Memphis Homeowners Insurance

How to find cheap homeowners insurance in Memphis


Home insurance is an important part of owning a home. Along with your personal belongings, homeowners insurance covers your dwelling in the event of many perils, including theft, fire, wind damage, and vandalism. Incidents like this occur often. When paired with the high cost of repairing or rebuilding a house, investing in an expansive homeowners policy can seem like a great idea.

The cost of home insurance depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. The location of your home also contributes to the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance rates may be higher to account for the extra risk. Discover more about what is covered by a homeowners insurance policy.

If you want to find cheap homeowners insurance in Memphis, start with looking around and comparing a variety of different policies. . Take a look at the summary below showing average Memphis homeowners insurance premiums to ensure you start your search with as much background info as possible. Remember: your homeowners insurance premiums may vary based on your coverage limits and other factors.


Memphis, Tennessee, homeowners insurance — table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible level
  5. Bundling discounts

Home insurance in Memphis by insurance company

Homeowners insurance rates in Memphis vary from one insurance company to another. 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.

Begin your search for a home insurance policy by reviewing the cheapest companies in Memphis, Tennessee, listed below.


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 rates in Memphis by coverage amount

Your chosen level of homeowners coverage has an impact on the insurance premiums you pay . Homeowners in Memphis who carry $200K in dwelling coverage pay an average of $1,533 per year, while those with coverage up to $400K pay around $2,853 per year.


HOMEOWNERS INSURANCE RATES IN MEMPHIS — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$1,014
$200,000 Dwelling$1,533
$250,000 Dwelling$1,888
$400,000 Dwelling$2,853

Compare Homeowners Insurance Rates

Memphis home insurance prices by ZIP code

Depending on which part of Memphis you live in, you might see a dramatic difference in your home insurance costs. The amount of claims filed in your local area can be a factor in determining the price of your policy. Put simply, where you live could have a huge impact in what you pay for homeowners insurance.

If you're looking for the cheapest homeowners insurance premiums in Memphis, take at look at the 38157 ZIP code. In the 38157 area, homeowners policies typically cost just $2,120 per year on average — a full $92 less than the Memphis average. If you’re looking for the areas with the most affordable homeowners premiums in Memphis, have a look at the table below.


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

Other areas of Memphis, it should be noted, face homeowners rates that surpass the city average . These areas of the city could be more prone to perils such as theft, severe weather, or fires that present more risk for insurance companies. With an annual average premium of $2,305, 38127 comes in as the priciest ZIP code in Memphis for home insurance.


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

Homeowners insurance deductibles in Memphis

Among the plethora of choices homeowners face when buying an insurance policy is how high to set the deductible. The deductible is the dollar amount that the insured must contribute toward a covered loss. Where you set your deductible can play a significant role in determining your insurance premiums.

When choosing a deductible, remember that the higher your deductible is, the lower your premiums will be. Therefore, it might make sense to set a higher deductible if your are hoping to lock in lower home insurance premiums. Be mindful of the fact that your deductible should only be as high as you can reasonably pay if you suffer a loss.

Below are some typical deductible options offered by most home insurance companies alongside with related average insurance rates.


HOME INSURANCE COSTS BY DEDUCTIBLE TIER IN MEMPHIS
Deductible LevelAverage Annual Home Insurance Rate
$500$2,029
$1,000$1,888
$1,500$1,787
$2,000$1,687
$5,000$1,477

Money-saving tip: bundle home and auto insurance in Memphis

To save a little money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance is one way to save substantially on your monthly car insurance premiums. By bundling your policies, Memphis homeowners could see annual savings of 11% on average.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN MEMPHIS
CompanyAvg. Annual Auto Insurance Rate (With 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.


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Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a masters degree from Royal Holloway, University of London. He has been quoted by Kin Insurance, Safety.com, and autoinsuranceEZ.com.