Most People In Tennessee Rent Their Homes!
Did you know that from Nashville to Knoxville most people in Tennessee are renters? Did you know that only about a third of those renters have Tennessee renters insurance? This is a risky gamble. Tennessee renters insurance can protect you from losing the assets you’ve worked so hard to build. Even more importantly, renters insurance can prevent you from losing future assets due to a judgement! Let’s take a closer look…
Official Tennessee Renters Insurance Guide
Does Tennessee renters insurance cover injuries to guests in your apartment? What about vandalism from someone you know personally? Learn more with our video guide to renters insurance in Tennessee.
How Much Does Renters Insurance Cost?
Renters insurance runs just about in line with the national average, which is around fifteen dollars a month. That’s the price of a pizza these days. One pizza a month pays for your renters insurance and allows you to relax and sleep better knowing that you’re safe. For that one pizza, you get $10,000 of personal property coverage and $100,000 of liability coverage. Both are crucial on your renters insurance policy.
What Personal Property Is Covered On Renters Insurance?
Personal property coverage on renters insurance protects the things you own in your apartment against common perils like fire, theft, and vandalism. This means that you’ll get the cost to replace those items if they’re damaged by a covered peril. Most people can’t afford to purchase everything in their homes all over again out of pocket, and renters insurance prevents this from happening.
What Is A Covered Peril?
Renters insurance covers a list of things that could happen to your personal property. Those things are called “covered perils,” which simply means that they are the causes of loss to which your Tennessee renters insurance policy will respond. The list of covered perils on the standard renters insurance policy form (HO-4) includes things like fire, water, smoke, and other common causes of loss. Personal property is covered on a named perils basis, which means coverage is afforded against things that are named in the policy. Liability on a Tennessee renters insurance policy, on the other hand, is covered on an open perils basis. That means that liability is covered unless it’s specifically excluded in the policy. Things like intentional and criminal acts are excluded, but other than that, the coverage is extremely broad on your Tennessee renters insurance liability.
Can I Be Required To Have Renters Insurance In Tennessee?
You sure can! We’ve even heard of a few municipal ordinances that require every tenant in the area to have renters insurance. We’re not aware of any that have actually passed into law, but the effort is not surprising. Because the coverage is so important and directly impacts the Tennessee landlord-tenant relationship, it makes sense to require it. The common way to mandate renters insurance is to write that requirement into the lease. You sign the lease, and you agree to abide by the provisions in it. Often, your property manager or landlord will even be listed as an “additional interest” on your renters insurance, so he knows if it cancels or non-renews for some reason.
How Can I Get Renters Insurance?
Just call Effective Coverage! After years of working to understand the needs of tenants and what they need in a Tennessee renters insurance policy, Effective Coverage has designed policies that meet the needs of Tennessee renters. Residents who insure with Effective Coverage save money on their renters insurance policy by an average of about 30%. You get the coverage you need at the price you want. Instant proof of Tennessee renters insurance coverage can even be sent directly to your property management company! Click above for an instant renters insurance quote, or call Effective Coverage at (800)892-4308.