6 Best Renters Insurance in Tennessee: Your Guide to Peace of Mind

Renting in Tennessee gives you a lively and varied lifestyle, but it’s important to keep your stuff safe and protect yourself from accidents.

That’s where renters insurance helps.

With lots of choices out there, finding the right policy might seem hard.

But don’t worry, renters in Tennessee!

This guide will help you understand your options and pick the insurance that fits you best.

An image illustrating Best Renters Insurance Tennessee
A photo of couple moving into new house, PHOTO CREDIT: Freepik.

 

Is Renters Insurance Required in Tennessee?

infgographic-on_63179875

Although Tennessee doesn’t make it a rule for renters to have insurance, many landlords ask for it before you sign a lease.

Some landlords might even say no to tenants without insurance.

Even if your landlord doesn’t ask for it, it’s smart to look into getting renters insurance.

On average, it costs about $15.75 per month in Tennessee.

It covers things like damage to your stuff, theft, and if someone gets hurt and sues you.

It’s quick to get a price quote, so it’s worth asking about even if you’re not sure if you need it for your place.

What are the Variables Influencing Renters Insurance Costs in Tennessee?

Location

Matters for insurance costs, especially in Tennessee where high property crime rates in places like Knoxville, Nashville, and Chattanooga can lead to higher premiums.

Choosing higher coverage limits

This means paying more each month because the insurer will have to pay out more in case of a claim.

Having a history of filing insurance claims

This means you’re likely to pay more for coverage in the future because you’re statistically more likely to file another claim.

Best 6 Renters Insurance Companies In Tennessee For 2024

After conducting thorough research, we discovered that these companies offer the best renters insurance in Tennessee:

  •  Lemonade: We recommend Lemonade as our top choice.
  • Toggle: Choose Toggle for personalized pricing options.
  •  Liberty Mutual: Opt for Liberty Mutual for discounts.
  •  Allstate: Allstate is ideal for old people.
  • State Farm: For budget-friendly premiums, go with State Farm.
  • Nationwide: Nationwide is our recommendation for valuable endorsements.

Lemonade Renters Insurance

Pros:

  •  It’s cheap, starting at $5 per month.
  •  The technology lets you quickly get coverage and make claims.
  • People like it in the App Store and insurance reviewers rate it well.

Cons:

  •  You have to use the app to make claims.
  • The basic options might not be enough if you have complicated needs.

Why We Decided on Lemonade

We picked Lemonade because it offers straightforward renters insurance that’s affordable.

Starting at just $5 a month, Lemonade has the lowest rates around.

Plus, it gives you good coverage without cutting corners.

It’s a trusted company with a top-notch “A” rating for financial strength from Demotech

Savings and Extras

Prices and Policy Choices

Lemonade offers different choices for insurance that change how much you pay.

They say it starts at $5 each month, but that’s just the starting price.

If you want more coverage, it will cost more.

In Missouri, most people pay about $227 every year for Lemonade’s basic coverage.

You can get discounts if you pay for the whole year at once or if you have certain protective services.

You can also add extra coverage for things like valuable items, water damage, or if you’re a landlord.

The A.M. Best ratings were last checked in July 2023 and they’re accurate.

Toggle Renters Insurance

OUR CHOICE FOR PERSONALIZED PRICING

Pros:

  •  Provides special extra features such as pet protection and identity theft coverage.
  •  Helps you tell credit bureaus about your rent payments.
  • Offers a basic plan starting at $5 a month in many places.

Cons:

  •  Rates might be higher than other companies in certain states.
  • Getting through to a customer service rep on the phone might be tough.

Why We Chose Toggle

Toggle offers renters insurance with a special feature called Credit Lift, helping renters build credit by reporting their monthly payments.

It provides customizable options for extra coverage, like pet damage or equipment protection for side hustles.

Plus, it’s backed by a strong insurer, 21st Century Assurance Company.

Discounts and Endorsements

Our research shows that Toggle currently gives discounts on decreasing deductibles when you have more than one policy with them.

Even though they don’t give extra discounts for renters policies, Toggle users can still get discounts on lots of other stuff like meal kits, streaming services, moving services, internet, and dining.

Toggle also adds extra things you can include in your policy, such as:

  • Identity protector
  •  Temporary living costs
  •  Pet Parent
  • High-value items
  •  Side hustle

Liberty Mutual Renters Insurance

Pros

  •  Gives more discounts compared to other nationwide providers
  • Provides various options to customize coverage, especially for personal belongings
  • Uses simple policy documents and language

Cons

  • Doesn’t offer discounts for home safety features like other renters insurance providers
  •  Has higher base premiums than average

 

Discounts and Endorsements

Liberty Mutual gives discounts for:

  • Not making claims
  •  Shopping early
  •  Enrolling in autopay online
  • Bundling multiple policies
  •  Buying online

They also let you buy extra coverage for:

  • Jewelry Protection
  •  Earthquake insurance
  •  Replacing personal property cost
  •  Guarding against identity theft

Allstate Renters Insurance

OUR CHOICE FOR OLDER PEOPLE

Pros

  •  They give retired adults up to 25% off on premiums.
  •  You can easily use their online services to get quotes and file claims.
  •  If you bundle coverage, you get affordable rates.

Cons

  • Customers don’t rate them highly for satisfaction according to JD Power.
  •  Without discounts, their premiums can be pricier than some other companies.

Discounts and Endorsements

Costs and Coverage Options

Allstate renters insurance in Nashville for a one-bedroom apartment with one person costs $16 to $30 monthly.

You can choose coverage and add discounts like bundling policies and endorsements such as personal property protection and identity theft restoration.

State Farm Renters Insurance

OUR CHOICE FOR ECONOMICAL YET HIGH-QUALITY PREMIUMS

Pros:

  • Hundreds of local offices in Tennessee
  • Offers special coverage options
  • AM Best gives it the highest rating (A++)

Cons:

  • Adding extra coverage might make you pay more compared to other companies
  • Not as many discounts as other insurance companies

Discounts and Endorsements

Costs and Coverage Options

Renters insurance for a one-bedroom apartment in Nashville, TN typically ranges from $11 to $18 per month, with coverage options affecting the cost.

On average, renters in Tennessee pay about $155 annually for insurance.

You can save money with discounts like bundling policies or having home alert protection.

Nationwide

OUR PICK FOR VALUABLE ENDORSEMENTS

Pros

  • Customers like it
  • You can get discounts if you haven’t made many claims
  •  You can use it online, in person, or over the phone

Cons

  •  It might cost more than other companies
  • They don’t offer as many discounts as some other companies

Why We Chose Nationwide

Nationwide, a trusted insurance provider with nearly a century of experience, has top ratings from BBB and J.D. Power, showing high customer satisfaction.

Their policies include unique features like protection against credit card or bank fraud, and getting a quote is quick and easy online, over the phone, or in person.

What Causes Most Renters Insurance Claims In Tennessee?

Insurance companies often deal with these common claims, and each can impact how much you pay.

Theft and Vandalism

Renters’ insurance companies often deal with claims for lost property.

If you reside in a place where property crimes happen a lot, you’ll probably have to pay more for your insurance.

Flooding and Water Damage

Flooding happens a lot in Tennessee because it’s flat.

Many renters’ insurance plans don’t pay for flood damage.

But some companies sell extra flood insurance.

If you live on the first floor or in a flood area, think about getting insurance that covers floods.

Weather-Related Damage

In Tennessee, reenter’s insurance covers damage to your stuff from storms like thunderstorms and tornadoes.

It also helps with living expenses if you have to leave because of a fire or storm and covers medical bills if someone gets hurt in your place.

Completion

If the you’re renting a home in Tennessee, getting renters insurance is super important.

It gives you peace of mind and keeps your stuff safe.

Make sure you figure out how much coverage you need, check out different insurance companies, and pick a policy that works for you and your wallet.

ALSO READ

  1. Is Fundrise FDIC Insured? Exploring the Risks and Rewards of Real Estate Crowdfunding
  2. How Does Medicare Work In Texas? : Navigating The Lone Star State

Spread the love

Leave a Comment