are renters and the average monthly rent price is $904. For a renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500, the average monthly premium is $18. This is around 2.01% of the monthly price of rent.

When purchasing renters insurance in Tennessee, it is a good idea to find out what is covered in your policy and what is not. Most providers offer standard coverage for personal property, liability insurance, medical costs and additional living expenses.

Insurance policies in Tennessee may cover damages caused by severe weather events like wildfires, lightning, hail and windstorms.

Renters insurance companies in Tennessee cover many types of emergencies. That said, some situations may not be covered. Here are a few issues that are commonly excluded by most providers.

• Structural Damage: Renters insurance covers damage to your personal property but excludes any structural damage to your rental home. The structure and frame of your rental are your landlord’s responsibility.
• Flooding: While renters will be covered in the event of a broken pipe or faulty water main, they will not be protected if there is flooding caused by a natural disaster. If you are concerned about floods in Tennessee, you may want to purchase insurance through the National Flood Insurance Program (NFIP).
• Roommate Property: Renters insurance only covers your property unless another party is named in your plan. Your roommate needs to get their own policy.
• Expensive Items: High-value items such as gaming computers or jewelry are typically not included in renters insurance policies. If you want coverage for these items, you may have to pay extra.
• Earthquake Damage: Most renters insurance companies do not cover earthquakes. If you want to protect your belongings from earthquake damage, you may want to purchase additional coverage.

Before buying a policy, take the time to understand what it covers and what it does not. Talk to your agent if you have any questions or concerns about your policy so you have the best chance possible of your claims being approved.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

COMPARE QUOTES

1. What advice would you give for tenants looking to buy a renters insurance policy in Tennessee?

   Erik Wright

   In Tennessee, the liability coverage for a renters policy is an open-peril coverage, which is good because it is broad. Basically, it covers anything not specifically excluded.

2. What considerations should tenants in Tennessee take when determining the best renters insurance company for them?

   Erik Wright

   Just do it. Some coverage is better than no coverage. If you do not have renters insurance, you need to get it. It's usually relatively cheap and will give you peace of mind.

3. Are there any environmental factors renters should consider when deciding whether or not to buy a renters insurance policy in Tennessee?

   Erik Wright

   Tennessee is known for frequent tornadoes and storms. Having a policy that can help you rebuild in the event of a disaster will help you get back on your feet much faster.

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Erik WrightOwner & CEO of New Horizon Home BuyersREAD ANSWERS

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