Memphis Homeowners Insurance

The Zebra
Aug. 26, 2019

How to find affordable homeowners insurance in Memphis


A critical consideration for every homeowner should be home insurance. It covers your dwelling — and the personal property within it — against a variety of perils, including fire, theft, vandalism, or wind damage. Given the relatively frequent occurrence of these incidents and the substantial cost of replacing a home, homeowners coverage is a solid investment.

What you pay for homeowners insurance depends on many factors. This can include the overall value of your house, the value of your personal belongings, and the materials that were used when building your home. The location of your home can also play a large role in home much you pay for homeowners insurance. Some areas are more susceptible to perils like fire, hail, frozen pipes, volcanoes, or other hazards. These can make your insurance policy even more expensive. Find out more info about the specifics of home insurance coverage.

If you want to find cheap home insurance coverage in Memphis, start with looking around and comparing what different companies offer. Have a look at the summary below comparing average home insurance rates in Memphis to help you get as much information as possible when you start your search for homeowners insurance. Remember: your homeowners insurance premiums may vary based on your coverage limits and other factors.


Memphis, Tennessee, homeowners insurance:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Insurance bundle discounts

Homeowners insurance in Memphis by insurance company

Memphis homeowners insurance rates will vary depending on which insurance company you choose. The most inexpensive home insurance in Memphis comes from AAA, which offers average annual rates of just $1,653 per year. This is more favorable than the city’s average home insurance premium of $2,212.

Have a look at the cheapest insurance companies in Memphis, Tennessee to find the right homeowners policy for your needs.


AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN MEMPHIS
CompanyAverage Annual Rate
AAA$1,653
Allstate$1,796
Safeco$1,867
Shelter$1,903
Erie$1,906

Average homeowners insurance costs in Memphis by coverage level

The amount of homeowners coverage you select has an impact on your insurance rates. In Memphis, carrying $200K dwelling coverage costs an average of $1,533, while carrying additional coverage up to $400K costs $2,734 per year.


HOMEOWNERS INSURANCE RATES IN MEMPHIS — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$200K Dwelling$1,533
$400K Dwelling$2,734

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Memphis home insurance prices by ZIP code

Homeowners insurance premiums can vary depending on what part of Memphis in which you live. One of the factors that insurers use when pricing your insurance policy is the number of claims filed in your surrounding area. As such, your neighborhood's location can drastically affect your home insurance rates.

If you're looking for the cheapest home insurance rates in Memphis, take at look at the 38157 ZIP code. In the 38157 area, homeowners coverage usually costs just $2,120 per year — a full $92 less than the Memphis average. The below table shows the best places to live in Memphis if you’re looking for affordable homeowners insurance.


AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN MEMPHIS
ZIP CodeAverage Annual Home Insurance Rate
38157$2,120
38134$2,128
38133$2,129

Other parts of Memphis, however, are prone to home insurance rates that are higher on average. Crime rates, fire risk, and even your how close you are to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. An average annual rate of $2,305 makes 38127 the most expensive ZIP code in Memphis for homeowners insurance.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN MEMPHIS
ZIP CodeAverage Annual Home Insurance Rate
38127$2,305
38128$2,266
38163$2,266



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Looking for a money-saving tip for insurance in Memphis? Try bundling

If saving money is your primary concern, you might purchase insurance for your home and auto through the same insurance company. Bundling your homeowners and auto insurance can be a good money-saving option. In fact, bundling policies in Memphis leads to average annual savings of 11%.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN MEMPHIS
CompanyAvg. Annual Auto Insurance Rate (Bundle)
USAA$948
Tennessee Farmers$1,052
State Farm$1,268
Erie$1,282
Progressive$1,514

Bundling your homeowners and auto policies can be a great way to save some money on insurance. Call 855-493-9728 to speak with an insurance specialist today.


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