Renters Insurance in Memphis, TN

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Renata Balasco

Senior Content Strategist

  • Licensed Insurance Agent — Property and Casualty

Renata joined The Zebra in 2020 as a Customer Experience Agent. Since 2021, she has worked as licensed insurance professional and content strategist.…

Renters insurance in Memphis, Tennessee

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.

Jump to:

  1. Rates by company
  2. Rates by coverage level
  3. Bundling discounts

Popular renters insurance companies in Memphis

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.

CompanyAverage Annual Rate in Memphis
State Farm$151
Tennessee Farmers$151

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 auto and renters insurance policies in Memphis

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.

Annual Bundle SavingsBundle Savings %

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