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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), 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 takeaways

  • The 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$2,104
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

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.

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