Renters Insurance in Memphis, TN
A breakdown of Memphis renters insurance costs, coverage, companies, and more.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
More than half the homes in Memphis, TN are occupied by renters. That means there are a lot of people in your city that need to learn about and consider purchasing renters insurance.
A local independent insurance agent can help you find a renters insurance policy at a price that you can afford. Independent insurance agents can work with some of the best renters insurance companies in Tennessee to help you find a policy that meets your needs.
Is Renters Insurance Required in Memphis, TN?
Renters insurance is not required in Memphis, TN. But that does not mean that you should overlook its importance if you’re a renter.
Renters insurance policies provide a wide range of coverage that can insure your property and protect your finances. Despite the fact that housing costs can be high in Memphis (the average cost of rent in the city is $901 per month), it makes sense to purchase this affordable coverage to ensure that you don’t face a greater financial loss if you experience a fire, a burglary, or some other type of event that damages your personal property.
How Much Does Renters Insurance Cost in Memphis, TN?
The average renters insurance policy in Tennessee costs just $195 a year. This is a fairly small price to pay to protect your belongings.
Keep in mind that not everyone will pay the same for renters insurance. Insurance companies evaluate certain personal characteristics to calculate your rates, such as the following:
- The value of the personal property that you need to cover
- The crime rate and weather risks in your ZIP code
- Your claims history and credit score
- The liability coverage limit and deductible that you choose
You’ll also likely have opportunities to lower rates by receiving certain discounts that you might qualify for. If, for example, you bundle your renters and auto insurance with the same insurance company, you’d likely qualify for a discount on both policies.
A local independent insurance agent can help you comparison shop for the best renters insurance policy for your needs. Independent agents can work with many of the best renters insurance companies in Memphis in order to offer you a variety of high-quality choices.
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What Does Renters Insurance Cover in Memphis, TN?
Renters insurance provides financial protection for the loss or destruction of possessions when you rent a house or an apartment. With renters insurance, your possessions are covered for losses related to:
- Fire
- Smoke
- Lightning
- Vandalism
- Theft
- Explosion
- Windstorm and water damage (not floods)
Renters insurance also provides liability coverage. Liability coverage protects your assets when you, a family member, or a pet injures someone at your home or somewhere else. It will pay for your legal defense costs as well as any judgments levied against you if an injured party sues you.
In addition, renters insurance covers additional living expenses if you are unable to live in your apartment because of a fire or another covered property loss. Additional living expenses might include hotel bills, temporary rentals, restaurant meals, and other expenses you incur while your apartment home is being repaired or rebuilt.
What Is Not Covered by Renters Insurance in Memphis, TN?
Like most other insurance policies, your renters insurance policy will exclude coverage for certain circumstances and types of claims. Some typical renters insurance exclusions are:
- Floods and earthquakes: Renters insurance won’t cover damage caused by flooding or earthquakes. But you can purchase separate flood insurance and earthquake insurance if you live in an area that is prone to these events.
- Auto theft: Your renters insurance may cover personal items stolen out of your car, but it won’t cover theft of the car itself. That would be covered by your auto insurance policy.
- Your roommate’s possessions: Your renters insurance policy covers your own stuff, not your roommate's or anyone else’s stuff (unless it’s your spouse's or your child's) that’s in your apartment.
- Damage caused by pests: Renters insurance won’t cover damage caused by pests (rodents, bugs) or the cost of an exterminator.
- Building damage: Renters insurance is strictly for your personal possessions. It does not cover damage to the physical building that you live in. That would be covered by your landlord’s insurance.
It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later.
What Are the Best Renters Insurance Companies in Memphis, TN?
It can be simple to find the best renters insurance companies in Memphis. A local independent insurance agent can help you get motorcycle insurance quotes from multiple insurance companies, so you can select the best policy for your needs and budget.
How Can an Independent Insurance Agent Help You Find Renters Insurance Quotes in Memphis, TN?
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.