Average renters insurance cost in Tennessee (2024)

FAQs

Average renters insurance cost in Tennessee? ›

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.

Is renters insurance required in Tennessee? No, there is no federal law that requires tenants to carry renters insurance; however, some landlords may require proof of renters insurance as part of the lease agreement.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

How Much Does Renters Insurance Cost? Renters insurance costs an average of $157 a year for a policy with $15,000 of personal property coverage. The average cost of renters insurance for a policy with $30,000 is $199 annually, and a $50,000 policy costs an average of $260 a year.

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.

Your renters policy helps cover the contents of your apartment for a number of perils — including theft. If someone walks off with your laptop or sound system, your policy can help cover the cost to go out and buy a new one.

Renters insurance typically covers fire, windstorms, lightning, explosions, theft, and vandalism. Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

What determines renters insurance cost? ›

The cost of renters insurance depends on several factors like your location, policy deductible, total amount of coverage, and insurance carrier. Renters insurance not only pays for damage to or loss of your personal property, but it also includes personal liability, medical payments, and loss of use coverage.

Lemonade comes out ahead when it comes to the speed of claims processing. Some of its claims are paid out almost immediately after being submitted through the app. However, State Farm's renters policies are available in more states than Lemonade's. Read our full State Farm renters insurance review.

When inflation is high, it costs more to repair or replace damaged homes, cars and personal items. Other factors like labor shortages, supply chain disruptions, extreme weather events and spikes in the number of accidents can also raise costs.

The average renters insurance cost in the U.S. is $148 per year, or about $12 per month, according to NerdWallet's latest rate analysis. We based this estimate on a policy for a hypothetical 30-year-old tenant with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.

It's against the law to drive without car insurance in Tennessee (unless you have posted the required $65,000 bond or cash deposit to forgo an insurance policy). If you get caught driving without at least the minimum amount of coverage, you'll have 30 days to provide proof of your insurance.

In Tennessee, all drivers must have some proof of financial responsibility in order to drive. The most common way to meet the requirement is carrying car insurance with at least the minimum coverage limits: $25,000 for bodily injury liability per person and $50,000 per accident, along with $25,000 for property damage.

While renters insurance isn't required by law in the state of California, it can give you an extra layer of protection. Renting a property can be expensive, and disaster can strike at any moment. California has many laws that can protect renters.

The landlord may enter the premises without consent of the tenant in case of emergency. “Emergency” means a sudden, generally unexpected occurrence or set of circ*mstances demanding immediate action.