Insurance Companies, Agents, Brokers, Policies

Plain English Breakdown

The official source does not specify if the discount is annual or how often it can be requested.

Insurance Discounts for Safe Storage of Firearms

This bill requires Tennessee insurance companies to offer discounts to policyholders who store their firearms safely and request the discount.

What This Bill Does

• Requires insurance companies in Tennessee to provide a discount to homeowners or renters if they store all firearms at the property in a firearm safe or use a safety device for the firearms.
• Insurance companies must provide this discount on a recurring basis that aligns with the policyholder's billing cycle.
• Policyholders can get the discount by requesting it and meeting the storage requirements.

Who It Names or Affects

• Homeowners and renters in Tennessee who have insurance policies for their property.
• Insurance companies operating in Tennessee.

Terms To Know

Tangible Personal Property

Items that can be seen, weighed, measured, felt or touched, or is in any other manner perceptible to the senses.

Firearm Safe

A secure container designed to store firearms safely and prevent unauthorized access.

Limits and Unknowns

• The bill applies only to agreements for homeowners or renters insurance issued, delivered, entered into, amended, or renewed on or after July 1, 2025.
• Policyholders are not required to disclose the presence or ownership of firearms.

Official Summary Text

For
agreements for homeowners or renters insurance issued, delivered, entered into, amended, or renewed on or after
July 1, 2025, this bill requires

an
insurance company
, which
is admitted to do business in this state and insures the ta
ngible personal property of a policyholder who resides in this state,
to
provide a discount to the policyholder through the policyholder's homeowners or renters insurance policy if the policyholder
meets the following requirements:



Either
secure
s
in a firearm safe or
u
se
s
a firearm safety device for all firearms kept at the property for which the policy applies
.



Requests to receive the discount in accordance with this
bill
.

This bill requires t
he discount
to
be provided on a recurring basis that aligns
with the policyholder's billing cycle. The insurance company
must
provide notice and information about the discount to a policyholder with the policyholder's recurring bill.
However, this bill
does not require a policyholder to disclose the presence or o
wnership of a firearm, or
to
request the discount
.

Current Bill Text

SENATE BILL 1243
By Massey

HOUSE BILL 1240
By Helton-Haynes

HB1240
002938
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 56,
relative to insurance discounts.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Title 56, Chapter 7, Part 1, is amended by
adding the following as a new section:
(a) As used in this section, "tangible personal property" means personal property
that may be seen, weighed, measured, felt or touched, or is in any other manner
perceptible to the senses.
(b) An insurance company that is admitted to do business in this state in
accordance with chapter 2, part 1, of this title, and insures the tangible personal property
of a policyholder who resides in this state, shall provide a discount to the policyholder
through the policyholder's homeowners or renters insurance policy if the policyholder
meets the requirements under subsection (c). The discount must be provided on a
recurring basis that aligns with the policyholder's billing cycle. The insurance company
shall provide notice and information about the discount described under this subsection
(b) to a policyholder with the policyholder's recurring bill.
(c) An insurance company shall provide the discount described under subsection
(b) to a policyholder if the policyholder:
(1) Does at least one (1) of the following for all firearms kept at the
property for which the policy applies:
(A) Secures the firearms in a firearm safe, as that term is defined
in § 67-6-358; or

- 2 - 002938

(B) Uses a firearm safety device, as that term is defined in § 67-6-
358, for the firearms; and
(2) Requests to receive the discount in accordance with this section.
(d) This section does not require a policyholder to disclose the presence or
ownership of a firearm, or request the discount described under subsection (b).
SECTION 2. This act takes effect July 1, 2025, the public welfare requiring it, and
applies to agreements for homeowners or renters insurance issued, delivered, entered into,
amended, or renewed on or after that date.