Tennessee Landlord Insurance

Get Suitable Landlord Insurance in Tennessee

Find the right landlord insurance policy for you.

According to the most recent U.S. census, there are currently more than 650,000 renter-occupied homes in the state of Tennessee. In fact, rental properties make up approximately 30 percent of all housing units in this state. If you are one of the many property owners who lease out homes in Tennessee, you can protect your investment by obtaining a landlord insurance policy. 

Landlord insurance shields you from potential losses so that your rental properties can work as an asset rather than a liability. In order to ensure that you are getting your coverage at a competitive rate, you may want to compare a selection of landlord insurance quotes in Tennessee before making a purchase.

Use our independent agent matching system to find the best insurance plan in your area. You tell us what you’re looking for, and our technology will recommend the best agents for you. Any information you provide will be sent to only the agents you pick. We do not sell to third parties.

Median Gross Rent in Tennessee’s Largest Cities

  • Memphis: $785
  • Nashville: $795
  • Knoxville: $705
  • Chattanooga: $685
  • Clarksville: $838
  • Jackson: $654
  • Johnson City: $617
  • Franklin: $1,058

Rents in smaller Tennessee towns are more likely to average below $500 a month.

Landlords in Tennessee Need Specialized Insurance

If you are new to the business of being a landlord, you may be surprised to learn that your homeowners insurance company can deny claims for damage that occurred while the residence was renter-occupied. To ensure that you have the necessary coverage, you need a landlord insurance policy. As a landlord, you are not responsible for covering your tenants’ belongings; your renters will need to supply their own coverage with a renters insurance policy. 

However, you will need to cover the structure of the home and any of your own property on the rental premises (e.g., appliances, carpeting, and light fixtures) against loss or damage. When you request quotes for landlord insurance in Tennessee, you can expect the policy to cost about 20 to 25 percent more than a traditional home insurance policy, even though you are purchasing less in contents coverage. This is because landlords have more inherent risks when it comes to liability.

What Landlords in Tennessee Are Charging for Rent

  • Less than $200: a total of 52,356 renters, making up 8.0%
  • $200 to $299: a total of 48,141 renters, making up 7.3%
  • $300 to $499: a total of 197,466 renters, making up 30.0%
  • $500 to $749: a total of 218,697 renters, making up 33.3%
  • $750 to $999: a total of 66,531 renters, making up 10.1%
  • $1,000 to $1,499: a total of 19,759 renters, making up 3.0%
  • $1,500 or more: a total of 4,844 renters, making up 0.7%
  • No cash rent: a total of 49,344 renters, making up 7.5%
  • The statewide median cost to rent a home in Tennessee: $505

Landlord Insurance Can Protect You from Liability

One of the most important coverage features of your landlord insurance policy is the liability coverage it can provide. This coverage protects you from the need to pay excessive out-of-pocket costs if someone suffers injuries on property that you failed to maintain. It can also protect you from liability for crimes committed on your property. Examples of some problems for which you might find yourself held liable include the following:

  • Gas and/or carbon monoxide leaking in the home, possibly sickening residents
  • Tenants engaging in illegal activities, such as stealing cable
  • Tenants using your property to grow, manufacture or distribute illegal substances

Fortunately, your landlord insurance policy may be able to shield you from losses associated with these problems and will frequently include coverage for court costs and legal defense fees, up to your coverage limit.

Recent Tennessee Burglary Statistics

  • The per capita property crime rate in Tennessee is higher than the national average.
  • On average, 8.70 out of 1,000 residences in this state are victims of burglary each year.
  • By comparison, 6.70 out of 1,000 residences in the U.S. are victims of burglary each year.
  • There were approximately 56,000 burglaries reported in this state.
  • Collierville, TN has the lowest burglary rate in the state with just 1.81 reported burglaries per 1,000 residences.
  • Memphis, TN has the highest burglary rate in the state with about 19.2 burglaries per 1,000 residences; this is nearly three times the national average.

Statistically, rental properties are more likely to be the target of burglars than are owner-occupied homes. Your landlord insurance quotes will reflect the fact that the property crime and the burglary rate in Tennessee is higher than the national average. Of course, if the property you own is in a relatively safe area such as Sevierville or Collierville, your quotes are likely to be lower.

Landlord Insurance Can Cover Property Damage

Your home can sustain damage for any number of reasons. Weather, fire, property crimes and tenant carelessness can each play a role in causing expensive property damage to your home. In many cases, your landlord insurance policy may be able to shield you from the cost of repair/replacement in these cases. Before choosing a policy, be sure that you are familiar with what is and what is not included in your property damage coverage. In most cases, your landlord insurance policy will not cover floods and earthquakes, so you should supplement your policy with flood and earthquake insurance.

Easily Compare Insurance Quotes

When you take the time to compare landlord insurance policies and quotes for your Tennessee rental property, you can be certain that you are getting a comprehensive policy at a reasonable rate. Working with an independent insurance agent in our network can make comparison-shopping easier.

For more information, contact an agent in or near your Tennessee neighborhood.

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