There are lots of insurance companies out there. Some of them specialize to some degree, but Effective Coverage is the renters insurance experts. We’re glad you’ve chosen to trust us and review our Memphis. TN Renters Insurance Guide. We create these guides because one of our core values is education. The important of educating renters on their insurance needs is underscored by the fact that only forty-four percent of renters have Tennessee Renters Insurance.
Effective Coverage is dedicated to changing that, and to getting 40 percent of American renters covered with affordable renters insurance through our 2018 Renters Insurance Challenge. We believe this number can be achieved, and we welcome all insurance professionals to help in this process.
Take a moment to review our Memphis, TN renters insurance guide and see how much you can save while giving your family the best protection available.
Memphis, TN Renters Insurance
True or False: Memphis Renters Insurance Costs Too Much
False! The national average price for renters insurance is about fifteen dollars a month, and most of the time Memphis renters insurance falls at about the same price point. That’s both affordable and inexpensive to just about any American family.
True or False: I Can Buy Memphis Renters Insurance After A Loss And Still Have Coverage
False! Renters insurance has a “birthday,” called the “inception date” of the policy. Your renters insurance in Memphis will only cover things happening after that date. The obvious solution to this concern is to make sure you have your policy in force before there’s a loss. Since you can’t predict when that might be, it’s important to always have Memphis renters insurance covering you and your family to make sure that a loss will be covered.
True or False: Memphis Renters Insurance Only Covers Certain Types Of Losses
True, sort of… Memphis renters insurance covers a set of named perils. They’re all listed in the linked post. But you also have the option of adding an endorsement called “open perils,” also known as “all risk” coverage. That changes the policy to cover “direct physical loss” to the property, subject to similar exclusions like nuclear hazard. Those exclusions are rarely relevant in an open perils or all risk policy. That opens up the coverage on your policy to cover most anything that could happen to your property.
True or False: Renters Insurance In Memphis Doesn’t Cover Flood
Again, this is a two part answer. “Flood” is defined as water moving along the ground. Flood is excluded from every renters and homeowners policy in America, because government-backed flood insurance is a separate product.
On the other hand, water damage such as that from burst or broken pipes is covered. If the wind blows a rock through your window and the rain comes in, that’s also likely to be a covered loss because the proximate cause of the loss is the wind. The water couldn’t have come in without that happening first.
True or False: Water Damage From Putting Out A Fire Is Covered
True! First of all, fire is a covered loss, and the water damage arose directly as a result of the fire in this situation. Second, water damage is generally a covered loss on renters insurance in Memphis, regardless, with the exception of flood.
Water backup is, of course, a different matter. Water backing up from toilets, sinks, drains, etc. is not a covered loss on the standard Memphis renters insurance policy, but it can be endorsed on for only a few dollars. Most people find that it’s a useful coverage to have, considering the few cents a month that it costs.
True or False: Memphis Renters Insurance Replaces Blank CDs, But Not The Music On Them
False! If your CD collection is stolen, it can be replaced subject to the deductible. This is in stark contrast to data, however. If you have a CD with your masters thesis on it, the CD would be replaced as blank media because the work product on it is not insured. Memphis renters insurance will not, unfortunately, pay someone to re-do the work itself. This risk can be mitigated with good backups, however.
Commercial software is an exception to the above. If you have software and a covered loss destroys the computer and the media on which the software was purchased, that commercial software can be replaced under your coverage.
True or False: Renters Insurance In Memphis Is Mandatory
That depends on where you live. It’s become quite common for apartment communities to require renters insurance in Memphis. The law doesn’t require it per se, but your lease probably does.
There are two reasons for this. The first is that the landlord is allowing you to use a significant asset and he wants to get it back in the same condition as it was when he gave you access to it. Your damage deposit covers things like a hole in the wall, but what happens if you have a kitchen fire? That’s what liability coverage is for on Memphis renters insurance.
The second reason is that there is a misconception among many tenants who think that the landlord has some responsibility for their personal property. It’s flatly untrue that your landlord is responsible for covering your property. By requiring renters insurance in Memphis, landlords are ensuring that there’s good communication between them and the tenant. When a tenant is required to insure their own property, it becomes quite clear that their property is not the landlord’s concern. This protects both sides from potentially unpleasant situations.
Memphis renters insurance is a good idea even if it’s not required. When you rent, you often live in close proximity to many other people. Just because you live a responsible lifestyle doesn’t mean that your neighbor does. Your neighbor could be running a drug lab that explodes and causes an apartment fire, or they could be generally irresponsible, or they could be bringing unsavory people around the apartment who might be inclined to steal your new TV.
It’s inexpensive and easy to get covered! Protect your family today with Effective Coverage renters insurance in Memphis.
Renting In Memphis, TN
As the county seat of Shelby County, Memphis is a rapidly growing city of over 650,000. Twentieth in the country by size, and an important city in Tennessee and the South overall, people flock to Memphis for more than just the barbeque! The average home price in Memphis has risen to $139,399 and the average monthly rent is $811 a month. Many people choose to rent in Memphis, not because there’s a significant difference in cost versus buying, but because they enjoy a worry-free lifestyle.
International Paper and AutoZone are based in Memphis, but there’s another Fortune 500 employer based here, as well. When people think of Memphis, they think of the airport and the FedEx home base located there. FedEx has caused a significant increase in cargo going through Memphis International, it’s now second in the world for cargo volume. The only airport that carries more cargo than Memphis is Hong Kong. Perkins restaurants are also based here, and there’s a large satellite office of the Federal Reserve Bank of St. Louis. The economy of Memphis is booming, and that’s a big part of why the city attracts so many new residents.
Easy access attracts both residents and businesses, as well. The Mississippi River, of course, offers barge transportation to businesses, and rail is accessible to businesses, as well. Memphis International Airport is important to both business and personal transportation, of course, and I-40 and I-55 and the future I-69 provide road transportation.
Memphis is even important enough from a transportation infrastructure standpoint that it will be served by I-22, currently in planning to run from Memphis to Birmingham. Much of the highway is built, but not yet designated.
Memphis has even been featured in many songs, not the least of which is the well-known “Walkin’ In Memphis.”
Crime in the city is down, but that doesn’t mean you don’t need the protection of Memphis, TN renters insurance. Keep your family safe with affordable coverage today!