SB 1243 - HB 1240
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 13, 2025
Fiscal Analyst: Laura Moore | Email: laura.moore@capitol.tn.gov | Phone: 615-741-2564
SB 1243 - HB 1240
SUMMARY OF BILL: Requires an insurance company that insures the tangible personal
property of a policyholder to provide a recurring discount to a homeowners or renters insurance
policy if the policyholder: (1) secures all firearms kept at the property in a qualified firearm safe, or
uses a qualified firearm safety device on all firearms kept at the property, and; (2) requests to receive
the discount. Requires the companies to provide notice and information about the discount to its
policyholders.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• The proposed legislation pertains to agreements between private parties and any impacts
will primarily be borne by those parties.
• Any impact on state or local sales tax or premium tax revenue is estimated to be not
significant.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumptions:
• The proposed legislation could result in a decrease in business expenses associated with the
provision of discounts, as well as a decrease in business expenses associated with a potential
reduction in liability. However, the overall impact on jobs or commerce is assumed to be
not significant.
SB 1243 - HB 1240 2
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director