Whether you’re moving into your first apartment or downsizing into a rental, finding an insurance policy to protect your personal belongings and provide a layer of legal liability is important. There are several companies to choose from when deciding the right renters insurance in Tennessee.
We at the Guides Home Team researched and reviewed the top renters insurance companies and compiled a list of the best policy options in Tennessee. We analyzed each company based on its pricing, coverage, and reputation and included our top choices for you to compare and contrast.
The cheapest option for renters insurance in Tennessee is State Farm, which costs on average $155 per year. This is 18% less than the annual state average of $189.
*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a one-bedroom apartment with a single occupant and standard coverages in Nashville, Tenn. Your cost may vary depending on your location, coverage and personal property needs.
Top 5 Renters Insurance Providers in Tennessee of 2023
After in-depth research, we found the following companies to be Tennessee’s best renters insurance providers:
Lemonade Renters Insurance
- AM Best rating: Not Rated
Lemonade is a fully-online insurance provider, and its affordable pricing makes it our top choice for college students in Tennessee. Since Lemonade doesn’t have brick-and-mortar locations and uses digital (not paper) policies, it is able to cut business costs, and the company passes those savings to customers and charity.
A renters policy with Lemonade starts at just $6 per month in Tennessee. While the company doesn’t offer the most complex insurance plans on the market, it can provide cheap coverage that you can access in just a couple of minutes online. Lemonade also gives back a portion of paid premiums to charity and allows customers to select which organization to donate to.
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Nashville, Tenn., Lemonade renters insurance costs $6 to $17.92 per month, depending on your coverage. This range spans the lowest possible coverage limits to Lemonade’s standard selections.
The company also offers the following discounts and endorsements:
- Discounts: Multi-policy bundling, annual payment plan and prevention devices (if you have fire or smoke alarms, etc.)
- Endorsements: Water backup damage, landlord property damage, high-value property and spouse or significant other coverage
Get your quote: Fill out a Lemonade quote form.
To learn more: Lemonade renters insurance review
Geico Renters Insurance
- J.D. Power score: Not Rated
With easy-to-use features, multiple policy options and affordable rates, Geico offers a renters policy option that suits most general renters’ needs. The company offers customizable policies that allow you to choose your own deductible to increase your coverage or decrease your premium. It also offers unique tools like a personal property calculator and mobile app scanner to help you select the right amount of coverage.
Geico is also an ideal choice for people who already use the company for another type of insurance. Geico offers multi-policy discounts for those who bundle renters and car insurance — which can result in paying a lower premium on both services in Tennessee.
Costs and Coverage Options
We were unable to obtain sample quotes online since Geico requires sensitive information like your social security number. However, the company says on its website that policies start as low as $12 per month. Learn more about available discounts and policy add-ons:
- Discounts: Multi-policy bundling and discounts if your unit has safety alarms and smoke detectors
- Endorsements: Jewelry insurance, umbrella insurance, pet insurance and identity protection
Get your quote: Fill out a Geico quote form.
To learn more: Geico insurance review
Allstate Renters Insurance
Allstate is another insurance carrier that offers discounts for customers with multiple policies — it advertises a starting rate of $4 if you bundle coverage. Allstate also offers a discount of up to 25% off a renters insurance policy to retired seniors over age 55. While an average policy will cost around $16 without a bundle in Tennessee,
In addition to being a great option for seniors, Allstate is one of the most reputable insurers in the nation. It also offers an easy-to-use online platform for obtaining a quote and filing claims. If you are looking for additional coverage, Allstate has more riders than most competitors, a benefit if you have more complex rental coverage needs.
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Nashville, Tenn., Allstate renters insurance costs $16 to $30 per month, depending on the coverage you select. Allstate’s coverage mirrors other standard renters policies, but it does offer the ability to add more riders than some other companies, including the following:
- Discounts: Multi-policy bundling, senior discount and automatic payment enrollment
- Endorsements: Scheduled personal property protection, personal umbrella coverage, identity theft restoration and flood insurance
To learn more: Allstate renters insurance review
State Farm Renters Insurance
If you are looking to save money with cheap renters insurance, State Farm offers competitive rates — starting at $11 per month in Tennessee. Like many competitors, State Farm has discounts for bundled renters and auto policies and additional coverage if needed. The company offers comparable renters insurance coverage to other top providers, with unique riders for pet medical expenses and earthquake damage.
State Farm also has a wide network of insurance representatives who can help you customize your policy online or in person. If you prefer an in-person experience, this insurance agency has numerous physical locations and knowledgeable agents throughout Tennessee.
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Nashville, Tenn., State Farm renters insurance costs $11 to $18 per month, depending on your coverage. The average annual cost of renters insurance in the state is $155, according to Quadrant Information Services data.
In addition to your insurance premium, you can also add the following discounts and endorsements:
- Discounts: Multi-policy bundling and home alert protection
- Endorsements: Identity theft restoration, earthquake damage, pet medical insurance and personal liability coverage
To learn more: State Farm renters insurance review
Nationwide Renters Insurance
Nationwide is a reputable insurance provider with nearly 100 years in the industry. The company has an A+ rating with the Better Business Bureau (BBB) and a J.D. Power score of 859, indicating high overall customer satisfaction. These rankings are based on the responses of thousands of renters, showcasing Nationwide’s consistent customer service.
Nationwide provides quick and easy quotes online, over the phone or in person. Although Nationwide features more expensive policies than other companies on this list, what sets the company apart is the unique features its policies include. For example, in addition to standard renters insurance coverage, Nationwide’s policies include protection against credit card or bank fraud.
Costs and Coverage Options
Nationwide will likely not be your first choice if price is an important factor, but with superior customer experience ratings and advanced policy features, it’s a solid choice overall.
We were unable to obtain sample pricing online because the company requires you to speak with a customer service representative for renters insurance quotes. But you can review discounts and endorsements below:
- Discounts: Multi-policy bundling, protective device and claims free discounts
- Endorsements: Valuables plus coverage (scheduled personal property), theft extension, water backup and earthquake protection
To learn more: Nationwide insurance review
Do I Need Renters Insurance in Tennessee?
While there are no state laws requiring renters insurance coverage in Tennessee, it’s commonplace for landlords to request proof of coverage as a term of your lease. Some landlords may even refuse tenants who do not carry at least a certain level of renters insurance coverage.
Even if your landlord doesn’t require you to have renters insurance, it’s a good idea to explore coverage options. Renters insurance costs Tennessee residents around $15.75 per month on average and provides thousands of dollars in protection against personal property damage, theft and legal liability. Getting a quote takes only a few minutes — so we encourage you to request pricing information even if you aren’t sure you need coverage for your rental unit or home.
What Factors Affect Renters Insurance Rates in Tennessee?
Some of the major factors that will influence the price you pay for renters insurance in Tennessee include the following:
- Location: The location of a rental property can have a significant impact on the cost of renters insurance. If you live in an area of Tennessee that experiences higher annual property crime rates, you’ll likely pay more for coverage. Residents of Knoxville, Nashville and Chattanooga see the highest property crime rates in the state, which may lead to increased renters insurance coverage for residents.
- Overall coverage limit: Your policy’s personal property and liability limits play a direct role in the price of your coverage. The higher the coverage limits you select, the more an insurer must pay out in the event of a covered loss, which means you’ll pay more for coverage each month.
- Claims history: If you have filed a renters or homeowners insurance claim in the past, you are statistically more likely to file a claim in the future. As a result, you can expect to pay more for coverage if you have a claim on your record.
It can be helpful to get a quote from multiple providers to see which one offers the best coverage before selecting a policy. It’s also important to review policies in depth, including any coverage exclusions, to ensure you will have adequate protection for your belongings.
What Are the Common Causes of Renters Insurance Claims in Tennessee?
According to Lemonade, the most common reasons for renters insurance claims in Tennessee are theft, flooding and weather-related damage. Understanding renters insurance claims in your area can help you know when to use your coverage. The following are the most common claims insurance companies see and how each can affect your pricing.
Theft and Vandalism
Property loss is the most common claim seen by renters insurance companies in all states. If you live in an area with higher rates of property crimes, you’ll likely pay more for coverage. Alternatively, you may pay less if you live in an area with less property crime or a police or fire station nearby.
Flooding and Water Damage
Flooding is another common problem for Tennessee residents and is one of the most common natural disasters in the state due to its flat terrain. Unfortunately, most standard renters insurance policies do not cover damage resulting from flooding. However, some companies offer separate flood policies you can purchase for added protection. So if you live in a first-floor space or a flood zone, consider choosing an insurer with flood endorsement coverage.
Tennessee can see severe weather events ranging from thunderstorms to tornadoes. A renters insurance policy covers damage to your personal property if any belongings are damaged due to certain weather events, like windstorms and hail. However, it will not cover structural damage to the property itself.
Your policy may also cover additional living expenses if you are displaced due to events like fires or storms, as well as coverage of medical payments if someone is injured in your home.
The Bottom Line
A renters insurance policy can offer personal property protection and peace of mind for Tennessee residents. Overall, we recommend Lemonade as a top renters insurance provider in the Volunteer State. The company’s affordable coverage and digital structure make it a convenient option for most general renters. But if you’re interested in an in-person buying experience, more experienced providers like State Farm or Nationwide could be a better choice.
No matter which coverage provider you end up choosing, be sure to get multiple quotes before committing to a policy.
Get instant renters insurance quotes by entering your ZIP code in the form.
Methodology: Our System for Ranking the Best Renters Insurance Companies
Through in-depth research of the industry, we determined the following factors and weights to rate each company by:
- Overall cost: 15/100
- Add-ons and discount options: 20/100
- Standard coverage: 17.5/100
- State availability: 5/100
- Support availability: 20/100
- Connectivity: 12.5/100
- Authority: 10/100
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.
Sarah Horvath is one of the home service industry’s most accomplished writers. Her specialties include writing about home warranties, insurance, home improvement and household finances. You can find her writing published through distributors like HouseMethod, Architectural Digest, Good Housekeeping and more. When not writing, she enjoys spending time in her home in Orlando with her fiance and parrot.
Tori Addison is an editor with over five years of experience in the digital marketing industry. Her includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.