Nashville, Tennessee, is a southern powerhouse full of culture and charm. Do you rent an apartment, condo or home in Nashville? If so, you can protect yourself and your property with a comprehensive renters insurance policy. Here’s a crash course on everything you need to know about renters insurance in Nashville.
Best Renters Insurance in Nashville, TN:
- Nationwide: Best Overall
- State Farm: Cheapest
- Esurance: Best for College Students
- Allstate: Best for Seniors
- USAA: Best for Military Families
- Best Renters Insurance in Nashville, TN:
- Renters Insurance in Tennessee Overview
- Average Annual Renters Insurance Premium in Nashville
- Renters Insurance Coverage Explained
- Most Affordable Cities for Renters Insurance in Tennessee
- Most Expensive Cities for Renters Insurance in Tennessee
- Best Renters Insurance Providers in Nashville
- Protect Yourself and Your Home
Renters Insurance in Tennessee Overview
About 34% of Nashville residents rent their living space, and the average renter pays around $1,030 per month. Renters insurance offers you and your belongings good protection.
Unlike car insurance, you aren’t legally required to have renters insurance if you rent your living space. Renters insurance does offer some unique protections and is very affordable compared to other types of insurance. Your landlord may also require some form of insurance as a condition of your lease.
Renters insurance works largely the same way as homeowners insurance.
- You’ll pay a monthly premium to your insurance company to keep your coverage current after you sign onto a policy.
- You’ll first pay to repair or replace your damaged belongings when you have a claim.
- Your insurance company will then reimburse you up to your coverage limits. Most renters insurance policies also include a deductible you must meet before your insurance kicks in and starts covering the bills.
Renters insurance is usually much less expensive than homeowners insurance because it only covers the contents of your living space. Renters insurance will not cover damage to the physical structure of your apartment or unit — this is your landlord’s responsibility. Landlord insurance covers the dwelling itself and renters insurance does not.
Average Annual Renters Insurance Premium in Nashville
Renters insurance is exceptionally affordable. For example, the average Tennessee resident pays about $185 per year for his or her renters insurance, which equals about $15 per month. Most renters insurance companies also offer a number of discounts to lower the amount you pay. The specific discounts you’ll have depend on the insurance provider you choose. Some common discounts you’ll see include:
- Multi-policy discounts: You can often save by bundling multiple types of insurance if your renters insurance company offers car insurance, business insurance or life insurance.
- Safe home discounts: Does your rental unit have a security alarm system? If it does, you may be able to save on your insurance.
- Payment system discounts: Most companies offer a discount if you pay your premium in full when you sign onto your policy. If you can’t pay it in full, you might be able to save when you agree to autopay or opt for paperless statements.
Renters Insurance Coverage Explained
Most renters insurance policies include 3 types of coverage:
- Personal property: Personal property coverage pays to repair or replace your personal belongings after a covered peril up to your coverage limit. Clothing, furniture, electronics and other types of personal items are included in this coverage. Personal property coverage doesn’t include coverage for vehicles you own — you’ll need comprehensive car insurance for that.
- Personal liability: Personal liability coverage pays for legal representation and court-ordered judgments if someone is injured on your property up to your policy limit. Your personal liability insurance may also cover you if you accidentally break or damage someone else’s property in your home.
- Additional living expenses: Let’s say your home gets damaged and it’s deemed unlivable. Additional living expenses cover the costs of finding a new place to stay while your space is being repaired. Hotel bills, transportation expenses and bills for meals normally cooked at home are the most common expenses covered by this type of protection.
Most Affordable Cities for Renters Insurance in Tennessee
How does Nashville stack up to other cities with renters insurance expenses? Here are the most affordable cities for renters insurance in Tennessee:
Most Expensive Cities for Renters Insurance in Tennessee
Expect to pay more for your renters insurance if you live in one of these cities:
- Union City
Best Renters Insurance Providers in Nashville
Now that you understand how renters insurance in Nashville works, let’s take a closer look at some of the best companies that offer affordable coverage for renters.
1. Nationwide: Best Overall
Look no further than Nationwide if you’re looking for comprehensive renters insurance at an affordable price point.
Nationwide’s basic insurance package extends to services that many other companies charge a premium for, including building additions, funeral expenses if someone is mortally wounded on your property and even coverage for unauthorized credit card transactions.
Nationwide also makes it easy to add on a rider policy if you have something very valuable you need to protect, like a musical instrument or jewelry collection. Finally, there are also plenty of discounts to take advantage of as well. Save when you bundle your insurance with other types of insurance, install a home security system and more.
2. State Farm: Cheapest Renters Insurance in Tennessee
Want to save money on renters insurance? You might want to make the switch to State Farm. State Farm offers some of the most affordable insurance in Nashville and the surrounding areas.
Think you’re less likely to run into problems but still want to stay protected? State Farm allows you to minimize your premium by taking on a higher deductible.
This will increase your financial responsibility when you file a claim but it can be an asset for renters who don’t think they need coverage but whose landlord requires it.
3. Esurance: Best for College Students
Nashville is packed to the brim with school spirit — from Belmont University to Tennessee State. However, many college students have trouble understanding when they need renters insurance and finding affordable coverage.
Esurance makes renters insurance simple and easy to understand — policies are available for as little as $14 per month.
Esurance even allows college students to add roommates to their coverage for an additional fee.
4. Allstate: Best for Senior Citizens
Senior citizens living on a fixed income often have trouble affording nonessential expenses. Allstate offers special policy discounts for individuals 55 and older.
This is a rare discount but it can be an asset if you’re living on a set income and need an affordable and predictable premium.
Allstate also makes renters insurance exceptionally easy to understand and clearly lays out what each of its policies covers. It even has a short 5-question quiz to help you understand what’s covered — and what’s not.
5. USAA: Best for Members of the Armed Forces
If you or a close member of your family served in the military, you might be able to find the most affordable coverage through USAA. USAA is a unique insurance provider that only offers policies to members of the armed forces, veterans and their immediate family members.
USAA’s renters insurance policies boast a number of benefits that with other providers you’d have to pay extra for.
USAA standard policies include coverage for floods and earthquakes — 2 hazards that almost every other insurance provider charges at a premium.
Its policies also extend to items inside your car, though USAA won’t cover damage to your actual vehicle.
Protect Yourself and Your Home
You want to save as much as possible when you buy insurance. But how can you tell if you’ve got a good rate? Be sure to request a number of insurance quotes before you choose any type of policy. Like home insurance and car insurance, renters insurance companies each use a unique formula to determine how much you’ll pay for coverage. This means that you could submit 10 applications for the same coverage with 10 competing companies and get 10 different prices.
Don’t be afraid to shop insurance policies before you sign up for one. You never know how much you could save until you know what’s out there.