Table of Contents
- How much does renters insurance cost in Tennessee?
- Average cost of renters insurance in Tennessee
- The cheapest renters insurance in Tennessee: Lemonade or State Farm
- The best renters insurance in Tennessee: State Farm
- Other Tennessee renters insurance providers to consider
- How to learn more about renters insurance providers in Tennessee
- What else do you need to know about renters insurance in Tennessee?
- How we gathered our data on Tennessee renters insurance prices
- The price of renters insurance in Tennessee: Complete data set
How much does renters insurance cost in Tennessee?
The average price of renters insurance in Tennessee is $21.26 per month, which isn’t much above the national average of $20.00 per month. Lemonade offers the lowest price in the state ($10.66 per month in Murfreesboro and Franklin), and Progressive offers the highest price we found ($31.57 in Clarksville).
Prices in Tennessee vary much more by insurer than by city. The cheapest city for renters insurance in Tennessee is Franklin, with an average monthly price of $19.46, and the city with the most expensive rates is Memphis ($23.92).
Factors that influence the price of renters insurance in Tennessee
Insurers consider several factors when calculating your renters insurance premium. The major variables in Tennessee are:
- Extreme weather: The risk of natural disasters where you live plays a major role in determining how much renters insurance costs. If you live in Tennessee, then you probably already know that the state sees a lot of natural disasters like tornadoes, heavy storms, floods, and even earthquakes, which means higher renters insurance prices.
- Crime: A high crime rate also increases prices because renters insurance covers theft and vandalism. Tennessee’s property crime rate is somewhat higher than the national average, which explains the state’s slightly-above-average renters insurance prices.
- Your credit score: Renters insurance companies also run your credit in Tennessee, and they’ll charge you more if you have a lower credit score because they see this as a sign that they’re taking on more risk by insuring you.
- Your policy details: You’ll have to pay more if you want more personal property coverage or if you want a lower renters insurance deductible. This is because in both cases, your insurer will need to pay you more if you file a renters insurance claim.
Average cost of renters insurance in Tennessee
The tables below show the average price of renters insurance in Tennessee, listed by city and by insurance company. At the end of the article, we’ll give you an explanation for how we got these figures.
Average cost of renters insurance in Tennessee by city
|City||Average price (monthly)||Average price (yearly)|
Average cost of renters insurance in Tennessee by insurance company
|Insurer||Price||Difference from average|
The cheapest renters insurance in Tennessee: Lemonade or State Farm
Just like in many other states, Lemonade offers the cheapest average price for renters insurance in Tennessee ($14.97 per month).
However, there’s a lot of variation in their prices. Their range is $10.66–$29.59 per month depending on what city you live in, meaning that they’re not always the cheapest option. For example, they’re actually the most expensive provider in Memphis.
You’ll find better deals if you live in any of the following cities:
- Memphis: All other providers are cheaper
- Jackson: State Farm, Nationwide, GEICO, and Midvale are cheaper
- Bartlett: State Farm, Nationwide, and GEICO are cheaper
- Collierville: State Farm and Nationwide are cheaper
In cities where Lemonade’s rates are higher, State Farm is always the clear winner when it comes to pricing, with policies costing around $15 per month in all of Tennessee’s major cities.
Should you get renters insurance from Lemonade or State Farm?
To help you decide whether Lemonade or State Farm is the right choice for you, we’ll go over the main pros and cons for each of these companies.
Benefits of Lemonade’s renters insurance in TN
- Lemonade’s website and app: Lemonade’s website is well-designed and actually makes buying renters insurance fun. Their state-of-the-art app also allows you to make changes to your policy and file claims without needing to speak to an agent, which is great for the phone-shy.
- Their donation scheme: If you like to see your money being put to good use, then you’ll appreciate Lemonade’s Giveback scheme. You can pick a charity you’d like to donate money to, and Lemonade will send them some of your unused premiums each year.
Disadvantages of Lemonade’s renters insurance in TN
- Limited customer support: Again, if you need to file a claim, you have to do it through Lemonade’s app. This is convenient if you have a simple claim — but if it’s complicated, you might actually want to talk to someone. Lemonade’s customer service team is very small, which means this can be a hassle. Lemonade has received several complaints about the difficulty of getting ahold of a rep over the phone.
- Basic coverage: Lemonade’s coverage falls a bit short. For instance, they don’t cover utility outages (most other renters insurance companies cover food loss due to power outages). Additionally, although renters insurance doesn’t usually cover earthquakes, some companies sell renters insurance riders to cover damage from earthquakes, but Lemonade doesn’t offer this coverage in Tennessee.
State Farm comes with their own set of pros and cons:
Benefits of State Farm’s renters insurance in TN
- Flexible personal property coverage: State Farm lets you select from a very broad range of personal property coverage limits. You can choose to insure anywhere between $2,000 to $1,000,000 in personal property, which means you can precisely tailor your policy to your circumstances.
- Optional earthquake coverage: Unlike Lemonade, State Farm offers an earthquake rider that you can add to your renters insurance policy. This is a big plus for people living in Tennessee, particularly in the western and southeastern parts of the state where the risk of earthquakes is highest.
- Numerous policy add-ons: In addition to earthquake coverage, you can also supplement your renters insurance with additional personal liability coverage, business property coverage and business liability coverage, and cyber event coverage in case you’re the victim of identity theft or cybercrime.
Disadvantages of State Farm’s renters insurance in TN
- Poorly designed website: If you prefer handling your renters insurance policy and filing claims online, then you might get frustrated with State Farm’s website, which can sometimes freeze up or time out, forcing you to re-enter your information.
The best renters insurance in Tennessee: State Farm
All things considered, State Farm is our pick for the best renters insurance provider in Tennessee. They offer the cheapest rates in several cities in Tennessee as well as more extensive coverage options than many of their competitors, and their large network of agents is a big asset.
Other Tennessee renters insurance providers to consider
In case our picks for the cheapest and best renters insurance providers in TN don’t seem right for you, we’ve also researched which insurers are the best fit for the following people:
- Military members and veterans
- College students and first-time renters
Best Tennessee renters insurance for military members and veterans: USAA
Only military servicemembers, veterans, and the spouses and children of USAA members are eligible for USAA’s renters insurance, but we highly recommend getting your policy from them if you qualify. They offer unbeatable coverage and have a strong customer service reputation.
USAA is the only provider that includes earthquake and flood coverage in their standard renters insurance policies at no additional cost. This is particularly attractive if you live in Chattanooga, Knoxville, or another flood-prone part of Tennessee. USAA will also give you a discount if you live on a military base, and will provide overseas insurance if you’re deployed or just decide to move abroad.
Best Tennessee renters insurance for college students: Lemonade or your parent’s insurance
If you’re a college student who needs renters insurance, then you should check whether you’re covered under your parents’ policy. If you live at home or on campus, it’s possible that you’re already listed as a dependent on their renters or homeowners insurance, meaning there’s no need to buy your own policy.
If you’re not covered, then we recommend getting renters insurance from Lemonade. In addition to their affordable coverage, they make it easy to buy a policy by explaining complicated terms and being upfront about what renters insurance is and what it covers, which is good if you don’t have much experience dealing with insurers yet.
Although the company’s limited coverage is a drawback, it should probably be enough if you’re a student or you’re moving into your first apartment and don’t have many belongings you need to insure.
Best Tennessee renters insurance for car-owners: Your current provider
If you already have auto insurance, then you should check with your auto insurance provider to see if they also offer renters insurance. One of the most common discounts for renters insurance is a bundling discount, which rewards customers who have two or more policies.
Bundling your auto and renters insurance could end up saving you more money than going with a provider that offers cheaper quotes. Check if you’re eligible for a bundling discount before choosing a different provider.
How to learn more about renters insurance providers in Tennessee
If you need more info on Tennessee renters insurance, then read our reviews of the best-rated renters insurance companies in the state:
What else do you need to know about renters insurance in Tennessee?
There are a few more facts you should know about how renters insurance works in your state.
Is renters insurance required in Tennessee?
No, renters insurance isn’t legally required in Tennessee, but your landlord has the right to make it mandatory in your lease agreement. Requirements like this are fairly common.
Your landlord might also ask to be added as an additional interest or interested party on your renters insurance policy so that they’ll be notified if you cancel or fail to renew your policy. This is a harmless request, although you should be careful not to accidentally add them as an additional insured (a similar-sounding term that means something very different).
Is a credit check required for renters insurance in Tennessee?
Yes, you’ll probably have to undergo a credit check when you get renters insurance in Tennessee. As we mentioned earlier, insurance companies use your credit information when calculating your premium.
If you’re worried about how your credit score will affect your premium, try some of the tips that we provide in our article on getting renters insurance with no credit check.
Does renters insurance cover wildfires and tornadoes in Tennessee?
Yes, renters insurance covers wildfires and most damage caused by tornadoes. These are two of the renters insurance perils that are most likely to affect you if you live in Tennessee, and thankfully, they’re covered by virtually all policies.
Does renters insurance cover flooding in Tennessee?
No, damage from flooding won’t be covered by your renters insurance policy unless you bought it from USAA. To make sure that you’ll be compensated if a flood damages your belongings or forces you out of your home, we recommend getting flood insurance under the National Flood Insurance Program (NFIP).
Farmers, Allstate, and Liberty Mutual all partner with the NFIP, so they can help you sign up for a flood policy when you’re getting renters insurance. If you choose a different provider, then you can sign up for a policy directly on the NFIP website.
Does renters insurance cover musical instruments?
Yes, renters insurance covers musical instruments because they’re considered personal property. However, some renters insurance companies may impose a sub-limit on coverage for musical instruments.
A sub-limit is a limit on the amount that your insurer will pay for certain valuable items. For example, if your $3,000 drum set is stolen and you have a sub-limit of $2,000 on musical instruments, you’ll only be able to get $2,000 back when you file a claim, even if your policy normally provides $30,000 in personal property coverage.
If you’re one of the many musicians living in Nashville or Memphis, then you should check your policy for sub-limits on instruments. If it has one, consider adding a scheduled personal property rider to your policy to ensure that your instruments (and accessories) are covered up to their full value.
However, if you’re a professional musician, you should know that your renters insurance might not extend to your musical instruments. They’re probably considered business property, which many policies exclude. You might have to get a separate policy for commercial musical instruments. Ask your insurer for details.
How we gathered our data on Tennessee renters insurance prices
We gathered our renters insurance quotes based on the following assumptions:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
The quotes you get might be slightly different from ours, depending on factors like your age, credit score, and insurance claims history.
Our rates also don’t include any down payments or installation fees. To avoid having to pay these additional costs, check out our guide to getting renters insurance with no down payment.
The price of renters insurance in Tennessee: Complete data set
|City||Allstate||GEICO||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Midvale||Farmers|
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