Home Home insurance Average home insurance cost Tennessee Memphis, TN Average homeowners insurance cost in Memphis, TN View Carriers Please enter valid zip Compare top carriers in your area Written by By Insure.com's EditorUpdated on: September 3, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. 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), according to Insure.com’s rate analysis. 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 ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers, enabling you to find the right coverage that aligns with your specific requirements. Read this guide to learn how much homeowners insurance costs monthly in Memphis, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Memphis. Key takeawaysThe average cost of homeowners insurance in Memphis is $3,931 per year. Allstate is the cheapest homeowners insurance company in Memphis with an average annual premium of $2,104. If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $957 more a year for home insurance. Average homeowners insurance cost in Memphis per month According to Insure.com’s rate analysis, residents of Memphis pay an average of $328 per month for homeowners insurance. This is $74 more than the state average of $254 and $113 more than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Memphis can vary depending on your location, property value, and selected coverage options. Average homeowners insurance cost for a $200,000 house in Memphis In Memphis, TN, homeowners pay an average of $2,974 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality. Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance. Average homeowners insurance cost for a $300,000 house in Memphis Based on a rate analysis conducted by Insure.com, Memphis residents pay an average of $3,931 per year to insure a home for coverage limits of $300,000 dwelling, $100,000 liability with a $1,000 deductible. If you plan to increase your dwelling coverage from $200,000 to $300,000, you must pay an additional $957 per year for home insurance. Buying adequate insurance to cover the entire expense of rebuilding your home is best advisable. However, the amount of dwelling coverage you need may vary depending on your home’s size, amenities, and the cost of living in your area. Average homeowners insurance cost in Memphis by company Among the carriers analyzed, Allstate is the most affordable homeowners insurance company in Memphis, offering an average annual rate of $2,104. Auto-Owners ranks second, while State Farm holds the third spot with an average annual rate of $2,685. Researching a company thoroughly before selecting a homeowners insurance policy is essential. Insure.com has meticulously reviewed all insurance companies operating in Memphis and compiled a list of the most affordable options. Below are the details of home insurance companies in Memphis and their average annual premiums. Home Insurance Company Annual rate Allstate$2,104Auto-Owners$2,622State Farm$2,685Tennessee Farmers$2,870Progressive$2,966Erie Insurance$3,798Farmers$6,758Travelers$7,972USAA*$2,573 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 $1,000 deductible. The data presented are those with a good credit tier alignment. How much is home insurance in other citiesChattanoogaClarksvilleKnoxville In case you missed it What is HO-6 condo insurance and how much does it cost? Average homeowners insurance cost by ZIP code in 2024 What is dwelling coverage and how much do you need? Personal liability insurance: What it is and why you need it Renters insurance quotes: Compare rates Hurricanes and home insurance: How hurricane insurance works How replacement cost coverage works when you file a claim How much do claims increase home insurance rates? Mobile home insurance cost and coverage in 2024 Homeowners insurance basics Home Insurance Advisor Cheapest homeowners insurance in 2024 How much flood insurance do I need? How to bundle home and auto insurance policies to save money The largest home insurance companies by market share Home insurance discounts for cheaper rates How much does dog liability insurance cost and do you need it? Do you have an emergency go-bag? Most Americans don’t 1/1 Related Articles Renters insurance calculator: How much renters insurance costs by state and city in 2024 By Shivani Gite Condo and co-op homeowners insurance: What you should know By Mark Vallet Cost of living calculator By Nupur Gambhir Homeowners insurance rates by state in 2024 By Jake Safane Homeowners insurance calculator: Estimate the cost of homeowners insurance By Jessica Olson Mobile home insurance cost and coverage in 2024 By Chris Kissell On this page Average homeowners insurance cost in Memphis per month Average homeowners insurance cost for a $200,000 house in Memphis Average homeowners insurance cost for a $300,000 house in Memphis Average homeowners insurance cost in Memphis by company Methodology ZIP Code Please enter valid ZIP See rates