4.9/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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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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 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
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.
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.
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.
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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Owner & CEO of New Horizon Home Buyers
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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