Do you rent a home or apartment in Nashville, Tennessee? With over 500,000 renters in the state, It’s likely you do. Unfortunately, less than the majority of Tennessee renters have renters insurance. That means that most renters are left unprotected in the instance of a disaster, such as fire, vandalism , or theft.
Average Cost of Renters Insurance
The cost of renters insurance is relatively low when compared to other types of insurance. In Tennessee, the average cost of renters insurance is $185 per year, which in about $15 a month. For that low price, you can get $10,000 in personal property coverage and $100,000 liability coverage.. By choosing the right insurance company, you may even be able to get a policy for less.
Factors that Affect Cost
The cost of your renters insurance is highly dependant on the types and amounts of coverages you choose. Here are a few of the most common renters insurance coverages:
- Liability coverage. Personal liability covers you if you are sued by someone who is hurt in your apartment, either by your or someone else.There are limits on the amount that will be paid. Check your policy to find out your personal liability limits.
- Property coverage. Personal property coverage helps you replace your belongings after a covered accident, such as fire, smoke, windstorm and various other common loss types. The average property coverage is around $25,000. You will need to figure out the value of your home’s property to determine the right amount of property coverage for you.
- Additional living expenses. This type of coverage provides benefits you if you can’t stay in your home due to extensive damage by helping you pay for a place to stay up to a certain limit.
Other factors that influence your renters insurance rate include: location, risk and amount of deductible.
Additional Renters Insurance Coverage Options
Various other coverage options are available to you if you are looking to ensure that you are completely protected in an emergency. Which option
is right for you will depend on your specific situation. Some of the available coverage types include:
- Earthquake coverage. If you live near a fault line, you will need to purchase earthquake coverage in addition to a standard renters policy. Many times these types of coverages have high deductibles though and are mostly only useful if your home is completely damaged.
- Flood damage coverage. While most renters insurance cover the cost of a burst pipe, you will have to pay additional for flood coverage. This includes incidents like rising lakes, rivers, and oceans.
- Replacement costs coverage. Many times renters insurance providers will allow you to opt in for replacement costs rather than actual value. This means if your property is damaged, you will have your property replaced at the current market value, instead of taking into consideration items like wear and tear and prolonged use. This type of coverage will increase your monthly premium, but provides better protection in emergencies.
Get a Renters Insurance Quote
Need renters insurance in Nashville, TN? Call Royce Williams Agency at (615) 356-4800! We will help you learn the coverage options available to you as well as discuss ways to you can save money on your renters insurance policy.