If you’re a renter, would you be able to replace your personal belongings if you had a fire, or if you’re home were damaged or destroyed by severe weather? Renters insurance is important for all renters who want some financial backup for unforeseen circumstances. 

What Is Renters Insurance?

Renters insurance is a type of personal insurance policy for certain Tennessee residents. It protects your personal belongings against damage or loss, and also protects you if someone is injured as a result of your negligence. 

What Does Renters Insurance Cover in Tennessee?

Renters insurance provides financial protection for the loss or destruction of your possessions when you rent a house or apartment. Renters insurance covers certain causes of loss, or “perils.” That means that your possessions are covered for losses related to:

• Fire 
• Smoke
• Lightning
• Vandalism 
• Theft
• Explosion
• Windstorm and water damage (not floods) 

Renters insurance in Tennessee also provides liability coverage. Liability coverage protects your assets when you, a family member, or a pet injures someone at your home or somewhere else. It will pay for your legal defense costs as well as any judgments levied against you if an injured party sues you. 

Imagine that your apartment is damaged in a fire, and you cannot live there while repairs are being made. Renters insurance covers additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Additional living expenses might include hotel bills, temporary rentals, restaurant meals, and other expenses you incur while your home is being repaired or rebuilt. 

It’s important to know that basic renters insurance policies only provide limited coverage for high-value items such as jewelry, furs, silver, certain electronics, antiques, etc. You can purchase a scheduled personal property rider for any items that exceed the limits that the policy specifies. Scheduled personal property riders will also cover items for additional perils, such as accidental loss, that are not covered in the basic renters insurance policy. 

What Does Renters Insurance Not Cover in Tennessee?

Like most other insurance policies, your renters insurance policy will exclude coverage for certain circumstances and types of claims. Some typical renters insurance exclusions are: 

• Renters insurance won’t cover damage caused by flooding or earthquakes. But you can purchase separate flood insurance and earthquake insurance if you live in an area that is prone to these events. 
• Your renters insurance may cover personal items stolen out of your car, but it won’t cover theft of the car itself. That would be covered by your auto insurance policy. 
• Your renters insurance policy covers your own stuff, not your roommate’s or anyone else’s stuff (unless it’s your spouse or your child) that’s in your apartment. 
• Renters insurance won’t cover damage caused by pests (rodents, bugs) or the cost of an exterminator. 
• Renters insurance is strictly for your personal possessions. It does not over damage to the physical building that you live in. That would be covered by your landlord’s insurance. 

What Are the Benefits of Having Renters Insurance?

Renters face the same risks as homeowners: your belongings can be lost to fire or theft, and you can be sued for causing injury to someone else. Your landlord’s insurance does not protect you or your possessions; it only protects your landlord for structural damage to the building and for his or her own liability concerns. 

With renters insurance, you can be assured that your possessions are covered in all sorts of unforeseen circumstances. You’ll be able to repair or replace your damaged things and move on with your life quickly. 

How Much Does Renters Insurance Cost in Tennessee?

According to the National Association of Insurance Commissioners, the average renters insurance policy in the US costs between $15 and $30 per month depending on the location and size of the rental unit and the value of the policyholder’s possessions. 

Replacing all of your possessions or being held liable for an accident will probably cost you much more than renters insurance would. 

And you may be eligible for discounted rates if you have a security system, smoke detectors, deadbolt locks, good credit, multiple policies (e.g., renters and auto insurance) with the same insurance company, and more. 

Do I Need an Agent to Purchase Renters Insurance in Tennessee?

If you’re shopping for renters insurance in Tennessee, working with a local independent insurance agent is your best bet. Independent agents aren’t tied down to one insurance company. They can help you shop around for the best coverage at a price that fits your budget.

What’s more, your independent agent will get to know you and your family and will be there for you at claim time.