Renters insurance provides peace of mind when you need it the most. If a fire, theft, flood, tornado or other covered event destroys your possessions, renters insurance provides financial relief to replace these items. Given the volatile weather Tennessee can face, this protection is vital for Tennessee renters.
There are several components that make up renters insurance policies. The first is the personal property aspect. This covers items in your apartment such as your clothes, computer, mattress and furniture under a covered event.
Then there’s the personal liability feature. With this, you receive protection if a guest incurs injury in your apartment and has medical expenses as a result. Your policy covers these bills so you don’t have to worry about financial loss in a lawsuit.
Lastly, there is a loss-of-use coverage component. This takes effect if you cannot live in your apartment due to fire, flood, or other event and have to pay for a hotel, additional expenses for food, even parking.
So, how much renter’s insurance do you need? This depends on the estimated value of your possessions and your landlord’s requirements (if they have any.) If you own more items, you might consider bumping up your personal liability amount.
Now that you know more about renter’s insurance, here are some of the best providers in the state.
Best renters insurance companies in Tennessee
When searching for the best Tennessee renters insurance companies, compare a variety of factors such as the company’s reputation, its financial strength, how well it processes claims and customers’ overall satisfaction with a company. With this in mind, here are the top renter’s insurance providers in the state:
- Allstate: Allstate is an excellent option for seniors and others who seek a reputable, inexpensive provider. Allstate has several discounts and coverage options to help you customize your plan.
- Esurance: Esurance is a simple option for people who need basic coverage. It also has a few add-on options such as sewer or drain backup, replacement cost and earthquake coverage.
- Nationwide: Nationwide made the list thanks to its outstanding reputation for being “on your side.” Renters insurance through this company is affordable.
- State Farm: State Farm charted a similar course. The provider earned a five out of five with J.D. Power, showing a high-level of satisfaction among all its customers. State Farm also provides some of the cheapest rates for renters insurance. You could pay less than $15 monthly (depending on how much coverage you require.)
- USAA: USAA continues to be the best for military families, as the company offers unparalleled service, excellent rates and a wide selection of policy choices.
| J.D. Power rating | AM Best rating | BBB rating | |
|---|---|---|---|
| Allstate | 2 out of 5 | A+ | A+ |
| Esurance | Not rated | A+ | A- |
| Nationwide | 2 out of 5 | A+ | A+ |
| State Farm | 5 out of 5 | A++ | A+ |
| USAA | 5 out of 5 | A++ | Not rated |
As you can imagine, insurance needs vary based on age groups. With this in mind, here are some of the best renters insurance companies for certain people.
The best Tennessee renters insurance for college students: Esurance
Esurance is a no-frills option that helps you fulfill your landlord requirements. It offers some of the cheapest policies for renters insurance with monthly costs averaging $15.
The best Tennessee renters insurance for customer service reputation: State Farm
If you want to go with a provider that has an outstanding reputation, State Farm is an excellent fit for you. It earned top marks in the J.D. Power customer satisfaction survey. In fact, State Farm is one of the only providers who earned five out of five stars. It also offers affordable rates, especially if you bundle multiple policies with the provider.
The best Tennessee renters insurance for seniors: Allstate or USAA
This is a tie between Allstate and USAA. If you or a family member have been in the military, there’s no better option than USAA. It’s among the least expensive providers on all things insurance, and the customer service is exceptional. Meanwhile, Allstate has an excellent reputation (it earns an A+ rating with the Better Business Bureau), and it offers some of the lowest rates for seniors (depending on where you live and how much personal property coverage you require.)
Frequently asked questions
How much renters insurance do I need in Tennessee?
How much insurance you needs depends on how much coverage you need for personal property and any requirements your landlord imposes Most policies come with $100,000 of protection for the dwelling and $10-$15,000 in personal property, but you might want to opt for more if you have expensive equipment such as cameras, computers or collectibles.
What’s the best renters insurance company in Tennessee?
State Farm is a smart option to choose because it has the highest customer satisfaction rating, according to J.D. Power. It also offers generous discounts if you bundle your renters insurance with other policies (auto, life, etc.) from State Farm. That said, because people have different insurance needs, you might find that a different option is the best company for your circumstances.
What do you look for in a renters insurance company?
Some of the factors you want to examine are the provider’s reputation, customer satisfaction and financial strength. You can research the company’s reputation through the Better Business Bureau, which assigns a grade based in part on how well a provider resolves customer issues. J.D. Power’s customer satisfaction survey is a great resource to use to learn more about customer reviews, while a provider’s AM Best rating indicates the financial strength of the company and its ability to pay out claims.
How do you file a claim?
Many insurance providers allow you to file claims through its website or app. You have to register online to set up an account (this normally takes 3-5 minutes) or you can call the customer service number and choose the prompt to begin your claim.
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