The best renters insurance companies combine affordable prices with robust coverage options and dependable customer service. To help you find the best insurer for your needs, we collected quotes from across Tennessee.
Compare cheap renters insurance options in Tennessee
We found renters insurance coverage for a low price of about $15 per month, or $175 per year in Tennessee. On average, renters insurance is more expensive in Tennessee than in other parts of the country. Below, we call out the cheapest insurer and the state's other top companies.
Best renters insurance for most people: State Farm
- Generally affordable policies
- Widely available to Tennessee residents
- Offers only a few upgrades
The best renters insurance in Tennessee comes from State Farm, which offers broad coverage for very affordable prices. On average, coverage from State Farm costs $15 per month, or $182 per year. The insurer is a few dollars more expensive annually than the cheapest provider, Tennessee Farmers, but State Farm is more widely available.
State Farm renters insurance allows customers to improve a basic policy by increasing their personal property coverage for high-value items. Additionally, renters can increase their personal liability protection to more than $1 million. Whether you can customize your policy more depends on your location.
Policyholders of State Farm renters insurance tend to be happy with the service they receive. The insurer's extensive online and local presence means renters can ask questions and file claims electronically or in person depending on their preference. Indeed, data from the National Association of Insurance Commissioners (NAIC) shows that State Farm receives few complaints for its size.
Cheapest renters insurance: Tennessee Farmers
- Cheapest rates in Tennessee
- Grants access to local farming resources
- Lack of customization
- Requires a Farm Bureau membership
Tennessee Farmers, a part of the Farm Bureau system of insurance providers, tends to offer the cheapest coverage in the state to its members. A policy costs about $15 per month or $175 per year, but access to Tennessee Farmers' insurance plans requires a $30 membership fee. This means State Farm is the cheapest renters insurance for people who aren't already Farm Bureau members.
Aside from cheaper insurance, Farm Bureau members also get discounts at retailers and restaurants. Members can also access the Farm Bureau's farming resources, like its buyer's guide, and participate in the company's advocacy programs for legislation concerning local and national agricultural issues.
Typically policyholders seem to be satisfied with the service they receive from Tennessee Farmers. The insurer receives very few complaints relative to its market share, according to the NAIC. Its A+ credit rating from A.M. Best means policyholders won't have to worry about the insurer's ability to pay its claims.
Best renters insurance for customer service: Erie
- Highly rated customer service
- Offers discounts to renters with auto policies
- Requires you speak to an agent for a quote
If you're looking for renters insurance with the best reputation for customer service, Erie is an insurer to consider. Erie received only about 25% of the complaints expected for its size. Additionally, J.D. Power rated its service the fifth-best in the country among large insurance providers. These scores were the best among widely available providers.
Erie's renters insurance policy features are fairly standard. With Erie, renters get coverage for their personal property, along with personal liability protection and additional living expenses if their homes become inhabitable. While Erie meets the basic needs of many renters, those looking for more ways to customize a policy might prefer another insurer.
Erie's car insurance policyholders can get a discount by bundling renters insurance, but all policyholders will need to talk with an insurance agent to get a quote. While this ensures you get individualized attention, it's less convenient for some than other companies' online quote forms.
How we chose the best renters insurance in Tennessee
To determine which of the companies in Tennessee has the best renters insurance, we measured three qualities of each insurer. We ranked insurers' performance in these three categories:
- Affordability: How much a company tends to charge for a basic policy.
- Coverage options: The quality of a basic policy and the number of ways to customize coverage.
- Customer service: The reputation an insurer has of responding quickly and fairly to its customers' needs.
Affordability: Comparing the average cost of renters insurance in Tennessee
The average cost of renters insurance in Tennessee is $22 per month or $260 per year. Generally, renters in Tennessee pay more for coverage than people in other parts of the country, where, on average, renters insurance costs about $16 per month, or $187 per year.
Tennessee Farmers and State Farm tend to offer the cheapest renters insurance in the state, while Farmers often charges the highest rates for its policies.
What is the average cost of renters insurance in Tennessee?
|Insurance provider||Monthly cost||Annual cost||% difference from average|
|Tennessee Farm Bureau||$15||$175||-33%|
If you've received a quote for renters insurance, it may differ from the quote your next-door neighbor gets. That's because your rates are determined by multiple factors, including your location, the material of your home and your insurance provider. Nothing influences your price more than the coverage you elect.
The quotes we collected correspond to the following coverage limits:
- Personal property coverage: $30,000
- Personal liability: $100,000
- Medical payments to others: $1,000
- Deductible: $500
Additionally, your rates are also determined by personal characteristics, like your age, marital status and insurance history. We gathered rates for a 30-year-old unmarried man with no history of making claims and no pets.
Compare cheap renters insurance options in Tennessee
Coverage options: Evaluating the features that come with renters insurance
While renters insurance companies always provide basic forms of protection for your personal property and coverage for liability, the add-ons offered by one insurer can differ markedly from those of another. The following table displays the additional coverages available with each insurer.
|Insurer||Personal property coverage||Personal liability||Earthquake||Water-backup coverage||Identity theft protection||Replacement-cost coverage||Valuables plus|
|State Farm||$10,000 – more than $100,000||$100,000 – $1 million||X||-||X||-||X|
|Liberty Mutual||$5,000 – $25,000||$100,000 – $1 million||X||-||X||X||X|
|Allstate||$15,000 – more than $100,000||$100,000 – $500,000||-||-||X||-||-|
|Farmers||$4,000 – $150,000||$100,000 – $1 million||-||-||X||X||-|
Adding coverages to a basic policy will increase the price you're quoted. However, depending on your needs, it could be worth it to take on the extra costs for enhanced protection. Renters insurance isn't mandatory, so you can customize your policy according to what's useful for you.
- Water-backup protection: Covers water damage resulting from backed-up drains or sump pumps.
- Replacement-cost coverage: Replaces your damaged or stolen property for its full value without considering its monetary depreciation.
- Valuables plus: Allows you to increase the coverage for high-value items, like firearms or jewelry.
Customer service: Judging the dependability and responsiveness of insurers
We compared each insurer's NAIC Complaint Index, J.D. Power score and A.M. Best Financial Strength Rating to find which provider offers the best and most consistent customer service to its policyholders. Below, we've illustrated our findings in a table.
|Group||NAIC Complaint Index||J.D. Power score (out of 14)||A.M. Best Financial Strength Rating|
|Tennessee Farmers||0.18||Not rated||A+|
|Auto-Owners Insurance Co.||0.25||Not rated||A++|
- NAIC Complaint Index: The Complaint Index communicates the number of complaints a company gets relative to its size. A lower Complaint Index is best. Numbers less than 1.00 signify that an insurer receives few complaints for its market share.
- J.D. Power Homeowners Insurance Study - Renters Insurance: J.D. Power's study compares the service quality, claims satisfaction, coverage offerings and price of 14 of the nation's largest renters insurance providers. Customer feedback in these areas is combined into an overall satisfaction number, which is used to rank insurers.
- A.M. Best Financial Strength Rating: Using A.M. Best's credit ratings, customers can easily gauge the ability of an insurer to pay out its claims and meet other financial obligations, especially during economic downturns.
Tennessee renters insurance rates: City-by-city breakdowns
During the course of our company comparison study, we found the average cost of renters insurance in Tennessee's largest cities. The following table also shows how the typical cost of coverage in each city compares to the statewide average. Our findings are listed by population size.
The cheapest city for renters insurance in Tennessee is Franklin, while Memphis tends to be the most expensive.
|City||Monthly cost||Annual cost||% difference from statewide average|
We collected 125 quotes from across the state to find the best renters insurance in Tennessee. To get these quotes, we used a sample profile that had the characteristics of a 30-year-old unmarried man without a history of making insurance claims. Our rates reflect the cost of a policy with $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to others.