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 safety requirements for firearms. 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, as defined in existing law. Additionally, policyholders must request the discount to be eligible, but they are not required to disclose the presence or ownership of firearms.

The bill emphasizes that the discount must be communicated to policyholders with their billing statements and takes effect on July 1, 2025, applying to all relevant insurance agreements issued or renewed after that date. This legislation aims to promote firearm safety while providing financial incentives for policyholders who take appropriate measures to secure their firearms.