Average homeowners insurance cost in Memphis, TN

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In Memphis, homeowners pay an average annual rate of $3,931 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible). It’s $1,349 more than the national average of $2,582 .

Homeowners insurance rates change from one home to another. The home insurance premium in Memphis depends on various factors, such as:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To make sure you are getting the best deal on home insurance, it is important to get quotes from multiple insurers to find the right coverage for your needs. Read this guide for more info on how much homeowners insurance costs per month in Memphis, home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Memphis.

Key Takeaways

Homeowners insurance costs $3,931 per year in Memphis.
At $2,104 per year, Allstate offers the cheapest homeowners insurance in Memphis.
Your home insurance rates increase by $957 more annually if you increase your dwelling coverage from $200,000 to $300,000.

Average homeowners insurance cost per month

How much you pay for a homeowners insurance policy depends on the value of your home, your location, and the coverage options you select.

Homeowners in Memphis pay an average of $328 per month. It’s $74 more than the state average of $254 and $113 more than the national average for home insurance across the nation.

Average homeowners insurance cost for a $200,000 house in Memphis

The average cost of homeowners insurance in Memphis, TN is $2,974 annually for the dwelling coverage of $200,000 and the liability protection of $100,000. The cost of your home insurance each year depends on several factors – including the risk of natural disasters in your area. If your city is prone to events like hurricanes, wildfires, or floods, you’ll likely pay more for coverage.

Some places are more prone to natural disasters, like floods, hurricanes, or tornadoes. That makes rebuilding after a major event more expensive, which is why home insurance tends to cost more in those areas. And keep in mind, your standard policy probably doesn’t cover flood or hurricane damage. If you live in a high-risk zone, it’s definitely worth looking into separate flood insurance for extra protection.

Average homeowners insurance cost for a $300,000 house in Memphis

According to a rate analysis by Insure.com, homeowners in Memphis pay an average of $3,931 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you’ll have to pay $957 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, its features, and the cost of living in your area.

Average homeowners insurance cost in Memphis by company

Among the carriers we analyzed, Allstate is the cheapest homeowners insurance company in Memphis. Its average annual rate for Memphis homeowners is $2,104 , while Auto-Owners ranks second.

Before picking a homeowners insurance policy, it’s a good idea to do a little homework on the company. To make it easier, our experts reviewed all the top insurers in Memphis and put together a list of the most affordable options. Below, you’ll find the average annual premiums for each provider in the area.

Home Insurance Company	Annual rate
Allstate	$2,104
Auto-Owners	$2,622
State Farm	$2,685
Tennessee Farmers	$2,870
Progressive	$2,966
Erie Insurance	$3,798
Farmers	$6,758
Travelers	$7,972
USAA*	$2,573

*USAA is only available to military community members and their families.

Bundling your home insurance with other policies, such as auto insurance, can result in substantial savings. Many insurers offer discounts to policyholders who combine multiple policies. It will help you lower your premiums and simplify policy management.

Natural disasters in Tennessee that can impact your home insurance

Living in Tennessee comes with the possibility of natural disasters that can cause serious damage to your home and belongings. From costly repairs to large insurance claims, the financial impact can be significant. That’s why it’s important to know which types of disasters are most common in your area before selecting a home insurance policy.

Understanding your local risks allows you to customize your coverage – whether that means adjusting your policy limits, choosing a higher deductible, or adding protection for hazards like floods or earthquakes. Planning ahead helps ensure you’re fully covered when it matters most.

Tennessee is commonly affected by Heat wave, Landslide, Lightning, Riverine flooding, Strong wind and Tornado.

How home insurance protects you against natural disasters

Home insurance is an essential safeguard for your financial well-being, offering protection if you’re affected by a natural disaster. Natural disasters can lead to costly damage, but the right policy can help cover the cost of repairs, sparing you from major out-of-pocket costs. In many cases, home insurance also pays for temporary living expenses if you can’t live in your home.

However, not all natural disasters are covered under a standard home insurance policy. For example, flood and earthquake damage are excluded and require separate coverage. That’s why it’s so important to understand the specific natural disaster risks in your area. By doing so, you can choose a policy that truly protects your home – and your finances – from the threats that are most likely to affect you.

Pro tip: Review your policy annually

There’s little time to prepare for a natural disaster, and it’s too late to make changes once a storm is on the radar. Make sure your homeowners insurance includes coverage for the types of disasters common in your area. Standard policies don’t always cover everything, like flood damage, so double-check exclusions and consider add-ons if you need them.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Memphis for $300,000 dwelling coverage and $100,000 liability coverage with a $1000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.