Tennessee Landlord Insurance
Get a complete analysis of Tennessee landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Tennessee
Tennessee is home to numerous attractions for residents and tourists alike. That could explain why there's a significant percentage of renters in the state. If you're one of the many property owners who lease out homes in Tennessee, you can protect your investment by obtaining a landlord insurance policy.
Fortunately, an independent insurance agent in Tennessee can help you get set up with the landlord insurance policy that's right for you. They'll ensure you get equipped with the ideal amount of coverage. But first, here's a breakdown of Tennessee landlord insurance requirements and more.
Best Landlord Insurance Companies in Tennessee
Many different carriers in Tennessee sell landlord insurance. But when you're looking for the best coverage, you want to save time and effort by knowing exactly where to find it. That's why we've included some of our top recommendations for the best landlord insurance in Tennessee.
- Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has excellent financial strength, many discount options, and 24/7/365 customer service.
- Encova: This insurance company sells landlord insurance and many other types of personal and business insurance. Encova has outstanding ratings from both AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting services.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has great ratings from both AM Best and the BBB, many discount options, and provides 24/7 claims reporting services.
A Tennessee independent insurance agent can compare landlord insurance quotes from each of these carriers and others that offer top-quality coverage near you.
What Is Landlord Insurance?
Landlord insurance is designed to protect those who rent out their property to tenants on a regular basis. Though landlord insurance is somewhat similar to homeowners insurance and other types of property insurance, it has certain key differences.
Because renters are much more likely to damage property than homeowners are, landlord insurance considers this increased risk factor. Landlord insurance provides protection against financial losses due to damage or destruction of rental property by a number of different perils, as well as liability coverage in case of tenant or other third-party lawsuits.
How Is Landlord Insurance Different from Home Insurance?
A landlord insurance policy contains some facets of business insurance since landlords generate income from the rent they charge tenants. As such, the loss of income coverage in landlord insurance is critical. This coverage can provide a continuation of income during temporary periods in which tenants aren't able to rent from the landlord after a covered disaster like a fire.
Is Landlord Insurance Required in Tennessee?
Tennessee state law doesn't mandate landlord insurance. However, it can often be wise to still obtain coverage.
Without landlord insurance, you might have to pay out of your own pocket for lawsuit expenses if a tenant or guest brings a claim of bodily injury or property damage against you. You could also have to pay for repairs to your rental property after tenant damage or incidents of storm damage and destruction. Without landlord insurance, these incidents could be rather costly.
What Landlord Insurance in Tennessee Can Cover
Tennessee landlord insurance can be designed according to your needs. When building your policy, you'll often choose from the following coverage options:
- Loss of income coverage: This can reimburse you for lost rental income and provide a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures (e.g., decks and garages) in case fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants damage or destroy your property.
- Liability insurance: This can cover tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Optional coverage: Landlords may want to add more coverages to their policy, and some additional options to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Tennessee independent insurance agent can recommend each type of coverage that would benefit you most for your unique rental arrangements.
What Landlord Insurance in Tennessee Will Not Cover
In Tennessee, like anywhere else, landlord insurance comes with certain exclusions. You should be aware of these exclusions to avoid filing claims that are bound to get denied. Typically, landlord insurance doesn't cover any of the following:
- Routine maintenance costs
- Water or sewer backup damage or destruction
- Intentional or malicious acts to third parties
- Rental property wear and tear
- Flood or earthquake damage or destruction
- Loss, theft, damage, or destruction of your personal property
Though landlord insurance doesn't tend to cover any of these threats by default, you may be able to increase your policy's coverage by purchasing endorsements for things like flood damage.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Average Cost of Landlord Insurance in Tennessee
In Tennessee, landlord insurance costs an average of $1,540 per year. But the cost of your specific policy can vary depending on many different factors, including:
- Your claims history
- The exact location of your rental units
- The number of rental units you own
- The age, size, and condition of your rental units
- The number of "attractive nuisances" at your rental units, such as pools
A great way to save money on landlord insurance in Tennessee is by applying discounts to your policy. Be sure to ask your agent or your carrier about any discounts you may be eligible to receive.
Popular Questions about Tennessee Landlord Insurance
State law in Tennessee doesn't mandate landlord insurance. Many landlords still choose to have coverage, however, to protect them against financial losses due to lawsuits and property damage.
In Tennessee, landlord insurance covers tenant damage to the structure of your rental properties. However, it won't cover tenant damage to your personal property.
It costs an average of $1,540 annually to get landlord insurance in Tennessee. However, many factors, like the number of rental units you own, the exact location of the units, etc., can influence your policy's cost.
We found that Progressive is the best landlord insurance company in Tennessee currently. Progressive offers great coverage options and rates, as well as numerous discounts, to help reduce costs even further.
Since landlords aren't required to cover their tenants' property, landlord insurance isn't designed to do so. For this reason, many landlords require tenants to get their own renters insurance before they can move in.
The cost of an eviction isn't usually covered by landlord insurance in Tennessee or in most other areas. Certain endorsements may be available to cover eviction expenses, however.
Tennessee independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Nashville or wherever you reside.
https://www.simplyinsurance.com/landlord-insurance-rates-by-state/