Tennessee Renters Insurance

Three reasons a Tennessee renter buys this

1
The landlord’s policy covers the building, and nothing of yours
This is the single most common misunderstanding about renting. The building is insured by the owner; your furniture, clothes, electronics, bike and kitchen are not, and neither is your liability. Add up what it would cost to replace the contents of your apartment from an empty room and the number is usually several times what people guess. Many Nashville, Knoxville and Memphis leases now require a policy with a stated liability limit anyway, which is why the question comes up at signing.
2
Liability is the expensive half, and water is how it happens
In an apartment building the claim that costs real money is not your television. It is your washing machine hose or your overflowing tub damaging two units below you, or a guest hurt in your living room. Renters liability coverage answers for that. It also follows you off the premises in most cases. It is the part of the policy you are least likely to use and most likely to need.
3
Tennessee storms are covered; the river is not
Wind, hail and tornado damage to your belongings is covered, along with fire, theft and vandalism. Flood is not, on a renters policy any more than on a homeowners policy — and the 2010 Middle Tennessee flood reached a great many ground-floor apartments outside mapped high-risk zones. Earthquake is excluded as well, which is worth a question in Memphis. Contents flood coverage is available separately and is inexpensive for a renter.

Replacement cost or actual cash value

The choice that matters most on a cheap policy. Actual cash value pays what your four-year-old laptop is worth now; replacement cost pays what a new equivalent costs. The difference in premium is small and the difference at claim time is not. Ask for replacement cost on contents, and ask what the deductible is, because a low deductible on a small contents limit sometimes is not worth what it adds.

Loss of use, which is the coverage renters forget they bought

If a fire or a storm makes the unit uninhabitable, loss of use pays the additional cost of living somewhere else — a short-term rental, a hotel, the difference in rent — while it is repaired. In a building-wide claim that is not a weekend, it is months. It is included on essentially every renters policy and almost never asked about, and it is frequently worth more than the contents limit.

Students, roommates and the things worth scheduling

A student at the University of Tennessee or Vanderbilt living in a dorm is often covered under a parent’s homeowners policy at a reduced limit; off-campus in a lease is usually a separate renters policy. Roommates are generally not covered by each other’s policies and each needs their own. And a few categories — jewelry, cameras, musical instruments, firearms, bicycles — carry internal sublimits far below their value, which is a particular issue in Nashville. Those are scheduled individually.

Bundling with auto, which is where the math changes

Renters and auto bundle the same way home and auto do, and the multi-policy discount on the auto side frequently offsets a good part of the renters premium. You do not have to own property to get the credit. Ask what the discount comes to on each policy rather than on the package, and compare the pair against what you are paying now.

What to have ready

The address, unit number and floor
A rough contents total — walk room by room rather than guessing
The liability limit your lease requires, if it states one
Whether you want replacement cost rather than actual cash value
Anything valuable enough to schedule: jewelry, instruments, cameras, firearms, bikes
Whether you have a dog, and the breed, since some carriers restrict them
Whether roommates need to be on the policy or need their own
Whether you want contents flood coverage, particularly on a ground floor
Your vehicle details, if you want the policies quoted together

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Frequently asked questions

Is renters insurance required in Tennessee?

Not by state law, but a lease can require it, and many Tennessee leases now do — usually naming a minimum liability limit. The landlord’s own policy covers the building and nothing of yours either way.

How much renters insurance do I need?

Enough contents coverage to replace what you own from an empty room, and enough liability to cover the damage you could cause to other units and the people in them. Walking room by room produces a better number than estimating from memory.

Does renters insurance cover tornado damage?

Yes. Windstorm, including a tornado, is a covered peril for your belongings, as are fire, theft and vandalism. Flood is not covered, and earthquake is excluded as well.

My bathtub overflowed into the apartment downstairs. Am I covered?

That is what the liability portion of a renters policy is for. It is also the claim most likely to exceed a low liability limit, which is why the limit is worth a moment on the call.

Am I covered as a student at UT or Vanderbilt?

In a dorm you may be covered under a parent’s homeowners policy at a reduced limit. Off campus on a lease, that usually does not extend, and a renters policy of your own is the straightforward answer.

Can I bundle renters with my car insurance?

Yes, and it is common. The multi-policy discount applies to the auto side as well, which often covers a good part of the renters premium. Ask what the discount comes to on each policy rather than on the package.

Other Tennessee coverage

Tennessee auto insurance Tennessee homeowners insurance Tennessee condo and townhome insurance ← All personal insurance

Three reasons a Tennessee renter buys this

The landlord’s policy covers the building, and nothing of yours

Liability is the expensive half, and water is how it happens

Tennessee storms are covered; the river is not