Top 6 Renters Insurance Providers in Tennessee of 2024
After in-depth research, we found the following companies to be Tennessee’s best renters insurance providers:
- Lemonade: Our top pick
- Toggle: Our pick for custom pricing
- Liberty Mutual: Our pick for discounts
- Allstate: Our pick for seniors
- State Farm: Our pick for affordable premiums
- Nationwide: Our pick for valuable endorsem*nts
Lemonade Renters Insurance
Our Top Pick
4.6
Cost: 4.8
Availability and Ease of Use: 5
Brand Trust: 5
Coverage: 3.5
Our Rating
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$13.33
Pros and Cons
Pros Low cost, starting at $5 per month Tech allows for fast coverage and claims Positive ratings in the App Store and from insurance evaluators Cons Must use app for claims Standard customization might not cover complex needs
Why We Chose Lemonade
If you’re looking for a simple renters insurance policy at the best possible price, consider Lemonade. With coverages starting at $5 per month, Lemonade currently provides the cheapest renters insurance base rates on the market. And it offers affordable coverage without sacrificing quality — it’s a reputable company that carries an “A” Exceptional financial analysis rating from Demotech.
Lemonade is our top choice in part because its sign-up process is quicker and easier than traditional insurance companies. Its policies are tech-powered, meaning it offers coverage in 90 seconds and you can complete the claim process from the Lemonade app.
Discounts and Endorsem*nts
Costs and Coverage Options
Like most insurance providers, Lemonade has customizable options that affect policy costs. While it advertises rates starting at $5 per month, that’s a base price. More coverage means higher costs.
The average cost in Missouri is $227 per year with Lemonade’s standard coverage options.
- Discounts: Annual payment, protective services discount
- Endorsem*nts: Valuables coverage (art, jewelry, bikes, etc.), water back-up, landlord property damage
*A.M. Best ratings accurate as of July 2023
Toggle Renters Insurance
Our Pick for Custom Pricing
4.1
Cost: 4.3
Availability and Ease of Use: 3.6
Brand Trust: 4.5
Coverage: 4
Our Rating
Our Review
A.M. BestAJ.D. PowerNR
MONTHLY COST$12.59
Pros and Cons
Pros Offers unique add-ons like pet protection and identity theft coverage Can help you report rent payments to credit bureaus Basic plan available from $5 a month in most areas Cons May have higher rates than competitors in some states May be challenging to speak with a customer service representative via phone
Why We Chose Toggle
Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’s unique Credit Lift option can help you report and get credit for your monthly rent payments.
If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. Toggle is also underwritten by 21st Century Assurance Company, combining the financial strength of major insurers with the personalization range of a fintech startup.
Discounts and Endorsem*nts
Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.
The company also offers multiple policy endorsem*nts, including:
- Identity protector
- Temporary living costs
- Pet Parent
- High-value items
- Side hustle
Liberty Mutual Renters Insurance
Our Pick for Discounts
4.2
Cost: 4.4
Availability and Ease of Use: 4.6
Brand Trust: 4.3
Coverage: 3
Our Rating
Our Review
A.M. BestAJ.D. Power848/1000
MONTHLY COST$16.85
Pros and Cons
Pros Offers more discounts than competing nationwide providers Multiple coverage customization options, especially for personal property Features simplified policy documents and language Cons No discount for home safety features like other renters insurance providers Higher-than-average base premiums
Why We Chose Liberty Mutual
With over 100 years of experience in the insurance industry, Liberty Mutual is a national provider of renters insurance policies. With discounts available for everything from buying a policy online to enrolling in autopay, Liberty Mutual offers multiple ways to save on renters insurance. While policy rates may be slightly higher than average in some areas, Liberty Mutual’s wide range of coverage options and customization can be worth it for renters with unique or valuable items to protect.
Discounts and Endorsem*nts
Liberty Mutual offers the following discount options:
- Claims-free
- Early shopper
- Online autopay enrollment
- Multi-policy bundling
- Online purchase
The company also allows customers to purchase policy add-ons:
- Blanket jewelry
- Earthquake coverage
- Personal property replacement cost coverage
- Identity theft protection
Allstate Renters Insurance
Our Pick for Seniors
4.3
Cost: 5
Availability and Ease of Use: 4.2
Brand Trust: 4.7
Coverage: 2.5
Our Rating
Our Review
A.M. BestA+J.D. Power835/1000
Pros and Cons
Pros Offers a retired senior discount of up to 25% on premiums Easy-to-use online services for quotes and claim filing Offers affordable rates for policyholders that bundle coverage Cons Below average JD Power customer satisfaction score Premiums without discounts are more expensive than some competitors
Why We Chose Allstate
Allstate is another insurance carrier that offers discounts for customers with multiple policies — it advertises a starting rate of $4 if you bundle coverage. Allstate also offers a discount of up to 25% off a renters insurance policy to retired seniors over age 55. While an average policy will cost around $13.67 without a bundle in Tennessee.
In addition to being a great option for seniors, Allstate is one of the most reputable insurers in the nation. It also offers an easy-to-use online platform for obtaining a quote and filing claims. If you are looking for additional coverage, Allstate has more riders than most competitors, a benefit if you have more complex rental coverage needs.
Discounts and Endorsem*nts
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Nashville, Tenn., Allstate renters insurance costs $16 to $30 per month, depending on the coverage you select. Allstate’s coverage mirrors other standard renters policies, but it does offer the ability to add more riders than some other companies, including the following:
- Discounts: Multi-policy bundling, senior discount and automatic payment enrollment
- Endorsem*nts: Scheduled personal property protection, personal umbrella coverage, identity theft restoration and flood insurance
State Farm Renters Insurance
Our Pick for Affordable Premiums
4.3
Cost: 4.3
Availability and Ease of Use: 5
Brand Trust: 4.7
Coverage: 3.5
Our Rating
Our Review
A.M. BestA++J.D. Power844/1000
Pros and Cons
Pros Has hundreds of local offices in Tennessee Offers unique coverage add-ons Holds an A++ rating with AM Best Cons Endorsem*nts can result in higher premiums compared to competitors Does not offer as many discounts as other providers
Why We Chose State Farm
If you are looking to save money with cheap renters insurance, State Farm offers competitive rates — starting at $11 per month in Tennessee. Like many competitors, State Farm has discounts for bundled renters and auto policies and additional coverage if needed. The company offers comparable renters insurance coverage to other top providers, with unique riders for pet medical expenses and earthquake damage.
State Farm also has a wide network of insurance representatives who can help you customize your policy online or in person. If you prefer an in-person experience, this insurance agency has numerous physical locations and knowledgeable agents throughout Tennessee.
Discounts and Endorsem*nts
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Nashville, Tenn., State Farm renters insurance costs $11 to $18 per month, depending on your coverage. The average annual cost of renters insurance in the state is $164, according to Quadrant Information Services data.
In addition to your insurance premium, you can also add the following discounts and endorsem*nts:
- Discounts: Multi-policy bundling and home alert protection
- Endorsem*nts: Identity theft restoration, earthquake damage, pet medical insurance and personal liability coverage
Nationwide
Our Pick for Valuable Endorsem*nts
4.5
Cost: 4.5
Availability and Ease of Use: 4.6
Brand Trust: 5
Coverage: 4
Our Rating
Our Review
A.M. BestAJ.D. Power852/1000
Pros and Cons
Pros Superior customer satisfaction ratings Discounts available for people with little or no claims history Service available online, in-person or by phone Cons Premiums can be more expensive than other companies Limited discounts offerings compared to some competitors
Why We Chose Nationwide
Nationwide is a reputable insurance provider with nearly 100 years in the industry. The company has an A+ rating with the Better Business Bureau (BBB) and a J.D. Power score of 859, indicating high overall customer satisfaction. These rankings are based on the responses of thousands of renters, showcasing Nationwide’s consistent customer service.
Nationwide provides quick and easy quotes online, over the phone or in person. Although Nationwide features more expensive policies than other companies on this list, what sets the company apart is the unique features its policies include. For example, in addition to standard renters insurance coverage, Nationwide’s policies include protection against credit card or bank fraud.
Discounts and Endorsem*nts
Costs and Coverage Options
Nationwide will likely not be your first choice if price is an important factor, but with superior customer experience ratings and advanced policy features, it’s a solid choice overall.
We were unable to obtain sample pricing online because the company requires you to speak with a customer service representative for renters insurance quotes. But you can review discounts and endorsem*nts below:
- Discounts: Multi-policy bundling, protective device and claims free discounts
- Endorsem*nts: Valuables plus coverage (scheduled personal property), theft extension, water backup and earthquake protection
The Cost of Renters Insurance in Tennessee
The average cost of renters insurance in Tennessee is $13.67 per month, which is lower than the national average of $15. The top providers in the state offer coverage at prices ranging from as low as $10.50 monthly to $16.85, but the price you actually pay will depend on a number of factors including your location, amount of personal property, credit score, claims history, and more. Get an idea of how our top providers compare in cost using the chart below.
*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a one-bedroom apartment with a single occupant and standard coverages in Nashville, Tenn. Your cost may vary depending on your location, coverage and personal property needs.
The city you live in and the unique risks associated with that area play a large role in the cost you can expect to pay for renters insurance. Use the chart below to get a more accurate average that you can refer to when comparing quotes.
Cheapest Renters Insurance in Tennessee
If cost is the most important factor to you, consider getting quotes from the providers below to maximize your savings. Keep in mind that although cost is important, you want to make sure you have sufficient coverage so that you do not end up incurring large repair or replacement costs in the event of a loss. The cheapest option for renters insurance in Tennessee is State Farm, which costs on average $10.50 monthly. This is 23% less than the state average of $13.67.
Do I Need Renters Insurance in Tennessee?
While there are no state laws requiring renters insurance coverage in Tennessee, it’s commonplace for landlords to request proof of coverage as a term of your lease. Some landlords may even refuse tenants who do not carry at least a certain level of renters insurance coverage.
Even if your landlord doesn’t require you to have renters insurance, it’s a good idea to explore coverage options. Renters insurance costs Tennessee residents around $15.75 per month on average and provides thousands of dollars in protection against personal property damage, theft and legal liability. Getting a quote takes only a few minutes — so we encourage you to request pricing information even if you aren’t sure you need coverage for your rental unit or home.
What Factors Affect Renters Insurance Rates in Tennessee?
Some of the major factors that will influence the price you pay for renters insurance in Tennessee include the following:
- Location: The location of a rental property can have a significant impact on the cost of renters insurance. If you live in an area of Tennessee that experiences higher annual property crime rates, you’ll likely pay more for coverage. Residents of Knoxville, Nashville and Chattanooga see the highest property crime rates in the state, which may lead to increased renters insurance coverage for residents.
- Overall coverage limit: Your policy’s personal property and liability limits play a direct role in the price of your coverage. The higher the coverage limits you select, the more an insurer must pay out in the event of a covered loss, which means you’ll pay more for coverage each month.
- Claims history: If you have filed a renters or homeowners insurance claim in the past, you are statistically more likely to file a claim in the future. As a result, you can expect to pay more for coverage if you have a claim on your record.
It can be helpful to get a quote from multiple providers to see which one offers the best coverage before selecting a policy. It’s also important to review policies in depth, including any coverage exclusions, to ensure you will have adequate protection for your belongings.
What Are the Common Causes of Renters Insurance Claims in Tennessee?
According to Lemonade, the most common reasons for renters insurance claims in Tennessee are theft, flooding and weather-related damage. Understanding renters insurance claims in your area can help you know when to use your coverage. The following are the most common claims insurance companies see and how each can affect your pricing.
Theft and Vandalism
Property loss is the most common claim seen by renters insurance companies in all states. If you live in an area with higher rates of property crimes, you’ll likely pay more for coverage. Alternatively, you may pay less if you live in an area with less property crime or a police or fire station nearby.
Flooding and Water Damage
Flooding is another common problem for Tennessee residents and is one of the most common natural disasters in the state due to its flat terrain. Unfortunately, most standard renters insurance policies do not cover damage resulting from flooding. However, some companies offer separate flood policies you can purchase for added protection. So if you live in a first-floor space or a flood zone, consider choosing an insurer with flood endorsem*nt coverage.
Weather-Related Damage
Tennessee can see severe weather events ranging from thunderstorms to tornadoes. A renters insurance policy covers damage to your personal property if any belongings are damaged due to certain weather events, like windstorms and hail. However, it will not cover structural damage to the property itself.
Your policy may also cover additional living expenses if you are displaced due to events like fires or storms, as well as coverage of medical payments if someone is injured in your home.
Frequently Asked Questions About Tennessee Renters Insurance
According to the Institute of Insurance Information (Triple-I), the average cost of renters insurance in Tennessee is around $13.67 per month or $164 annually. Based on sample quotes we collected for each insurance provider on this list, the cost of renters insurance in Tennessee averages between $6 and $30 a month.
Your monthly premium cost will depend on factors like your exact location, living situation and coverage selections.
No, there is not currently a law in place that requires Tennessee residents to maintain renters insurance coverage. However, it is commonplace for landlords in high-value areas to request you provide proof of sufficient renters insurance coverage as a condition of a new lease.
The Tennessee Bill (officially referred to as HB2443) is a recent law that requires renters to provide proof of cash, bonds or other liquidable assets equal to a year’s worth of rent in order to appeal an eviction. It was signed into place in April of 2022.
The average property owner in Tennessee pays about $1,259 a year for home insurance coverage. That equals around $105 per month, which is notably more expensive than a renters insurance policy.
Related Posts in Tennessee
- Top home warranty providers in Tennessee
- Top moving companies in Tennessee
- Top pet insurance Tennessee
Methodology: Our System for Ranking the Best Renters Insurance Companies
Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust:: 15%
We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here
A.M. Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $30,000
- Loss of use: $9,000
- Liability: $100,000
- Medical payments: $1,000
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of May 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Sarah HorvathAuthor
Sarah Horvath is one of the home service industry’s most accomplished writers. Her specialties include writing about home warranties, insurance, home improvement and household finances. You can find her writing published through distributors like HouseMethod, Architectural Digest, Good Housekeeping and more. When not writing, she enjoys spending time in her home in Orlando with her fiance and parrot.
Tori AddisonEditor
Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.
