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Ross Martin

Insurance Writer

  • 4+ years in the Insurance Industry

Ross joined The Zebra as a writer and researcher in 2019. He specializes in writing insurance content to help shoppers make informed decisions.

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Kristine Lee

Insurance Analyst

  • Licensed Insurance Agent — Property and Casualty
  • 4+ years of Experience in the Insurance Industry

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a…

How to find affordable 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 average homeowners policy costs $184 per month in Memphis, Tennessee. This is over 50% more than the national average home insurance payment.

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 home insurance premiums to ensure you start your search with as much background info as possible. Remember: your insurance premiums may vary based on your coverage limits and other factors.

Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings


Memphis home insurance by 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 per year.

Begin your search for a home insurance policy by reviewing the cheapest homeowners insurance companies in Memphis, Tennessee, listed below. You can also check out our guide to the best home insurers featuring the results of The Zebra's Customer Satisfaction Survey.

Company Average Annual Rate
AAA $1,653
Allstate $1,796
Safeco $1,867
Shelter $1,903
Erie $1,906


Memphis homeowners insurance prices by coverage level

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.

Coverage Level Average Annual Rate
$100,000 Dwelling $1,014
$200,000 Dwelling $1,533
$250,000 Dwelling $1,888
$400,000 Dwelling $2,853


Memphis home insurance rates by ZIP code

Depending on which part of Memphis you live in, you might see a dramatic difference in your home insurance costs. The frequency 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 on what you pay for homeowners insurance.

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

ZIP Code Average 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 average in Memphis. 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 is the priciest ZIP code in Memphis for home insurance.

ZIP Code Average Annual Home Insurance Rate
38127 $2,305
38128 $2,266
38163 $2,266


Memphis homeowners insurance deductibles

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 you 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.

Deductible Level Average Annual Homeowners Insurance Rate
$500 $2,029
$1,000 $1,888
$1,500 $1,787
$2,000 $1,687
$5,000 $1,477


Home and auto insurance bundling 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.

Company Avg. Annual Auto Insurance Rate (With Bundle)
USAA $948
Tennessee Farmers $1,052
State Farm $1,268
Erie $1,282
Progressive $1,514

Compare quotes on Memphis, TN home insurance today!

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About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
  • The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.