Best and Cheapest Renters Insurance in Tennessee (September 2024)


Updated: September 21, 2024

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While State Farm is the best for $20K in personal property coverage with an average annual premium of $97 and a MoneyGeek score of 90 out of 100, the best for you will depend on your needs.
For quality service, Travelers is a top choice. USAA is also an excellent option for veterans.

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Best Overall: State Farm

MoneyGeek ranks State Farm as the best overall renters insurance provider with a score of 90 out of 100 and an average annual premium of $97.

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Cheapest: State Farm

State Farm is the cheapest renters insurance provider in Tennessee, with an average annual premium of $97.

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Best Service: Travelers

Travelers is the best renters insurance provider for service quality with a MoneyGeek score of 86 out of 100 and an average annual premium of $271.

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Best for Extra Personal Property: State Farm

State Farm is the best renters insurance provider for those needing extra personal property coverage of $100K with a MoneyGeek score of 90 out of 100 and an average annual premium of $226.

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Best for Military: USAA

USAA is the best renters insurance provider for military members, with a MoneyGeek score of 100 out of 100 and an average annual premium of $101.

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Best for Bad Credit: Erie

Erie is the best renters insurance provider for those with poor credit in Tennessee, with a MoneyGeek score of 92 out of 100 and an average annual premium of $304.

Why Trust MoneyGeek? We used data from the Tennessee Department of Insurance and Quadrant Information Services to find the top renters insurance in Tennessee.

Renters insurance rates in Tennessee reflect the best quotes as of September 2024.

25,920Quotes Collected
 
9Cities Analyzed
 
17ZIP Codes

Overall Best Renters Insurance in Tennessee

State Farm is the best renters insurance provider in Tennessee, with an outstanding MoneyGeek score of 90 out of 100, and an annual premium of $97 for $20,000 in personal property coverage. A top provider like this generally strikes a balance between cost and customer service. The following providers are the two best renters insurance providers in Tennessee for the same policy:

  • State Farm: MoneyGeek score of 90 out of 100 ($97 per year)
  • Auto-Owners: MoneyGeek score of 89 out of 100 ($105 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best provider for you will depend on your specific needs.

Company logo for State Farm
Best OverallState Farm
MoneyGeek Score:
90/ of 100

Overview

In addition to being the best overall renters insurance in Tennessee, State Farm ranks first in affordability, with an annual premium of $97.

One valuable coverage that State Farm offers is cyber event/ID theft protection. This coverage helps to restore your identity if it’s stolen digitally, safeguarding your personal information and financial stability. Another beneficial feature is the earthquake add-on, providing crucial protection in states prone to seismic activity. Renters in Tennessee can particularly benefit from these comprehensive safeguards, enhancing peace of mind and asset protection.

Best Renters Insurance in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
State FarmMoneyGeek Score90Annual Premium$ 97
Auto-Owners InsuranceMoneyGeek Score89Annual Premium$ 105
ErieMoneyGeek Score85Annual Premium$ 140
ShelterMoneyGeek Score79Annual Premium$ 111
FarmersMoneyGeek Score75Annual Premium$ 144
Westfield InsuranceMoneyGeek Score67Annual Premium$ 167
TravelersMoneyGeek Score57Annual Premium$ 271

Cheapest Renters Insurance in Tennessee

State Farm offers the cheapest renters insurance in Tennessee, with an annual premium of $97 for $20K in personal property coverage. Personal property coverage protects your belongings, such as furniture, electronics, and clothing, against risks like theft or fire. The following providers are the top two cheapest providers for $20K in personal property coverage in Tennessee with a $1,000 deductible.

  • State Farm: $97 per year
  • Auto-Owners Insurance: $105 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can lead to higher monthly costs, but they provide better protection if you have many personal belongings.

Cheapest Renters Insurance in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
State FarmAnnual Premium$ 97
Auto-Owners InsuranceAnnual Premium$ 105
ShelterAnnual Premium$ 111
ErieAnnual Premium$ 140
FarmersAnnual Premium$ 144
Westfield InsuranceAnnual Premium$ 167
TravelersAnnual Premium$ 271
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QUALITY OVER COST

Prioritize quality service when selecting renters insurance in the state. It is often wiser to invest in the best renters insurance over cheaper plans, ensuring effective claim servicing. This may result in long-term savings.

Cheapest Renters Insurance by High Deductible in Tennessee

A high deductible can help you lower costs. In Tennessee, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is State Farm with an annual premium of $97. A deductible is the amount you pay out of pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest in Tennessee:

  • State Farm: $97 per year
  • Auto-Owners: $101 per year

A deductible directly affects your costs; a higher deductible usually means a lower premium. Take a look at how rates change using the table we'll provide below.

Cheapest High-Deductible Renters Insurance in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
State FarmAnnual Premium$ 97
Auto-Owners InsuranceAnnual Premium$ 101
ShelterAnnual Premium$ 102
FarmersAnnual Premium$ 120
ErieAnnual Premium$ 124
Westfield InsuranceAnnual Premium$ 157
TravelersAnnual Premium$ 236

Best Renters Insurance for Customer Service in Tennessee

Travelers is the best renters insurance company for service quality in Tennessee for $20K in personal property coverage, with an annual premium of $271. Great customer service means having a provider that responds promptly, addresses your concerns efficiently, and ensures that your needs are met in a caring and respectful manner. The following providers are the top two best providers in Tennessee for those who value great customer service and $20K in personal property coverage:

  • Travelers: MoneyGeek score of 86 out of 100 ($271 per year)
  • Erie: MoneyGeek score of 85 out of 100 ($140 per year)

Great customer service is important for renters looking for insurance because it ensures a smooth experience when handling claims or inquiries. For instance, when you make a claim, attentive service guides you through the process seamlessly, providing peace of mind.

Company logo for Travelers
Best ServiceTravelers
MoneyGeek Score:
86/ of 100

Overview

Travelers ranks first in both customer satisfaction and coverage in Tennessee, with an annual premium of $271.

Two notable coverages are contents replacement cost and scheduled personal property. Contents replacement cost ensures your belongings are replaced with new items of the same kind after a covered loss, benefiting renters who want their damaged items replaced with new versions. Scheduled personal property covers valuable items such as jewelry and electronics, providing renters extra protection for high-value possessions beyond standard limits.

Best Renters Insurance For Customer Service in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
TravelersMoneyGeek Score86Annual Premium$ 271
ErieMoneyGeek Score85Annual Premium$ 140
Auto-Owners InsuranceMoneyGeek Score77Annual Premium$ 105
State FarmMoneyGeek Score75Annual Premium$ 97
FarmersMoneyGeek Score66Annual Premium$ 144
ShelterMoneyGeek Score61Annual Premium$ 111
Westfield InsuranceMoneyGeek Score58Annual Premium$ 167

Best Renters Insurance for Extra Personal Property in Tennessee

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Tennessee, with an annual premium of $226. For $100K in personal property coverage, the following providers are the top two best providers in Tennessee:

  • State Farm: MoneyGeek score of 90 out of 100 ($226 per year)
  • Erie: MoneyGeek score of 85 out of 100 ($359 per year)

Renters with many personal belongings need higher personal property coverage. Personal property coverage helps replace or repair your belongings in case of damage or theft. Higher personal property coverage often comes at a higher cost.

Company logo for State Farm
Best for Extra Personal PropertyState Farm
MoneyGeek Score:
90/ of 100

Overview

State Farm ranks first in Tennessee for affordability and customer satisfaction for those needing extra personal property coverage, with an annual premium of $226.

They offer cyber event/id theft coverage and earthquake coverage. Cyber event/id theft covers identity restoration, assisting renters in recovering their identity if stolen. Earthquake coverage, essential for high-risk areas, protects renters' belongings from quake damage, providing peace of mind in disaster scenarios. With these protections, State Farm ensures renters in Tennessee have superior coverage for their personal property needs.

Best Renters Insurance for Extra Personal Property Limits in Tennessee
State FarmMoneyGeek Score90Annual Premium$ 226
ErieMoneyGeek Score85Annual Premium$ 359
Auto-Owners InsuranceMoneyGeek Score83Annual Premium$ 335
Westfield InsuranceMoneyGeek Score74Annual Premium$ 337
ShelterMoneyGeek Score74Annual Premium$ 358
FarmersMoneyGeek Score71Annual Premium$ 438
TravelersMoneyGeek Score57Annual Premium$ 793

Best Renters Insurance for Military Members in Tennessee

USAA is the best renters insurance company for homeowners with military backgrounds in Tennessee for $20K in personal property coverage, with an annual premium of $101. USAA is a company exclusively for those with military backgrounds. The following providers are the top two best providers in Tennessee for military members who need $20K in personal property coverage:

  • USAA: MoneyGeek score of 100 out of 100 ($101 per year)
  • State Farm: MoneyGeek score of 90 out of 100 ($97 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. While USAA doesn’t rank first in affordability, with a higher annual premium than State Farm, it might be worth considering given how it tailors its offerings for those with a military background.

Company logo for USAA
Best for Military MembersUSAA
MoneyGeek Score:
100/ of 100

Overview

USAA is a renters insurance provider that offers policies exclusively to those with military backgrounds, ranking first in customer satisfaction, coverages, and affordability. The company's annual premium is $101.

USAA includes contents replacement cost and worldwide personal property coverage. Replacement cost coverage reimburses for the full cost of new items similar to the damaged ones. Worldwide personal property ensures coverage even overseas, beneficial for those stationed abroad.

Best Renters Insurance for Military Members in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
USAAMoneyGeek Score100Annual Premium$ 101
State FarmMoneyGeek Score90Annual Premium$ 97
Auto-Owners InsuranceMoneyGeek Score89Annual Premium$ 105
ErieMoneyGeek Score85Annual Premium$ 140
ShelterMoneyGeek Score79Annual Premium$ 111
FarmersMoneyGeek Score75Annual Premium$ 144
Westfield InsuranceMoneyGeek Score67Annual Premium$ 167
TravelersMoneyGeek Score57Annual Premium$ 271

Best Renters Insurance for Bad Credit in Tennessee

Erie is the best renters insurance company for those with poor credit in Tennessee, with an annual premium of $304. The following providers are the top two best providers in Tennessee for those with poor credit:

  • Erie: MoneyGeek score of 92 out of 100 ($304 per year)
  • State Farm: MoneyGeek score of 90 out of 100 ($229 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurance companies view them as higher-risk due to their financial histories suggesting potential late payments or defaults. Those with poor credit can take steps to improve their credit to lower rates and take advantage of discounts where possible.

Company logo for Erie
Best for Bad CreditErie
MoneyGeek Score:
92/ of 100

Overview

In Tennessee, Erie ranks first in affordability for renters with poor credit. It also holds the top spot in customer satisfaction. Renters can expect an annual premium of around $304.

Erie offers uncommon advance quote and age of insured discounts. The advance quote discount benefits those who plan ahead by reducing premiums for early payments. Additionally, the age of insured discount can lower costs for older renters, making insurance more affordable for those with poor credit.

Best Renters Insurance for Bad Credit in Tennessee
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Credit Score:
Credit Score:Poor
ErieMoneyGeek Score92Annual Premium$ 304
State FarmMoneyGeek Score90Annual Premium$ 229
TravelersMoneyGeek Score86Annual Premium$ 853
FarmersMoneyGeek Score83Annual Premium$ 342
ShelterMoneyGeek Score82Annual Premium$ 183
Westfield InsuranceMoneyGeek Score80Annual Premium$ 298
Auto-Owners InsuranceMoneyGeek Score54Annual Premium$ 3,333

Average Cost of Renters Insurance in Tennessee

The average cost of renters insurance in Tennessee is $148 annually, or $12 monthly, which is slightly higher than the [national average] of $146 annually. This makes Tennessee's average about $2 more per year. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters, remember that the average cost of renters insurance in Tennessee may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft or damage. Use the tool below to get an estimate for your renters insurance based on your needs.

Renters Insurance Calculator

MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Oct 14, 2024

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Average Cost of Renters Insurance by City in Tennessee

The average cost for renters insurance varies not only by state but also by city.
For instance, the average annual premium in Memphis is $167, while in Knoxville, it is $139. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible and a good credit score.
See the average cost in your city using the table below.

ChattanoogaAnnual Premium$ 151
ClarksvilleAnnual Premium$ 142
KnoxvilleAnnual Premium$ 139
MemphisAnnual Premium$ 167
MurfreesboroAnnual Premium$ 139
Nashville-DavidsonAnnual Premium$ 146
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COMPARE QUOTES TO SAVE

Renters in Tennessee can save money on renters insurance by comparing quotes among providers. For $20K in personal property and a $1,000 deductible, State Farm offers the lowest annual premium at $97, while Travelers charges $271, allowing renters to save $174 annually or $14.50 monthly.

What Factors Impact Renters Insurance Costs in Tennessee?

Multiple factors impact the cost of renters insurance in Tennessee, including location, coverage amount, and deductible. Understanding these factors is important for making informed decisions and potentially saving money on premiums. Below are some key factors that affect renters insurance costs:

Factors:

  • Location: Urban areas tend to have higher premiums due to higher crime rates.
  • Coverage Amount: Higher coverage limits result in higher premiums.
  • Deductible: Lower deductibles lead to higher premiums.
  • Credit Score: Poor credit scores can increase premiums.
  • Claims History: A history of claims can raise premiums.

How Much Personal Property Coverage Do You Need?

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all items you own, including their estimated value. Follow these steps to create a personal inventory to determine your personal property coverage:

  1. List Your Belongings: Walk through each room and list all items, including furniture, electronics, and personal items.
  2. Take Photos or Videos: Document your belongings visually to have a record of their condition.
  3. Record Serial Numbers: For valuable items, record serial numbers and model information.
  4. Estimate Values: Assign an estimated value to each item based on purchase price or current market value.
  5. Store Inventory Safely: Keep a copy of your inventory in a safe place, such as a cloud storage service or a fireproof safe.

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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What Renters Insurance Typically Covers in Tennessee

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

  • Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
  • Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
  • Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots
  • Damage caused by aircraft
  • Damage caused by vehicles
  • Smoke damage
  • Vandalism
  • Theft
  • Volcanic eruption
  • Falling objects
  • Weight of ice, snow or sleet
  • Water-related damage from home utilities
  • Electrical surge damage

What Renters Insurance Typically Doesn't Cover

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

  • Natural Disasters: Standard policies often exclude events like floods and earthquakes.
  • High-Value Items: Expensive jewelry or electronics may exceed policy limits.
  • Business Equipment: Items used for business purposes may require additional coverage.
  • Roommate Property: Your policy does not cover your roommate's belongings.
  • Pest Damage: Infestations and damage from pests are generally not covered.
  • Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

FAQ: Renters Insurance in Tennessee

Finding the best renters insurance provider depends on your unique needs and circumstances. To help you navigate your options, we've answered some frequently asked questions about renters insurance.

What is the cheapest renters insurance company in Tennessee?
What is the best renters insurance company in Tennessee?
How much does renters insurance cost in Tennessee?
Is renters insurance required in Tennessee?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.