8 Best Renters Insurance Companies in Tennessee of 2022

If you rent in Tennessee, you should definitely consider purchasing renters insurance.

A renter’s policy will protect your personal property against theft and unseen disasters such as fire, lightning, vandalism, windstorms, and water damage from broken water pipes.

So, if your building is destroyed by a fire and all of your belongings were damaged, a renter’s policy will cover your losses.

If you didn’t have renters insurance, you’d have to pay to replace your belongings on your own. Chances are, you won’t have enough money to do that.

Your belongings may be worth thousands of dollars, especially if you have pricey items like a laptop, a smart TV, jewelry, and collectibles.

But for the cost of a pizza pie each month, you can purchase renters insurance and save a lot of money if an unforeseen event damages your personal property.

In Tennessee, the average cost of renters insurance is higher, at $22 per month or $260 per year.

And for Tennessee residents, renters insurance is a must.

Tennessee experiences more natural disasters than other states, including tornadoes, severe storms, snowstorms, thunderstorms, and droughts.

In addition, Tennessee has a high crime rate.

So, if you protect your belongings from severe weather conditions and theft by purchasing a policy, you’ll have peace of mind knowing that you are covered.

And because it’s hard to pick an insurer that’s right for you, we’ve given you a list of the best renters policy companies in Tennessee to give you an idea of what these insurers have to offer.

Lemonade: Best Policy for Instant Quote

Lemonade is a popular renters insurance that operates entirely online using the insurer’s praised website or mobile app.

While that offers convenience and saves you time, the insurer lacks customer service support and has no live agents to whom you can speak.

If you don’t want to use the website and app to do all your insurance needs and prefer talking to a rep, then Lemonade is not for you.

But if you want to get an instant quote, then Lemonade may be right for you.

Getting a quote only takes 90 seconds.

And not only that, Lemonade handles 30% of claims instantly.

So, this is a good insurer because you will get reimbursed for a claim in a noticeably short period of time.

And Lemonade is also known for its affordable premiums.

Lemonade offers many different plans to suit your needs and budget, starting with the basics for $5 per month. However, if you want even more features, an additional fee can be applied.

It also beat the average renters insurance rate in Tennessee.

Read a full Lemonade home insurance review.

Liberty Mutual: Best for Online Experience

Liberty Mutual is one of the few insurance companies that operate in all 50 states, in addition to Washington D.C.

Liberty is known for many things, above all its discount opportunities for policyholders.

But what makes Liberty so favorable is their website and mobile app.

There are many things you can do with these technological advancements.

We liked the easy purchasing process the best. It allows you to request an online quote and obtain a renters policy in just a few minutes.

The website is streamlined and easy to use. You can use it not just to purchase a policy but also to manage it.

You can also use it to make a claim, track it, and find the insurer’s agent that is close to you.

In addition, Liberty Mutual’s highly-regarded mobile app—available for Android and iOS—also allows you to file a claim, as well as make a payment, access your coverage details, view your digital ID card, and much more.

In fact, due to Liberty’s robust and informative website and app, you can communicate almost exclusively without needing to call a representative.

Liberty’s competitor, Lemonade, also allows policyholders to conduct most of their affairs online.

While the latter may have a faster online quote process, Liberty is much more versatile as it also offers you the choice to speak to a live agent.

You can’t do that with Lemonade, which makes Liberty more well-rounded, especially for those who’d rather give out their personal information and conduct their affairs with an agent rather than a website.

Read a full Liberty Mutual home insurance review.

Allstate: Best Policy for Bundling With Car Insurance

For Allstate’s basic policy, the cost is $120 per year or$10 per month.

Allstate’s average rate is based on a policy with $30,000 in personal property coverage, a $500 deductible, $100,000 in personal liability, and $1,000 in medical payments to others. 

With its low price, Allstate is the cheapest renters insurance policy in the industry, although it only beats out State Farm by charging one dollar less than with the latter.

If you bundle Allstate renters and auto insurance, you’ll get 10% off your auto policy and 25% off your renters policy. That is definitely worth looking into.

However, the cost of a policy is initially based on where you live and can vary widely.

It also depends on any coverages you buy.

If you buy a lot of coverage, your rate will go up.

But Allstate offers some very good discounts that will ultimately drive your rate down.

Compared to most competitors, Allstate offers more discounts than others.

Allstate also offers some great additional coverages. Some of the best include:

• Personal umbrella policy
• Provides liability protection beyond the limits of regular policies.
• Increased coverage on business property
• Protects business documents and materials found in your home.
• Scheduled personal property

While a standard policy typically covers a renter’s personal property, it will only pay up to a certain limit for some types of valuables.

But if you schedule your expensive items, you can increase coverage for them if they get damaged, destroyed, or stolen.

Read a full Allstate renters insurance review.

State Farm: Best for Higher Deductibles

State Farm is one of the largest insurance agencies in the nation.

Due to its wide coverage, few customer complaints, and the ability to file and track claims online, State Farm’s renters insurance is one of the best in the industry.

It’s also one of the cheapest.

State Farm’s average rate is $132 per year or $11 per month.

This is based on quotes from different ZIP codes in Tennessee for a policy with $20,000 in personal property damage, $100,000 in liability insurance, and a $500 deductible.

These include Memphis, Knoxville, Columbia, Bristol, and several more.

One of many benefits that State Farm has to offer is that the insurer takes inflation into account and, as such, automatically increases the amount of your coverage on your personal items as inflation changes the cost of living.

This comes basic in State Farm’s standard policy and which you must pay extra for with other insurers.

In addition, another coverage that comes standard is business property coverage. This provides coverage for property used for a business, such as your computer and printer or business materials.

Read a full State Farm renters insurance review.

Erie: Best for Customer Service

Erie’s renters policy has the best customer service compared to all the insurers we looked at.

First, Erie received only about 25% of the complaints expected for its size.

Second, J.D. Power rated its service the fifth-best among large insurance providers in the country. These scores were the best among widely available providers.

However, Erie offers a bare-bones renters policy due to limited ways to customize your policy.

No other extras or bonuses like replacement cost come standard in the insurer’s policy.

In particular, there are no add-ons like scheduling your personal property to expand its coverage because the basic renters insurance only covers up to the policy’s limit.

You can’t even purchase coverage for your dog.

However, you can get a good discount if your bundle your renters insurance with Erie's car insurance.

But unlike other insurers that save you time by allowing you to get a quote online, Erie makes customers have to talk to an agent, which can be very inconvenient.

Travelers: Best for Protecting Renter Improvements

Travelers is known for its wide range of discounts, user-friendly website, and policies available in most states.

But what makes the insurer unique is that it caters to renters who spruce up their rentals.

You know how it is when you rent. You want to personalize it, but there’s not that many improvements you can make because you aren’t a homeowner.

But in general, a landlord will allow you to paint the walls, put up wallpaper, or change a ceiling fixture. These may be all you need to make the rental your own.

But what if your improvements are damaged due to a covered peril like fire?

With Travelers, its standard policy covers any improvements you make.

You get up to 10% off a renters insurance policy's personal property coverage that you can use to repair or replace the improvements that you made if they are damaged from a covered peril.

In addition, Travelers offers two critical optional riders

If your personal property is damaged, you get replacement coverage, which means you will be reimbursed for your items in full and at today’s value rather than get the depreciated cost.

You get a rider that covers expensive items like jewelry, fine art, laptops, and more, with higher coverage limits than a standard policy.

Unlike scheduling your high-cost items, you don’t need to have your property appraised or listed individually.

Progressive: Best for Many Discounts

Progressive teams up with third-party insurers to provide renters insurance.

Progressive is best known for offering extensive named peril coverages.

But it’s also known for the many discounts it offers to policyholders.

While one discount may not lower your policy in a significant amount, a bunch of them will.

Progressive Discounts

Early Quote

You get a discount for getting a quote from Progressive at least three days before your policy takes effect.

Pay in Full

You'll save if you choose to pay your premium in full rather than monthly.

Paperless Discount

If you decide to go paperless and wish to receive important documents electronically, you get a discount.

Security Measures Discount

If you have alarms, and security features like remote cameras, or if you live in a gated community or your rental complex has a doorman or security guard, you’ll get a discount.

Multi-Policy

Discount when you bundle with another Progressive insurance, such as auto.

Farmers: Best for Many Ways to File a Claim

Farmers offers a wide variety of coverages and your personal possessions are protected anywhere in the world.

An insurer like that is bound to cover your belongings in many ways, and Farmers delivers.

Farmers will reimburse you if your personal property is stolen from your car or rental vehicle or if theft occurs in your hotel room while you are traveling.

Farmers also offers something called “floater insurance,” which covers your personal property located in any place and also while your goods are being moved from one place to another.

For example, say you are moving from one rental to another and leave your rental truck opened while you carry boxes to your new place.

Now say that while you are in your new place and thieves raid your rental truck, floater insurance will provide additional coverage, which other insurers do not.

The policy is best for your expensive belongings like your jewelry because to qualify, they must be valued at above $500.

Besides covering your possessions above and beyond a basic policy, Farmers is also known for its easy claims process.

You can file a renters insurance claim with Farmers in many ways.

How We Ranked and Picked the Best Renters Insurance Companies in Tennessee

We looked at several factors to determine the best renters insurance company in Tennessee.

With so many renters’ insurance companies to choose from, we researched and narrowed down the list of 16 best in Tennessee. We looked at their ratings on criteria such as ease-of-use, financial strength ( Ratings ), and customer service quality/ Affordability.

Location

We didn’t just research renters insurance quotes in Tennessee.

Since we needed to compare quotes to find the best policy, we looked at a total of 25 cities in Tennessee.

We found that each of these cities had an average monthly premium of $20 per month. That’s higher than the state and national average, so we looked at why the rates are high.

We discovered that most cities had expensive premiums due to high crime rates and the many natural disasters they received.

The cities we looked at included Nashville, Memphis, Knoxville, Franklin, Bristol, Oak Ridge, Columbia, and Chattanooga.

What Natural Disasters are Not Covered in a Renters Policy?

Just like with homeowner’s insurance, the basic renters policy does not include coverage for floods or earth movement such as earthquakes and sinkholes.

At least Tennessee is not prone to earthquakes.

But for those who live in flood zones, it’s wise to get flood insurance.

How Much is Renters Insurance in Tennessee?

The best renters insurance companies combine many coverage options and dependable customer service.

They also should have affordable policies.

That said, the average cost of renters insurance in the US is $16 per month or $187 per year.

The average cost of a renters insurance policy in Tennessee is $260 per year or $22 per month.

Why are Tennessee Renters Rates So High?

Tennessee has had many catastrophic natural disasters. Also, Tennessee has a high violent crime rate.

Tennessee’s Natural Disasters

The National Oceanic and Atmospheric Administration state that Tennessee endured six different billion-dollar disasters last year.

Severe storms have caused the highest number of billion-dollar disaster events.

Tropical cyclones and flooding are the second and third most frequent event types.

Tropical cyclones are responsible for the highest number of deaths.

Severe storms, droughts, and heatwave are right behind.

Tornadoes in Tennessee also account for record-breaking billion-dollar

natural disasters.

According to the National Oceanic and Atmospheric Administration's State of Climate report, there were two deadliest tornadoes that hit Tennessee in 2020. In total, there were 35 tornadoes in Tennessee that year.

Flooding and Snowstorms

Flooding and snowstorms are also common problems in Tennessee.

Most towns in Tennessee that have rivers are susceptible to flooding. Unless you live in the mountains or on higher grounds, you should purchase flood insurance, additional coverage that will protect you from flood damage.

In particular, if you live in Davidson county, renters are required to buy flood insurance because their rentals often border a creek or stream.

In addition, Middle and East Tennessee are also known for both snowstorms and ice storms, which cause flooding.

Thunderstorms

Tennessee is also known for its thunderstorms. The Memphis area and middle Tennessee are most impacted by this natural disaster.