Tennessee is the birthplace of some of the most famous melodies. From country music to rock and roll, Nashville can boast a colorful music history. Elvis called Memphis home, and while you may not live in a mansion like "The King," Tennessee is still a magnificent place to live, even for renters. If you rent in Tennessee, it's a wise idea to have a renters insurance policy in place covering you from damage and the exposures you face as a renter. Before you get renters insurance, be sure to review quotes so you’ll know what to expect with regard to coverage and cost.
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Tennessee Rental Statistics
- The gross median rent in Tennessee is $730/month.
- More than 33% of homes in Tennessee are rentals.
- On average, renters pay around 20.48% of their income in rent.
- Of the rentals available in TN, 7% are vacant.
There are many renters living in Tennessee. Whether you rent a home, mobile home, apartment or townhome, you probably have assets you couldn't afford to replace if a disaster hit. Many apartment residents believe that their landlord's insurance covers their belongings. However, this is not true. Most landlord policies only cover the structure of the internal studs. Everything from the studs is the tenant's responsibility.
What Renters Insurance Options Are Available in Tennessee?
Renters insurance in Tennessee can offer coverage for some of the most common risks that renters face. Usually, these policies contain a group of insurance options. A typical renters insurance policy in TN may contain the following:
- Personal property insurance: This insurance covers your personal belongings from named risks such as wind, fire, theft, arson and weather-related events.
- Personal liability insurance: We live in a litigious society. Even a small slip and fall can turn into a major financial crisis. Personal liability coverage can help pay for your legal defense and any judgments against you.
- Loss of use: If your rental suddenly becomes uninhabitable, this insurance can help cover the costs of moving into a new rental while your damaged rental undergoes repairs.
- Flood insurance: One disaster not typically covered by regular insurance is floods. The National Flood Insurance Program administers the flood insurance program, which offers flood insurance through insurance companies. Flood insurance is available for renters, so be sure to ask about this coverage when getting quotes.
Is Renters Insurance Required in TN?
While there are no laws in place requiring renters to carry insurance in Tennessee, many landlords are now requiring tenants to get renters insurance when signing a lease as these policies protect both the landlord and the tenant. Renters insurance is a wise idea and is very affordable.
How Expensive Is Renters Insurance in TN?
Renters insurance, in general, is usually very affordable. However, there are no average quotes due to the rental market and risk fluctuations. When shopping for renters insurance in Tennessee, make sure you are familiar with the following:
- Location of rental
- Size of rental
- Whether rental has a pool/fitness center
- Whether you have pets in the rental
- Value of belongings
- History of claims
- Your driving record
- Desired coverage
- Desired deductibles
Insurers consider all of these factors when giving you quotes in order to give you the most complete coverage for your individual situation.
How To Obtain Renters Insurance in Tennessee
Renters need insurance just as much as homeowners do. When shopping for renters insurance in Tennessee, it's important to have a professional by your side to make sure you get the right coverage at the best price. An agent is always available to help you find policies, suggest discounts and even help you file a claim.
Contact an agent in your neighborhood for information on quotes and coverage.