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Best Renters Insurance in Tennessee (2024)

Our guide to the best renters insurance companies in Tennessee compares provider coverage options, limits, endorsements, and discounts.

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via Lemonade’s secure form
Updated: Mar 05, 2024
Written by
Jesus Sanchez Garcia
Written by Jesus Sanchez Garcia Author

Jesus Sanchez Garcia is a writer who specializes in producing content about home warranties, renters insurance and other home categories. He has an eye for research and regularly conducts interviews with industry experts to provide sound advice to homeowners. Jesus has a Bachelor’s Degree in Business Administration. When he isn’t producing content, you can find Jesus enjoying a cup of coffee at a local cafe or cheering on his beloved Arsenal.

Edited by
Allie Rosa
Edited by Allie Rosa Author

Allie Rosa is an experienced editor with a background in crafting and refining content across various home and thought leadership categories. Allie holds a bachelor’s degree in English and completed her master’s degree at Columbia University. Away from the editing desk, Allie enjoys reading, practicing yoga and traveling.

Renting a home in a vibrant city such as Nashville or Memphis is a dream for many people. Whether you’re a new resident or a native Tennessean, protecting your personal property is important. Consider a renters insurance policy to worry less about the unexpected. It covers valuables from loss or damage sustained in fires, natural disasters, vandalism, and more. Quartz Advisor analyzed the best renters insurance companies nationwide and rounded up the top providers in Tennessee. Read on to learn why these are our top picks.

In This Review:

6 Best Renters Insurance Companies in Tennessee

Here are the top renters insurance providers in Tennessee:

For this article’s coverage information, our team pulled quotes for an 800-square-foot apartment in Nashville, Tennessee. Your pricing, deductible, and available coverage may vary depending on your home’s size, type, and location, applicable discounts, and your chosen plan and endorsements.

Lemonade

Best for Easy Coverage
4.4
J.D. Power 854/1000 A.M. Best N/A

Lemonade is our top pick for Tennessee renters due to its affordable and customizable renters insurance coverage. It offers plans for as low as $7 per month and allows you to customize your loss of use, medical payments to others, personal liability, and property coverage. Lemonade provides an easy-to-use app where you can file claims, add additional coverage, and more.

Pros and Cons
Pros Includes access to its mobile app Offers the easiest sign-up process compared to other providers Donates unused claim funds to national charities Cons Doesn’t offer customer service via an agent Raises monthly premium significantly when you increase personal property coverage
Additional Coverage Options

Lemonade offers several endorsements to boost your coverage:

  • Additional coverage for jewelry, fine art, and more
  • Appliance equipment breakdown
  • Coverage for landlord property damage
  • Coverage for your significant other
  • Water backup protection
Available Discounts

Lemonade provides discounts that lower your monthly premium if you are eligible.

  • Bundling discount: This discount is available if you bundle your renters insurance with auto, pet, or term life insurance.
  • Protective devices discount: You may be eligible if your home has installed fire and burglar alarms or a smart water valve.

Toggle

Best for Flexible Pricing
4.3
J.D. Power N/A A.M. Best A

Toggle makes it simple to choose the level of coverage you need for your rental at the perfect price to fit your budget. Our team was able to get quotes on a basic, standard, and premium policy after submitting a name, address, and birthday with the basic policy costing only $5 per month. We had the flexibility to completely customize coverage amounts, and adding endorsements was as easy as toggling on the selections we wanted. We were able to purchase a plan in only 2 minutes that could start as early as today.

Pros and Cons of Toggle Renters
Pros Basic plan is only $5 a month Replacement cost coverage available for just $3 a month Members gain access to exclusive discount portal Cons Customer support is only available by email and live chat Auto insurance is only available in 9 states, so it may be difficult to bundle
Additional Coverage Options

Here are the endorsements you can add to a Toggle plan:

  • Pet Parent
  • Replacement Cost
  • Temporary Living Costs
  • Side Hustle
  • Identity Protector
  • Significant Other
Available Discounts

Although not explicitly stated in the quote process, we identified several discounts that customers are eligible for by speaking with a customer service representative.

  • Diminishing deductible: For every year you don’t file a claim, your deductible will decrease with no added cost to your policy.
  • Multi-policy: Customers who bundle with auto insurance are eligible to save with this discount.

State Farm

Best for Valuables Coverage
4.6
J.D. Power 844/1000 A.M. Best A++

State Farm is a reputable insurance provider for Tennessee renters. It includes valuable personal belongings coverage for items such as jewelry and firearms within its standard plans. Most providers offer valuables coverage as an endorsement only. State Farm provides up to $10,000 in medical payments to others, further boosting your liability protection.

Pros and Cons
Pros Grants coverage the day you purchase a policy Provides low deductibles Includes up to $1,000,000 in personal liability coverage Cons Offers limited add-ons Requires you to finalize quote purchase with an agent
Additional Coverage Options

State Farm offers the following endorsements:

  • Backup or sewer drain endorsement
  • Cyber event, identity restoration, and fraud loss endorsement
  • Earthquake endorsement
  • Flood insurance endorsement
Available Discounts

State Farm provides insurance discounts that lower your monthly premium if you are eligible.

  • Bundling discount: You may be eligible if you purchase an auto insurance policy with a renters insurance policy.
  • Claim record discount: State Farm offers this discount if you haven’t filed a claim with a previous insurance carrier within five years.
  • Higher deductible discount: You can lower your monthly premium by choosing a higher deductible and vice versa.
  • Home alert protection discount: This discount lowers your insurance rates if your home has installed smoke detectors and burglar and fire alarms.

Liberty Mutual

Best Value
4.4
J.D. Power 848/1000 A.M. Best A

Liberty Mutual provides solid renters insurance coverage at an affordable price. It offers personal belongings, loss of use, medical payments to others, and liability coverage for less than $12 a month. Liberty Mutual provides multiple deductibles for those who want to customize their monthly premium.

Pros and Cons
Pros Offers a low $250 deductible Provides multiple premium discounts Offers actual cash value and replacement cost value policies Cons Has a low personal belongings coverage limit Requires additional personal information before providing a quote
Additional Coverage Options

Liberty Mutual offers the following endorsements to supplement your coverage:

  • Blanket jewelry coverage
  • Earthquake coverage
  • Portable electronics coverage
Available Discounts

Liberty Mutual offers the following insurance discounts:

  • Claims-free discount: This discount is available to those who haven’t filed a claim with a different insurance agency in the past five years.
  • Early shopper discount: You can save if you purchase a renters insurance policy before your current policy expires.
  • Multi-policy discount: Liberty Mutual adds this discount when you pair your renters insurance with other insurance policies, such as an auto policy.
  • Online sign-up discount: This discount is available if you purchase a policy online.
  • Preferred payment discount: You’re eligible for this discount when you enroll in an automatic payment plan.

Allstate

Best for Unique Coverage
4.7
J.D. Power 835/1000 A.M. Best A+

Allstate offers comprehensive protection for your belongings. Its standard renters insurance policy covers valuables such as artwork without an additional endorsement. Allstate provides live online chat support for your convenience.

Pros and Cons
Pros Offers up to $150,000 for personal property protection Grants coverage the day you sign up Allows you to file a claim online, over the phone, or through your insurance agent Cons Limits valuables coverage to a maximum of $2,500 per policy term Lacks clarity on what counts as a covered loss
Additional Coverage Options

Allstate offers its identity theft endorsement when you pull a quote online. Here is an additional list of endorsements you can add by speaking with an Allstate agent.

  • Flood insurance endorsement
  • Personal umbrella policy
  • Scheduled personal property endorsement
Available Discounts

Allstate provides insurance discounts that lower your monthly premium if you are eligible.

  • 55 and retired discount: Allstate offers this discount to renters who are 55 and older.
  • Easy Pay Plan: This discount is available when you enroll in an automatic payment plan.
  • Multi-policy discount: You’re eligible for this discount when you bundle your renters insurance with a car insurance policy.

Farmers

Best for Loss of Use Coverage
4.4
J.D. Power 842/1000 A.M. Best A

Farmers renters insurance is our final recommendation for Tennessee renters thanks to its generous loss of use coverage. Farmers policies cover up to 100% of additional living expenses should your home become uninhabitable due to a covered loss. It offers customizable insurance rates via six deductibles.

Pros and Cons
Pros Provides a low $100 deductible Covers up to 100% loss of use Offers unique discounts such as a non-smoking discount Cons Excludes coverage for high-risk dog breeds Charges higher monthly premiums compared to other providers
Additional Coverage Options

Farmers offers the following endorsements when you pull a quote from an agent:

  • Earthquake endorsement
  • Flood insurance endorsement
  • Jewelry, fur, and firearms coverage
Available Discounts

Farmers renters insurance provides various policy discounts to lower your monthly premium.

  • Claims-free discount: This discount is available to those who haven’t filed a renters insurance claim within the last three years.
  • Multiple policy discount: Farmers discounts your renters insurance when you bundle your policy with life or auto insurance.
  • Security system discount: You may be eligible if your home has installed fire alarms or security systems.
  • Smoke-free discount: Farmers offers this discount for renters who have been smoke-free for two years.
  • Welcome discount: New Farmers customers are eligible for this discount.

What Is the Average Cost of Renters Insurance in Tennessee?

According to the Insurance Information Institute (III), the average cost of renters insurance in Tennessee is $189 annually or $15.75 monthly. Tennessee ranked eighth in the country for the most expensive renters insurance. Below is a list of common factors that affect renters insurance rates:

  • Coverage amount: The total coverage amount you choose affects your monthly cost for a policy. Determine how much coverage you need for personal property, liability, loss of use, and medical coverage to others before purchasing a plan.
  • Coverage type: An actual cash value (ACV) coverage plan typically costs less than a replacement cost value (RCV) coverage plan. ACV reimburses you for the value of a covered item minus depreciation. RCV plans pay you the market value of a covered item.
  • Location: Where you live impacts your monthly premium. If you live in an area known for earthquakes, flooding, or windstorms, providers will charge more for your renters insurance policy.

What Does Renters Insurance Cover?

The four types of renters insurance coverage consist of the following: liability, loss of use, medical payments to others, and personal property. 

  • Liability coverage: Liability coverage protects from damages caused by you or your pet. For example, liability coverage covers up to your coverage limit if your dog damages your neighbor’s fence.
  • Loss of use coverage: Loss of use coverage pays for living expenses associated with your home becoming uninhabitable. Common living expenses include meals, laundry, and lodging.
  • Medical payments to others coverage: Medical payments to others covers medical expenses someone may incur if they get injured in your home or on the rental property.
  • Personal property coverage: Personal property coverage protects your belongings from covered perils such as fire, theft, wind, water damage, or vandalism.

What Risks Do Renters in Tennessee Face the Most?

Tennessee experiences inclement weather and other natural disasters, according to the Tennessee Department of Military. Below is a list of the most common risks Tennesseans may face.

  • Floods: Slow-rise flooding is a common occurrence in Tennessee. Some providers offer coverage for flood damage as an endorsement. Purchase the amount of coverage you need to cover your personal property.
  • Tornadoes: Tornadoes are another common risk in Tennessee. Most providers list tornado damage within storm coverage. Consider purchasing renters insurance if you live in a tornado-heavy zone. 
  • Wildfires: Wildfires frequently occur in Tennessee. Those who live near dense forests are more likely to experience wildfire damage.

Our Conclusion

Replacing your damaged or stolen belongings can be expensive. Renters insurance offers peace of mind by covering your valuables from incidents outside of your control. The Quartz Advisor Reviews Team recommends Lemonade for its easy and comprehensive coverage. We also recommend State Farm for those who have expensive personal property. Liberty Mutual is worth considering for those who need protection on a budget.

Before purchasing a policy, we recommend pulling quotes from three providers to compare policy costs, coverage limits, exclusions, and limitations.

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FAQ About Renters Insurance in Tennessee

Does renters insurance cover flood damage?

No, standard renters insurance does not cover flood damage. Some providers, such as State Farm, offer flood damage protection as an endorsement.

Can a landlord require renters insurance in Tennessee?

The state of Tennessee doesn’t require you to purchase renters insurance. However, some landlords or rental management companies may ask you to have a policy before you move in. A renters insurance plan protects your valuables against damage from storms or vandalism.

How do I file a renters insurance claim?

Generally, you file a renters insurance claim online or over the phone with an agent. Some companies provide a mobile app, which makes filing a claim more convenient.

What is blanket jewelry coverage?

Blanket jewelry coverage is a phrase that describes a provider’s total coverage limit for jewelry aside from your personal property coverage. This means your jewelry will have its own coverage limit and won’t pull from your personal property limit when you file a claim. 

Our Rating Methodology

Quartz Advisor rates providers using comprehensive review standards to score each company. Our review standards compare relevant factors such as cost, coverage, customer experience, technology, and reputation, which tally up to 100 points. In addition, we reviewed provider websites, customer access features, and tools; spoke with representatives; obtained sample quotes and policy terms; analyzed AM Best and JD Power ratings; and reviewed online customer feedback for each provider.

*All AM Best and JD Power ratings used in this review are accurate as of January 2024

Jesus Sanchez Garcia Author

Jesus Sanchez Garcia is a writer who specializes in producing content about home warranties, renters insurance and other home categories. He has an eye for research and regularly conducts interviews with industry experts to provide sound advice to homeowners. Jesus has a Bachelor’s Degree in Business Administration. When he isn’t producing content, you can find Jesus enjoying a cup of coffee at a local cafe or cheering on his beloved Arsenal.

Allie Rosa Author

Allie Rosa is an experienced editor with a background in crafting and refining content across various home and thought leadership categories. Allie holds a bachelor’s degree in English and completed her master’s degree at Columbia University. Away from the editing desk, Allie enjoys reading, practicing yoga and traveling.