Memphis Renters Insurance

The Zebra
July 23, 2019

Renters insurance in Memphis


Renters insurance is critical if you're renting a house or apartment. It covers your rental unit — and the personal property within it — against a number of perils, including vandalism, wind damage, theft, or fire. Given the relatively common frequency of these incidents, the affordable price of a renters policy, and the relatively high cost of replacing your property, a renters insurance policy is a solid investment.

How much your renters insurance policy costs will come down to a number of factors, including your building's age, the material from which it’s made, its geographic location, and the pricing guidelines of your insurance company. In areas in which fire, lightning, wind, or hail are common, renters insurance could be more expensive.

The average annual renters insurance rate in Memphis is $245.

Getting affordable renters insurance in Memphis should start with a thorough comparison of the top renters insurance companies. Review our list of average Memphis renters insurance rates to ensure you start your search with as much background info as possible. Remember: your renters insurance costs may vary based on your coverage limits and other factors.


Memphis renters insurance:

  1. Rates by company
  2. Rates by coverage level
  3. Car and renters insurance discounts

Renters insurance in Memphis — top companies

Renters insurance rates in Memphis depend on the insurer you choose. For instance, AAA offers the most affordable renters insurance in Memphis, at just $146 per year. That's less expensive than the city's average cost of $245, providing a $99 discount.

Start your search for a renters insurance policy by reviewing the cheapest companies in Memphis.


AFFORDABLE RENTERS INSURANCE COMPANIES IN MEMPHIS
CompanyAverage Annual Rate in Memphis
AAA$146
State Farm$151
Tennessee Farmers$151
Safeco$158
Travelers$159

Memphis renters insurance pricing by coverage tier

Your renters insurance rates will vary depending on the amount of coverage you purchase. Common renters insurance coverage tiers are $25,000 and $50,000 property coverage. In Memphis, the average annual cost difference between these tiers is about $107. If you can afford the up-front expense, purchasing more coverage might not be a bad idea.

Coverage LevelAverage Annual Rate in Memphis
$25K Property$191
$50K Property$298

Tip: bundle your renters and car insurance policies

If you’re looking to cut your insurance expenditures, purchase your renters and auto policies from the same company. Bundling renters and car insurance in Memphis can result in substantial savings. In fact, bundling renters and auto insurance leads to average savings of 6.5% on car insurance rates. The car insurance company with the cheapest bundled rate is Erie, followed by State Farm and Progressive.


RENTERS AND AUTO INSURANCE BUNDLE DISCOUNTS IN MEMPHIS
Annual Bundle SavingsBundle Savings %
$1336.5%

Need renters insurance? Talk to an expert today.