Best and Cheapest Renters Insurance in Tennessee for 2024

Sometimes renters are required to have renters insurance in Tennessee. Your landlord has to hold homeowners insurance, but that policy doesn't cover your personal belongings or liability. Even if you aren't required to have it, it's still a helpful and important coverage to purchase. Especially given what it would cost to cover damage or medical bills without renters insurance. It's important to know that your landlord's insurance covers the building you're renting while renters insurance covers your personal belongings and provides liability protection. Each policy offers different but important coverages.

Likewise, if your roommate has a renters policy, it doesn't cover your belongings, only your roommate's. So if you're renting a space, keep in mind that the policy you take out will cover your personal property, but not that of your roommate. This is why discounts exist for keeping your rented space protected — with burglar alarms or other anti-theft devices — and why you should always keep you and your possessions safe.

So if you want to ensure you're properly covered while renting, it's important to find one of the best Tennessee renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance. The rating next to each company, the insurer's Clearsurance score, is based exclusively on the thousands of ratings provided by customers.

Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Tennessee renters insurance rankings.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have.

Some questions to consider asking include

• What is the average cost for your renters insurance coverage?
• Does my policy cover things such as water damage and bodily injury?
• What are my coverage options and my coverage limit?

Interested in learning more about one of the companies on the list of the best renters insurance companies in Tennessee? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

We also have a free tool that will let you compare quotes from different companies.

On this page:

• Tennessee renters insurance rates
• Average cost of renting in Nashville
• Average cost of renting in Memphis
• Renters insurance for Tennessee college students
• Tennessee property crime statistics

Who offers the best Tennessee renters insurance rates?

Out of the most popular companies in Tennessee, USAA offers the cheapest Tennessee renters insurance rates, on average. USAA is only available to military members and their families. If you are the spouse or child of a deceased military member, you may only be able to get USAA if they already had an account.

If you aren't eligible for USAA, your next cheapest option is Tennessee Farm Bureau.

On average, renters insurance in Tennessee costs about $185 per year. The price you pay for renters insurance varies based on factors specific to you and your apartment, but it also depends on which company you choose. Some companies may offer renters insurance in Tennessee for a cheaper rate than others. In the table below, you can see average annual Tennessee renters insurance rates from some of the largest companies in the state.

Real rates from renters insurance providers vary based on many factors. So some companies may offer lower rates for you. You can get multiple quotes on your annual premium online.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Tennessee will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Nashville?

In Nashville, Tennessee, rent costs an average of $1,275 per month. The cost of rent in Nashville can vary based on factors including your apartment's location and size.

Nashville is the home of country music, which draws many hopeful artists and fans to the city. Music City is the capital and most populous city in Tennessee. The average cost of rent per month in Nashville is $1,275. The average cost of rent varies based on location in the city. For example, the average monthly cost of rent in West End Park is $1,785 while the average monthly cost of rent in Stardust Acres is $939. Some areas have more amenities or higher crime rates than others. All these factor into your rent and renters insurance costs.

The size of the apartment, of course, also affects the price of rent in Nashville. On average, studio apartments cost $1,186 per month, one-bedroom apartments cost $1,200 per month and three-bedroom apartments cost $1,471 per month. People renting in Nashville may want to consider purchasing a renters insurance policy that will provide protection for personal items for a small fee per month.

How much does rent cost in Memphis?

In Memphis, Tennessee, rent costs an average of $769 per month. The cost of rent in Memphis can vary based on factors including your apartment's location and size.

Memphis is the second-most populous city in Tennessee, just slightly smaller than Nashville. The average cost of rent in Memphis is significantly cheaper than Nashville at $769 per month, but the cost of rent varies by location in the city. For example, the average cost of monthly rent in Mud Island is $1,248 while the average cost of monthly rent in Oakhaven is $553. The cost of renters insurance is similar between different parts of both cities.

In addition to location, apartment size also affects the average cost of the rent. On average, smaller studio apartments cost $626 per month, one-bedroom apartments cost $716 per month, and larger sized three-bedroom apartments cost $927 per month. Renters in Memphis can purchase a renters insurance policy to protect their personal items from disasters that can happen in apartments such as fire or theft.

While attending a college or university in Tennessee, students may choose to live in a dorm on their college campus or rent an apartment located off-campus. There are a few things for college students renting housing in Tennessee to consider in order to protect their personal belongings.

Can college students get renters insurance in Tennessee?

Typically, college students who live in dorms located on the college campus are covered by their parent's homeowners insurance policy. So there's no reason to spend the extra money on a renters policy. That's usually only the case for students who live on campus, though.

Tennessee college students who rent apartments off-campus should consider a renters insurance policy because their items won't be covered under their parents' policy. Without a renters insurance policy, they won't have any protection. To get the lowest rates on basic renters insurance, you can bundle it with your auto insurance policy or other insurance products. Also, consider leaving valuable items at your parents' house rather than paying for extra riders on your renters policy.

College students will most likely have roommates in the apartment they rent. Students should not share renters insurance policies with roommates. Rather, each student should have their own renter's insurance policy to protect their own belongings.

Tennessee property crime statistics

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Tennessee compare to other states around the country? The FBI published the following statistics on crime in Tennessee for 2016:

• Property crime - 189,835
• Burglary - 40,312
• Larceny theft - 134,404

When compared to the national average rate per 100,000 inhabitants, all three crime statistics for Tennessee rank above the national average. It is important to make sure that you are always covered. Ask your local insurance agent if your renters policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renters insurance in Tennessee?

While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Tennessee renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

You should always put the appropriate coverage first. Not having enough liability coverage now could save you money in terms of what you're paying for your monthly premiums. If there's ever a claim, you'd lose a lot more if and when you're sued. If you don't have the right types of coverage, you could also end up losing money on claims your insurance won't cover. Most companies offer apps or online chat services now, but you could also call in and talk to an agent to determine what you need and how much it will cost you each month.

How does Clearsurance rate and rank the best renters insurance companies in Tennessee?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you need a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Tennessee, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

You also need to make sure that you have protection against natural disasters, as well as rental property protection. Check to see if your renter's insurance includes flood insurance and earthquake coverage. You might also consider seeing if protections such as a smoke alarm and other safety devices are covered by your renter's insurance.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.

If you'd like to comparison shop, try our free online quote tool that will help you find a policy that is best for you.