Thompson Insurance Agency

Renters Insurance
in Tennessee
and Mississippi

Your landlord's policy covers the building. It does not cover a single item you own. For as little as $10–$15 per month, renters insurance protects your belongings, your liability, and your ability to recover if disaster strikes your apartment or rental home.

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Plain-English Coverage Guide

What Renters Insurance Actually Does

Your Landlord's Policy Does Not Cover Your Belongings. This is the single most important thing renters in Memphis, Southaven, Germantown, Bartlett, Olive Branch, and across the Mid-South need to understand. Your landlord's property insurance covers the building — the walls, roof, plumbing, and structure. If fire, storm, or water damage destroys your furniture, electronics, clothing, and personal items, your landlord's policy does nothing for you. Only your own renters insurance policy covers your possessions.

A renters policy is a package of three essential protections: personal property coverage for your belongings, personal liability coverage if someone is injured in your unit or you cause damage to others, and additional living expenses if your rental becomes uninhabitable following a covered loss. For most tenants in Tennessee and Mississippi, this comprehensive protection costs $10–$25 per month — less than a streaming subscription.

Who Needs It

Every Renter Should Have This Coverage

Whether you lease an apartment in Midtown Memphis, a house in Southaven, or a condo in Germantown, renters insurance is the most affordable way to protect what you own.

Apartment Tenants

Many Memphis-area apartment communities and property management companies now require proof of renters insurance as a lease condition. Even where it is not required, the cost is low enough that most tenants benefit significantly from carrying it.

Single-Family Home and Condo Renters

Tenants in rental homes and condos face the same coverage gap as apartment renters — their landlord's policy covers the structure, not their belongings or liability. The need for renters insurance is the same regardless of the property type.

Students and Young Adults

College students living off-campus in Memphis, Oxford, or anywhere in the Mid-South are frequently uninsured renters. Parents' homeowners policies may offer limited coverage for students living away from home, but a dedicated renters policy provides broader, more reliable protection.

Tenants with Valuable Belongings

If you own a laptop, a television, a gaming setup, musical instruments, or any collection of items worth more than a few thousand dollars, a renters policy protects that investment at a cost of a few dollars per month.

What's Typically Included

Core Renters Coverage Components

Personal Property Coverage

Covers your furniture, electronics, clothing, kitchen items, and other belongings against fire, theft, vandalism, water damage from burst pipes, and other covered perils. Coverage limits are set by you — we recommend an honest estimate of what it would cost to replace everything you own.

Personal Liability

Pays for legal defense and settlements if you are found responsible for injuring someone or damaging their property. Standard policies include $100,000 in liability — we often recommend $300,000 for tenants with meaningful income or assets. This coverage also extends beyond your unit.

Additional Living Expenses

If your rental unit is damaged and you must temporarily relocate, ALE coverage pays for hotel stays, meals, and other necessary expenses while repairs are completed. This coverage makes the difference between a difficult loss and a manageable one.

Medical Payments to Others

Pays for minor medical expenses if a guest is injured in your home, regardless of fault. This goodwill coverage prevents small incidents from escalating into formal liability claims — and it is included in most standard renters policies without a deductible.

Know Your Gaps

What Renters Policies Typically Exclude

Common Questions

Renters Insurance FAQ

No. This is the most important thing for renters to understand. Your landlord's property insurance covers the building — the walls, roof, floors, and systems. It does not cover your furniture, clothing, electronics, or any of your personal belongings. If the apartment is damaged by fire, storm, or water, your possessions are only protected if you have your own renters insurance policy.
Renters insurance is one of the most affordable types of insurance available. Most policies for tenants in Tennessee and Mississippi cost between $10 and $25 per month depending on the coverage limits you select, your location, and your claims history. Given what it covers, renters insurance consistently represents an exceptional value.
A standard renters policy covers your personal property against fire, theft, and other named perils; personal liability if someone is injured in your unit or you cause damage to others; and additional living expenses if your rental becomes uninhabitable due to a covered loss.
Neither Tennessee nor Mississippi requires renters insurance by law, but many landlords and property management companies now require proof of renters insurance as a lease condition. Even where not required, the coverage is inexpensive enough that going without it is rarely a sound financial decision.
Yes, in many cases. Renters insurance personal property coverage typically follows your belongings, including items stolen from your vehicle. Your auto policy generally does not cover personal property stolen from inside your car — your renters policy is typically the right place to file that claim.
Renters liability coverage pays for legal defense and settlements if you are found responsible for injuring someone or damaging their property. A common scenario: a guest slips and falls in your apartment and files a claim against you. Standard renters policies include $100,000 in liability, with higher limits available.
Unless your roommate is specifically listed on your policy, their belongings are generally not covered. Each tenant should carry their own renters insurance policy. Some carriers allow you to add a domestic partner or co-tenant by name, but this varies by carrier.
Actual cash value (ACV) settles claims based on the depreciated value of your belongings at the time of loss. Replacement cost coverage pays what it actually costs to replace the item with a new one. We recommend replacement cost coverage for most renters — the premium difference is modest and the claim settlement is significantly better.

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