I work with a lot of homeowners in Nashville, sorting out their home insurance needs. And homeowners are, necessarily, on top of that — if you have a mortgage, you get home insurance, whether you feel inspired to or not.
Renters, on the other hand, don’t always look into insurance to protect what’s under their roofs. According to the Insurance Information Institute, in 2015, about 40 percent of renters had renters insurance, and although that was up from 29 percent in 2011, it’s still far too low a number for my liking — beyond the fact that I wrangle insurance for a living.
If there’s one thing I’m willing to get naggy about, it’s the topic of renters insurance. Even if your budget is tight, renters insurance should be a priority, and I say that not just as an independent Nashville insurance agent, but as a guy who hates seeing my neighbors end up in a bad financial way when it could’ve been easily (and affordably) avoided.
Willing to listen to a friendly, professionally and personally informed argument? Some key points:
Renters insurance is surprisingly affordable
Let’s start with the first thing that holds people back: cost. The average monthly rental insurance premium in Tennessee is around $18. And while yes, this number can vary based on your level of coverage and the specifics related to you and your property, that’s a pretty reasonable ballpark, no? About two fewer orders of Biscuit Love Bonuts a month (my office is in The Gulch), and you’ve got your worldly belongings protected. And if you bundle your coverage — say, renters insurance and car insurance — you can often see significant savings too.
Renters insurance gives you liability coverage
Just like a homeowners policy, your renters insurance includes liability coverage, and that’s important to note. Let’s say you overfill your tub and end up damaging the downstairs neighbor’s ceiling. Or you’re trying to get your car out of an icy driveway by putting a 2x4 under a wheel, and that 2x4 becomes a projectile that nails your neighbor’s window (true story: happened to someone I know). Without renters insurance, you could be financially liable in either case.
No, your landlord’s insurance policy does not cover you
If you read the above and thought, “but my landlord has a home insurance policy that’d take care of it”: not necessarily. Your landlord’s policy will likely be structured to cover the structure itself, and to protect them in instances related to you — like if you’re hurt because of a maintenance issue at the property. But their policy won’t extend to protecting your stuff, or your liability.
Renters insurance coverage extends beyond your door
A really worthwhile thing to note: If your home is robbed, your renters insurance policy should cover the loss of your belongings. If, say, you’re out of town visiting a friend and your favorite guitar is stolen from their place, your insurance policy should cover it then, too. Your belongings don’t have to be under the roof you’re renting to be covered — and personally, I think that adds a real peace of mind that’s more than worth the monthly premium.
Getting renters insurance is really easy
In the world of grown-up adventures, the process of acquiring renters insurance is among the more simple tasks. I have a form set up on TuckerCoverage.com that’ll let you request a quote with some really basic information — where you live, the basic value of your personal property, what kind of potentially discount-influencing items are in place (like a burglar alarm), etc. Once you fill that out, I’ll get to work and show you some options, and finalizing things is a breeze.
Have more questions about setting up renters insurance in Nashville? I’d be more than glad to tell you more, explain various options and get the process moving for you. Give me a call or send me an email, or go ahead and start the request for a renters insurance quote here on our website. We can get you covered quickly, and painlessly, promise.
And if you’re not sure about whether to explore this on your own or reach out to an independent agent like me: Here’s some of why using an insurance agent can be easier, faster and better than going alone.
Any other Nashville insurance questions on your mind? Reach out and let me know. I’m always happy to help.