Cheapest & Best Renters Insurance In Nashville 2026

Farmers offers the most affordable renters insurance in Nashville, with rates averaging around $10 per month. However, State Farm is often considered the best option due to its excellent customer service and additional coverage options, though it comes at a slightly higher cost of about $15 per month.

Known as Music City, Nashville sees over 30,000 property crimes annually, affecting roughly 45 out of every 1,000 residents. With crime rates this high, renters insurance is a wise choice—it safeguards your belongings, provides financial protection, and offers peace of mind.

Cheapest Renters Insurance Companies In Nashville

If you’re looking for budget-friendly renters insurance in Nashville, Farmers offers the lowest rates, averaging around $10 per month. To help you compare, the table below highlights the five most affordable providers.

Best Renters Insurance Companies In Nashville

Farmers is a great option for renters in Nashville seeking affordable insurance. However, the lowest price doesn’t always guarantee the best coverage. In my view, State Farm is the top choice for renters insurance in the area. It offers competitive rates along with excellent customer service, bundling discounts, and additional coverage options like flood and earthquake protection.

Average Cost Of Renters Insurance In Nashville

In Nashville, the average cost of renters insurance is about $23 per month or $276 per year. However, your actual rate may differ based on factors such as coverage limits, location, deductible, and the insurer’s pricing structure. Below is a table showcasing the average rates from five top providers in the city.

Average Cost Of Renters Insurance In Nashville By Deductible

A deductible is an amount you’re responsible for paying before your renters insurance kicks in to cover a claim. Choosing a higher deductible can lower your monthly premium, while a lower deductible typically leads to higher monthly costs. The table below illustrates how renters insurance rates in Nashville change based on different deductible options.

Factors That Impact Renters Insurance Costs In Nashville

Several factors influence the cost of renters insurance in Nashville:

Deductible Amount: Choosing a higher deductible can reduce your monthly premium, while a lower deductible increases costs since the insurer takes on more risk.

Location: Insurance costs are often higher in areas with elevated crime rates or natural disaster risks, like hurricanes and floods in Nashville.

Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can reduce risks and may make you eligible for discounts.

Claim History: If you’ve filed multiple claims in the past, insurers may view you as a higher risk, leading to increased premiums.

Coverage Limits: Policies that provide higher protection levels, including add-ons like identity theft protection or replacement cost coverage, generally come with higher costs.

Credit Score: Many insurers factor in credit scores when determining rates, with lower scores typically resulting in higher premiums.

Common Causes Of Loss In Tennessee

Renters in Tennessee frequently file claims for fire, theft, water damage, and hurricane-related losses. Understanding these risks can help tenants choose the right coverage to safeguard their belongings and finances.

Fire

Fires in multi-unit buildings can spread rapidly, leading to significant losses. Renters insurance helps cover the cost of replacing personal belongings damaged by fire.

Theft

With more than 30,000 property crimes reported annually in Nashville and over 170,000 across Tennessee, renters insurance is a valuable safeguard. Many policies also include liability coverage if someone is injured during a break-in, though damage to vehicles or the building itself may not be covered.

Hurricanes and Tornadoes

Tennessee is no stranger to severe storms. Most renters insurance policies cover damage caused by hurricanes and tornadoes, providing financial protection against these natural disasters.

Water Damage

Leaks from plumbing, burst pipes, or roof issues can lead to costly repairs. Standard renters insurance typically covers internal water damage, but flood-related losses often require a separate flood insurance policy.

Other Covered Losses

Renters insurance can also protect against vandalism, accidental damage, and some natural disasters, offering additional financial security.

By understanding these potential risks, renters can choose a policy that provides the best protection for their specific needs.