Average renters insurance cost in Knoxville, TN

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In Knoxville, the average cost of renters insurance is $257 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $15 less than the state average of $272 per year.

Renters insurance costs can vary based on the coverage you choose and the amount of liability protection included in your policy. If you’re living in a rental, it’s a smart way to protect your personal belongings from things like fire, smoke, theft, vandalism, and other covered incidents.

Let’s take a look at the cheapest renters insurance options in Knoxville.

Key Takeaways

The average cost of renters insurance in Knoxville is $257 annually or $21 monthly.
The cheapest option for renters in Knoxville is American National, offering coverage at $13 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as installing a security system or bundling policies.

What is the average cost of renters insurance per month in Knoxville?

On average, renters in Knoxville pay $21 per month for renters insurance, which is $2 less than the state average of $23. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Knoxville varies depending on your insurance company and the coverage limit you buy. Renters in Knoxville typically pay $15 monthly for $20,000 in personal property coverage and a $1,000 deductible. If you decide to increase your coverage to $40,000, you’ll see an increase of $6 in your monthly premium.

Choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Knoxville by deductible?

The average cost of renters insurance in Knoxville is $205 annually for a $500 deductible and $20,000 in personal property coverage

Your deductible is the amount you must pay out of pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $19 annually on your insurance.

Below, you’ll find average renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$205	$287	$372
$1,000	$186	$257	$330

Note: Liability coverage is set at $100,000.

Who offers affordable renters insurance in Knoxville?

American National provides the cheapest rates in Knoxville, with an annual premium of $150 or $13 per month. Farm Bureau Insurance of Tennessee is the second-cheapest company, followed by State Farm.

Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
American National Finance	$150	$13
Farm Bureau Insurance of Tennessee	$152	$13
State Farm	$195	$16
Shelter Insurance	$210	$18
Auto-Owners	$253	$21
Farmers	$287	$24
Westfield Insurance	$316	$26
Erie Insurance	$361	$30
Travelers	$515	$43
USAA*	$132	$11

*USAA is only available to military community members and their families.

How to lower the cost of renters insurance

Follow these tips to reduce the cost of your renters insurance in Knoxville:

Bundle policies. If you have other insurance policies, such as car insurance, consider bundling them with the same company. Many insurers in Knoxville provide discounts for bundled policies.

Increase your deductible. A higher deductible can lower your premium in Knoxville, but make sure you’re comfortable with the potential out-of-pocket costs if you file a claim.

Choose the right coverage amount. Review your renters insurance policy regularly to ensure you aren’t paying for unnecessary coverage, such as excess personal property coverage if you don’t own many valuables.

Avoid filing too many claims. Filing frequent small claims can increase your rates. It might be worth paying for minor damages out-of-pocket instead of using your insurance.
Compare quotes. Don’t accept the first quote you get. Shop around and compare renters insurance rates from different insurers in Knoxville to find the best deal.

Renters in Knoxville should purchase renters insurance to protect their belongings and financial health. The cost of coverage varies based on your location, coverage limits and individual circumstances. To find the best deal, evaluate your coverage needs, compare quotes from different providers and take advantage of any available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Knoxville in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.