What do an executive renting an apartment in the heart of Memphis and an aspiring musician leasing a house near Nashville have in common? They can both benefit from the protections of a good renters insurance policy. If you are among the many renters in Tennessee, you can too.
Independent insurance agents in the Volunteer State can help you find the best renters insurance policy. These agents work for you, not for an insurance company, so they are free to shop around to find you a suitable policy at a competitive price. Contact an insurance agent near you to learn more.
Tennessee Rental Statistics
- Tennessee residents pay an average of $869 per month in rent.
- An estimated 33.7% percent of all homes in TN are occupied by renters.
- Around 42.1% of renters in this state spend 30% or more of their income on rent and utilities.
How Much Does Renters Insurance Cost in Tennessee?
Naturally, with a large amount of your income already going toward your housing costs, you probably don’t want to spend even more money to have an optional renters insurance policy. However, you may change your mind once you discover just how affordable these policies actually are.
The average renters insurance policy in Tennessee costs just $199 a year. That is less than $17 a month, which is less than a single ticket to tour the Country Music Hall of Fame and Museum.
Factors that can make your actual cost higher or lower than this average amount include:
- The amount of personal property coverage you need
- The crime rate and weather risks where your rental home is located
- Your claims history and credit score
- Whether you are bundling your renters insurance with another policy like car insurance
When you take the time to compare quotes from a few different insurance companies, you can be certain that you are getting your policy at a competitive price. Independent agents make comparison shopping easy.
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What Does Tennessee Renters Insurance Cover?
Renters insurance is designed to protect you in three specific ways. Your policy will provide you with:
- Personal property coverage: This is called contents insurance. It can cover repair or replacement costs if your personal belongings are lost or damaged due to a covered event such as:
- Property crimes like burglary and vandalism
- Fires, including wildfires and accidental fires, whether they originated in your own home or a neighboring unit
- Severe weather events like thunderstorms, tropical storms, windstorms, and tornadoes
- Personal liability coverage: This is called renters liability insurance. It can cover your financial obligations and any needed legal representation if you accidentally cause injuries, property damage, or financial harm to others.
- Displacement coverage: This is called loss of use insurance. It can pay for your additional living expenses if a covered event like a tornado causes severe damage to your home, and you must seek alternate accommodations while your landlord makes repairs.
When you add up the estimated value of everything you own, including things like your furniture, clothes, electronics, and jewelry, you may be surprised by the total value of your personal property.
You will want to be sure that your coverage limits are high enough to enable to you fully replace all of your property if you experience a total loss due to a disaster like a fire. That way, you don't need to worry about suffering a financial setback while getting back on your feet.
What about Coverage against Tennessee Floods?
Around 15% of all properties in Tennessee have a significant risk of sustaining flood damage. While that may not seem like a very high number, it represents nearly half a million homes and businesses in this state.
Your landlord will be responsible for covering any flood damage to the structure of your home, but you need to cover your own personal property. However, renters insurance does not cover damage caused by floods, even if the flood is the direct result of a covered storm.
If you are a renter in a ground-floor apartment or you are leasing a house in flood-prone area, you may be wondering what your options are.
Fortunately, you can supplement your renters insurance policy with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program that is managed by FEMA. Renters can buy contents-only policies starting at less than $10 a month.
Why Work with an Independent Agent in Tennessee?
When you are looking for a good renters insurance policy, local independent agents can help. These agents can request customized quotes from a variety of reliable insurance companies as they work to find you a great policy at a competitive price. Best of all, talking to an independent insurance agent is free.
There are more than 350 independent agents in Tennessee who are available to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to get started.
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