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If you’re renting a home without insurance in Tennessee, you could already be in trouble. If there’s a fire, windstorm, flood, or any other disaster, the dwelling coverage may repair the property itself. But that doesn’t include your personal belongings. It also doesn’t cover you if you have to find somewhere else to live temporarily while the structure is being repaired.
While many renters are on a tight budget, a good renters policy is a must have in Tennessee. Every year, people run into the unexpected. Renters insurance policies provide a little peace of mind and backup when you need it.

What Is the Average Cost of Renters Insurance in Tennessee?

Some renters believe their belongings are covered under their landlord’s insurance policy, but that’s not the case. In Tennessee, renters pay roughly $212 a year, according to our research. While that’s 13% more than the national average, its affordable when you consider the thousands of dollars worth of your belongings it protects.

Think of it this way– working only 29 hours, at minimum wage, would pay for a year’s worth of protection. If you inventory everything you own and think about the expense of replacing it, renters insurance pays for itself. This is also just an average. Insurance discounts and different coverage levels can change premiums as can a good credit score, no past claims, etc.

What Do You Get from Renters Insurance Coverage?

In 2012, 56,181 break-ins were reported in Tennessee. If your things are damaged, destroyed, or stolen during a burglary, rental insurance can help cover the cost of replacing them.

Renters insurance also protects your possessions in the event of a fire, vandalism, storm, or other covered event. Your belongings may even be covered when they are outside of your rental (on a business trip or vacation). Plus, your rental policy can also include liability insurance that can protect you if a guest is injured in your residence. With all the coverage renters insurance offers, you shouldn’t go without it.

While personal property coverage is a big part of renters policies, it’s not the only thing they cover.
  • Liability Coverage: The property owner has certain responsibilities when it comes to property maintenance. A renter is not generally expected to make major repairs, but you can still be held liable in certain instances. An example would be if your dog bit someone. This is when you’d expect to have renters insurance cover liability in a lawsuit or other complaint.
  • Additional Living Expenses: What happens after a fire or other major homeowners claim? If there’s water damage, you may not want to find a new place to live, but you’ll need to stay somewhere else until the unit has been dried out and treated for mold and more. Renters insurance can give you money to pay extra living expenses during this time.
  • Special Coverage: Do you have art, jewelry, or other single items that are worth a high dollar amount? You can add coverage to your renters policy for property damage or replacement on those items.
  • Medical Bills: A standard renters insurance policy can cover medical bills in liability-related situations.
  • Security Deposit: Not all plans offer this feature. In most cases, it’s companies that specifically do business with certain property managers or apartment complexes. Generally, as long as damages are within normal wear, these renters policies will cover deposits.

How Much Can You Save with Renters Insurance Discounts?

The amount you are quoted for your renters insurance is dependent on a number of factors, including: the area you live in, the things you own, claims history, and other policies from insurance companies you might currently have. See if you qualify for the following discounts:

Multi-Policy:  Combine insurance policies to save more money.

No Prior Claims:  If you’ve never filed a claim, you’ll save on your rental insurance premium.

Safety Devices:  Pay less if you install smoke detectors, anti-theft systems, or other safety devices.

Higher Deductibles:  Lower your renters insurance premium by raising your deductible. Just know that the higher the deductible, the more you’ll have to spend out-of-pocket if you file a claim.

Facts About Tennessee Renters

Of all people who live in Tennessee, 32% rent. If those renters lease a two-bedroom apartment, they spend roughly $749 per month. Considering that an annual renters insurance policy in Tennessee is just $212, you can see how the benefits far surpass its small cost.

Talk To an Expert

Think you are ready to start shopping around, or are there still questions you have?    Call [mapi-phone /] to speak with a Tennessee insurance expert who knows the ins and outs of renters insurance near you.

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