Tennessee Renters Insurance

A Tennessee renters insurance policy can give you valuable protection for you and your stuff if the worst happens. But you may need extra coverage.
Written by Bonnie Stinson
Reviewed by Melanie Reiff
The average cost of
Tennessee
renters insurance is $218 per year. This policy gives you coverage for your personal belongings, personal liability protection, and usually living expenses if your space becomes uninhabitable due to a covered incident.
Planning for the future means that you sometimes have to think about unpleasant possibilities. Adulting is hard—but
renters insurance
is easy! Seriously, it’s really straightforward. In exchange for a low monthly fee, you get protection for all your personal belongings.  
Keep reading to learn how renters insurance works, how to build a policy, and how to find an affordable policy that works for your situation. Enjoy this quick guide to Tennessee renters insurance from the
car insurance
comparison and broker app,
Jerry
.
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What is renters insurance?

A renters insurance policy offers protection for people who live in a rented space. This protection includes financial coverage and legal protection. For instance, if your personal possessions are damaged or stolen, the policy may cover the cost to replace them.
This policy does not cover the physical building—the owner of your property probably has a homeowners insurance policy. 
A renters insurance policy normally includes the following coverages: 
  • Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re destroyed by a covered peril. 
  • Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property. 
  • Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees. 
  • Medical payments (Coverage F): This coverage pays for any medical expenses when someone is injured on your property. 
You will need to select a financial figure that reflects the value of all your belongings. To calculate your required coverage, add up the value of everything that would need to be replaced in an emergency.
The second component of a renters policy is liability protection. This will cover legal costs up to your limit if an accident happens on your property and someone sues you. Some landlords require their tenants to carry liability protection up to a certain amount.

What does renters insurance cover?

A renters insurance policy covers only named perils. That is, your policy only gives you coverage for the events listed specifically in your policy. From alien abductions to wildfires, if it is not named in your policy, it is not covered.
Every company has a different standard policy. However, most renters insurance policies cover:
  • Fire
  • Theft
  • Frozen plumbing
  • Windstorm
  • Vandalism
  • Hail
  • Lightning
  • Impact by a vehicle
  • Falling objects
  • Explosion
Notable exclusions are earthquakes, floods, and wildfires. In many places, these natural disasters are so likely that insurance companies refuse to cover them.
Read your policy to figure out what exactly your coverage entails. If you are concerned about something that is not specifically listed in your policy, you can purchase additional coverage. 

What does renters insurance not cover?

Renters insurance is for items that you use regularly, at home, for personal activities. 
Your policy does not usually cover these items: 
  • Work-related items: Any item that belongs to your workplace—or that you use in your own business—is not automatically covered by a renters policy. If you would like to insure a work laptop or a digital drawing tablet, you should look into additional coverage.
  • Valuables: Very expensive and unusual items are not normally covered. Limited edition memorabilia and fancy jewelry are probably not covered. 
  • Your car: Even if a car is parked on rented property, your renters insurance won’t cover it. Instead, you will need
    car insurance
    to cover your vehicle. 
Key Takeaway Renters insurance covers personal items in your home. It also gives you legal protection in case an accident occurs on your rented property. 

Is renters insurance required in Tennessee?

No, renters insurance is not legally required in Tennessee. However, a landlord can require that a tenant carry insurance. Landlords can compel you to carry a certain level of liability coverage—they can even deny you a lease without proof of insurance. 
It’s still smart to consider buying a policy even if it’s not legally required in your state. The monthly fee is low but the protection you receive is high. Consider this: If an apartment fire burns through your home tomorrow, could you cover the costs out-of-pocket to replace everything?
Tennessee renters pay a bit higher than the national average for renters insurance. The average renter in this state spends $218 per year, or just over $18 per month, on renters insurance. That’s a great deal for a policy that could pay out thousands of dollars in case of a covered incident. 

How to build a Tennessee renters insurance policy

To build a policy, you will first need an estimate of the financial value of your stuff. Start by inventorying your belongings. Go room-to-room and take detailed notes about electronics, furniture, appliances, and art:
  • Quantity
  • Purchase date
  • Purchase price
  • Brand number
  • Serial number (if available)
As you go, take photographs of items to be insured. Your claim will be processed much more quickly and accurately if you have photos to accompany the descriptions of lost items.
Now, you must select a personal liability limit. This is the financial sum your policy will pay out for legal costs if you get sued because of an accident on your rented property. Check your lease or contact your landlord about any requirements before you sign. 
Finally, read your policy closely to see if you’re covered for the most likely disasters in your area. 
In some areas, a separate policy is required for things like tornadoes and floods. If you are located in an area with high risk—but it’s excluded from your standard policy—you may wish to purchase a separate policy. 

Actual cash value vs. replacement cost

Not every renters insurance policy is the same. Reimbursement can go one of two ways. Your policy will either pay out based on actual cash value (ACV) or replacement cost.
Need an example? Let’s say you bought a new iPad two years ago for $800. Today, a windstorm sends a tree crashing through your window, splintering your tablet. 
An ACV policy will only reimburse what your tablet is currently worth, including depreciation. That $800 TV is probably worth far less today. 
A replacement cost policy, on the other hand, will reimburse you for the full original price. You will receive a payment that allows you to purchase a replacement tablet of similar quality. This policy costs more, but the coverage is better.
Consider your needs and risk profile to determine which policy makes sense for you. 

How to find cheap renters and car insurance

It’s impossible to predict every bad thing that will happen. But if you spend a little effort now—and a few bucks a month on insurance—you can save your future self from a lot of pain.
Jerry
makes it easy to find affordable insurance. 
Whether you need
renters insurance
or car insurance, the Jerry app can help find you a great policy. Inside the app, you can customize your policy, compare rates, unlock discounts, and even switch providers.
After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! 
“I got my first car and didn’t have a clue about insurance.
Jerry
is a great app that’s super helpful AND super free. It’s a great resource for young people.” —Helena O.

FAQs

Yes! Renters insurance offers valuable coverage for both property and personal liability in case of a covered incident.
Rates fluctuate, but the average Tennessee renter can expect to pay about $218 per year for renters insurance.
You could save 15% or more on renters insurance by bundling
Bundle your renters and auto insurance with Jerry and save!
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