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The Best and Cheapest Renters Insurance Companies in Tennessee for 2022: Rankings, Reviews and Rates
Renters insurance helps you protect your belongings from unexpected damage at a low price. Based on MoneyGeek’s data, the cheapest renters insurance in Tennessee costs $10 per month, while the most expensive option costs $27 monthly. By shopping around, renters may be able to save around $200 each year. The average cost of renters insurance in Tennessee is $18 per month.
MoneyGeek ranked the top renters insurance companies in Tennessee to help you find the best option for your needs. Scores are based on financial strength, affordability and customer service.
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Last Updated: 4/19/2022
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Cheap Renters Insurance Companies in Tennessee
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:
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Companies With the Cheapest Renters Insurance in Tennessee by City
City | Cheapest Company | Average Annual Premium |
|---|---|---|
Memphis, TN | State Farm | $115 |
Memphis, TN | USAA | $173 |
Memphis, TN | Travelers | $371 |
Nashville, TN | USAA | $75 |
Nashville, TN | State Farm | $115 |
Nashville, TN | Travelers | $270 |
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Best Renters Insurance Companies in Tennessee
In addition to considering price, renters should also choose a company that will provide excellent customer support and prompt service if needed.
MoneyGeek ranked the best renters insurance companies in Tennessee based on customer service scores from J.D. Power and Associates, AM Best’s financial stability scores and affordability.
According to the scores, USAA ranked the best with 99 points out of 100. Keep in mind that USAA is only available to military members, veterans and their eligible family members. State Farm came in second with 95.4 points, while Travelers placed third with 70.2 points.
1
USAA
Score:99
More About USAA
USAA provides comprehensive renters insurance plans for members of the military, veterans and their families. What sets USAA apart from other companies is that they include coverage for earthquakes and flooding in their standard policy. They also provide moving and storage coverage at no extra cost. USAA policies will pay the full price needed to replace your items if they are stolen or damaged.
2
State Farm
Score:95.4
More About State Farm
State Farm provides standard coverage as well as additional coverage options for valuable items like silverware, firearms and jewelry. These do come at an extra cost. Discount opportunities are available for bundling policies and having home safety devices installed. State Farm also offers resources on their website to help you learn more about renters insurance.
3
Travelers
Score:70.2
More About Travelers
Aside from standard renters insurance coverage, Travelers provides additional protection for valuable items at an extra cost. Customers can request a quote and get more services through the company’s website. Policyholders can get discounts for bundling policies and having protective devices like smoke detectors and interior sprinkler systems.
Largest Renters Insurance Companies in Tennessee
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.
- CompanyMarket Share
- 1.State Farm23.5%
- 2.Tennessee Farmers19.2%
- 3.Allstate7.7%
- 4.Liberty Mutual7.1%
- 5.USAA6.8%
Average Cost of Renters Insurance in Tennessee
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renters insurance is equal to the average.
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.
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What Factors Impact Renters Insurance Cost in Tennessee
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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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Tennessee: What You Need to Know
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.
What Renters Insurance Typically Covers in Tennessee
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.
What Renters Insurance Typically Does Not Cover in Tennessee
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.
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FAQs About Renters Insurance in Tennessee
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Expert Insight on Renters Insurance in Tennessee
- What advice would you give for tenants looking to buy a renters insurance policy in Tennessee?
- What considerations should tenants in Tennessee take when determining the best renters insurance company for them?
- Are there any environmental factors renters should consider when deciding whether or not to buy a renters insurance policy in Tennessee?
Erik Wright
Owner & CEO of New Horizon Home Buyers
Renters Insurance in Tennessee Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Tennessee that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Tennessee. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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