Senate Bill 1243 amends Tennessee Code Annotated, Title 56, by introducing a new section that mandates insurance companies to provide discounts on homeowners or renters insurance policies for policyholders who meet specific criteria related to firearm safety. The bill defines "tangible personal property" and stipulates that insurance companies must offer a recurring discount to policyholders who secure their firearms in a safe or use a firearm safety device, provided they request the discount. Additionally, the bill ensures that policyholders are not required to disclose the presence or ownership of firearms to receive the discount.

The act is set to take effect on July 1, 2025, and will apply to all homeowners or renters insurance agreements issued, delivered, entered into, amended, or renewed on or after that date. This legislation aims to promote firearm safety while providing financial incentives for policyholders who take appropriate measures to secure their firearms.