AN ACT to amend Tennessee Code Annotated, Title 56, relative to insurance discounts.
Summary
SB1243 requires insurers admitted to do business in Tennessee to offer a recurring discount on homeowners or renters insurance policies for policyholders who store firearms at the insured property in a firearm safe or use a firearm safety device for all firearms kept there, and who request the discount. The discount must be tied to the policyholder’s billing cycle, and the insurer must provide notice and information about the discount with the recurring bill.
The bill defines “tangible personal property” for purposes of the new section and places the new discount requirement in Title 56, Chapter 7, Part 1 of the Tennessee Code. It applies to homeowners and renters insurance agreements issued, delivered, entered into, amended, or renewed on or after July 1, 2025. The bill also expressly states that a policyholder is not required to disclose the presence or ownership of a firearm, or to request the discount.
Impact
This bill would add a new insurance-discount mandate to Tennessee law, requiring qualifying homeowners and renters insurers to provide a premium discount when firearms are secured with a safe or safety device and the insured asks for the discount. It affects insurers, homeowners, and renters policies, and it creates a new consumer-facing notice obligation for insurers. The measure also cross-references existing Tennessee tax law definitions of firearm safe and firearm safety device, and it is prospective only for policies issued or renewed on or after July 1, 2025.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the overall posture appears neutral-to-supportive and policy-driven rather than contentious in the available record. The bill frames the discount as an incentive for safe firearm storage and includes language intended to protect privacy by not requiring disclosure of firearm ownership. No committee testimony or vote history is provided to indicate organized opposition or support.
Contention
The main point of potential contention is the policy choice to link insurance pricing to firearm storage practices, which may be viewed by supporters as a safety incentive and by critics as an indirect regulation of firearm ownership or use. Another possible issue is implementation: insurers would need to establish procedures for verifying eligibility without requiring disclosure of firearm ownership, while policyholders must affirmatively request the discount. No specific objections, amendments, or opposing viewpoints are included in the provided transcripts or voting history.