Renters Insurance

The collapse of the housing market over the past few years has caused many people to take a fresh look at renting a place to live rather than buying a property. According to the latest statistics, over 80 million Americans now lease a home, apartment, or condo as their personal residence. This number is expected to increase as the mortgage industry continues to tighten its lending requirements and the necessary down payments remain high. Unfortunately, the number of renters who actually purchase renter’s insurance remains dangerously low- around 30 million. If you reside in Tennessee and are leasing a place to live, you should learn about the value of having renter’s insurance protection.

Why It’s Important to Have Renters Insurance in Tennessee
If you live in a rental property in Tennessee, you may already be aware of the importance of having renter’s insurance. A comprehensive renter’s policy protects your personal property against damages and loss in the event of fire, theft, or natural disaster. It can also provide liability coverage in the event a visitor to your home or apartment injures themselves. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.

You may have many reasons for thinking you don’t need renter’s insurance. Perhaps you think it will be terribly expensive. Or maybe you think your personal property doesn’t add up to a very large amount of money. You might even assume that your landlord’s homeowner insurance policy covers you and your belongings in the event of theft, fire, or various natural disasters.

You need only look back on the past few months of weather-related disasters in Tennessee to appreciate the importance of having renter’s insurance coverage. For a relatively small amount of money, you can protect your personal property from loss and/or damage due to fire, theft and weather-related occurrences. The average price of an annual policy in Tennessee is around $220 a year or $20 a month. When you consider that’s what you pay for about 2 movie tickets or 5 fast food meals, that’s a great bargain.

It’s estimated that most people have at least $20,000 of personal property. This is a very minimum amount and the value of your belongings may be quite a bit higher. The best way to determine this is to take an inventory of what you own. This should include everything in your apartment or rental home- furniture, appliances, electronics, clothing, CDs and DVDs, jewelry, artwork and rugs. Some expensive pieces of jewelry, art or antiques may have to be covered under a separate policy but you can arrange that with your agent when writing up your personal renter’s policy. Now imagine that all of your belongings are damaged or lost. Would you be able to fully replace these items out of pocket? For most people, it would be impossible. This is why having Tennessee renter’s insurance is so important.

Your landlord’s homeowner policy does cover the actual structure where you are living. But any property located within your apartment or home is strictly your responsibility to protect. The homeowner’s policy covers the building and land only.

You should be aware that a typical Tennessee renter’s insurance policy normally does not include damage or loss due to earthquakes or floods. If you live in an area where these natural disasters might occur, you should inform your agent of this fact when writing up your policy.

Ways to Save on Your Tennessee Renters Insurance
There are additional ways you can save on the cost of your annual premium:

  • If you are comfortable having a higher deductible, choose this option. This means you will pay more upfront in case of loss or damage but it will keep the price of your renter’s policy lower.
  • Most insurance companies offer discounts for bundling policies. If you have all of your policies (renter’s, life, and car) with the same company, you should receive a nice discount.
  • Non-smokers generally have lower rates for renter’s insurance.
  • If your apartment or rental home has deadbolt locks, a security system, and smoke detectors, these safety features can bring down the cost of your annual premium.

Our friendly and professional staff is available 24 hours a day, 7 days a week to assist you in finding the most comprehensive renter’s insurance policy for the best possible price. Let us help you take the guesswork and confusion out of buying Tennessee renter’s insurance. You can then relax knowing that your personal property and valued possessions are adequately covered in the event of theft, fire, and a host of other possible disasters. Contact us today and we’ll help get you started!