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CheapRenters InsuranceTennesseeThe Best and Cheapest Renters Insurance Companies in Tennessee for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceTennesseeThe Cheapest Renters Insurance in Tennessee
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:
$20,000
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Cheapest Renters Insurance Companies in Tennessee by City
The cheapest company for renter’s insurance in Nashville and Memphis is State Farm, costing only $115 per year for a policy with $20,000 in property coverage. Choosing State Farm for your renter’s insurance can help you save up to $205 per year.
Companies With the Cheapest Renters Insurance in Tennessee by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$115
- State Farm$115
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Best Renters Insurance Companies in Tennessee
The best renters insurance companies in Tennessee are State Farm, USAA and Travelers. State Farm was ranked as the best insurance provider, scoring a total of 99 out of 100 after factoring in customer service, stability and cost.
Based on our research, these three companies rank best when analyzed for their affordability, financial stability and customer satisfaction. MoneyGeek has also taken into consideration its online services, coverage policies, discounts and availability across states.
While these companies are not the cheapest in Tennessee, they offer good value for your money, by balancing quality and cost so you can get more out of your insurance without breaking your budget.
1
State Farm
Score:99
State Farm was ranked as the best renters insurance company in Tennessee, receiving high scores in affordability, financial stability and customer satisfaction. State Farm offers additional personal liability protection at a low cost.
More About State Farm
State Farm is available in all the states including Washington, D.C. The provider offers identity theft coverage and a unique coverage option, personal liability coverage. Renters who have emergency features, such as fire alarms and burglar alarms, can receive discounts on their insurance. State Farm also includes a multiline discount where renters can save money by combining their auto insurance policy with their renters insurance.
The insurance services of State Farm are also accessible online. Their official website allows you to get a personal quote. You can also manage your account through their mobile app.
Read MoneyGeek's State Farm renters Insurance Review2
USAA
Score:99
USAA is the second best renters insurance provider in Tennessee, according to MoneyGeek’s analysis. It earned a perfect score for customer satisfaction and financial stability and ranks second for affordability. USAA provides coverage for a wide range of damages, like riot damage, water damage and damage from artificial current.
More About USAA
USAA is available in all U.S. states. However, it’s important to note that USAA is only available for members of the military, veterans and their family members.
Renters insurance policies with USAA cover theft and vandalism, building collapse, falling objects and even damages from aircraft. Renters can save up to 10% when they pair their renter’s insurance with their auto insurance. You can get other discounts when you have no claims and when you have home security features.
Renters can get a quote from the official USAA website. The USAA mobile app also allows renters to check other financial services offered by USAA while also overseeing their accounts. Filing claims online is also possible but it can only be done through desktop access to the renter’s account.
Read MoneyGeek's USAA renters Insurance Review3
Travelers
Score:74
Travelers was ranked as the third best renters insurance provider in Tennessee. It has a perfect score for financial stability and comes in third for customer satisfaction. However, due to its high-cost policies, it received a very low affordability score.
More About Travelers
Travelers offers more coverage than the average insurer. Policies cover the replacement value of your personal property, as long as the damage was due to a covered loss. If you pay your bills on time and payments are always problem-free, Travelers can reward you with the Good Payer Discount. These coverages and discounts are rare among other insurance companies.
Travelers Mobile app is a convenient way for renters to manage their accounts through their phones. You can manage your policies, file claims, check your payments and other services through their app. If you wish to get a quote, the Travelers website allows you to do so.
Read MoneyGeek's Travelers renters Insurance ReviewMONEYGEEK EXPERT TIP
In the long run, choosing a better policy helps you save more money than getting the cheapest one. You’ll get better perks when you opt for the best renters insurance that suits your needs.
Largest Renters Insurance Companies in Tennessee
While choosing an insurance company, it’s best to opt for one with a large market share. Companies with large market shares are more financially stable and can devote more money to improving customer service and user experience. These may result in better experiences when dealing with claims.
Company | Market Share | |
|---|---|---|
1. | State Farm | 23.5% |
2. | Tennessee Farmers | 19.2% |
3. | Allstate | 7.7% |
4. | Liberty Mutual | 7.1% |
5. | USAA | 6.8% |
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.
It’s important to remember that the cost of renters insurance is determined by a variety of factors. One of these is the value of your personal property. MoneyGeek has provided a calculator below to help you estimate how much your policy would cost.
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Total:
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Tennessee renters can save money by comparing renters insurance quotes from various providers. If you choose the cheapest company in Tennessee, State Farm, you can save $205 per year, instead of choosing Travelers, the most expensive option.
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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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
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.
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.
- EventDescription
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.
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If you’re having problems with your renters insurance or suspect that something is wrong, you can seek help from Tennessee’s Department of Commerce and Insurance. Its Insurance Division can conduct fraud investigations, verify an insurance license and provide you with a list of license companies. These services allow you to identify possible frauds and scams.
You can contact Tennessee's Department of Commerce and Insurance through the following information:
- Address: 500 James Robertson Parkway, Nashville, TN 37243-0565
- Contact Number: (615) 741-2241
- E-mail: Ask.TDCI@TN.Gov
You can also leave an inquiry on their official website.
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FAQs About Renters Insurance in Tennessee
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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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sources
- USAA. "Renters insurance - Get a Quote Today." Accessed March 31, 2022.