Best and Cheapest Renters Insurance in Tennessee (2024)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.