Average renters insurance cost in Memphis, Tennessee

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Renters insurance in Memphis, Tennessee averages $350 annually – $41 more than the state average of $309 per year.

A standard renters insurance policy covers your personal belongings against fire, smoke, theft, and vandalism. It also provides liability protection if you’re held responsible for injuring someone or damaging their property.

Factors like your ZIP code, deductible, coverage limits, insurer, and eligible discounts all play a role in determining your final rate.

How to get the best deal for renters insurance in Memphis

Get quotes from at least three insurers before committing – rates can vary dramatically for the same coverage, and the difference can add up to hundreds per year.
Ask about bundling discounts if you carry auto or other insurance – placing multiple policies with one provider usually brings your rate down.
Try increasing your deductible to $1,000 if you’re currently at $500 – the annual savings can reach $27.
Check whether your building’s safety features – deadbolts, smoke detectors, or a security system – qualify you for a discount.
Pay your premium in full for the year rather than splitting it into monthly payments – most insurers reduce the rate for upfront payment.

What is the average cost of renters insurance per month in Memphis?

Renters insurance in Memphis doesn’t come with a single price tag – what you pay each month depends on your insurer and how much coverage you choose. For a policy with $20,000 in personal property coverage and a $1,000 deductible, the average premium runs $21 per month.

Moving up to $40,000 in personal property coverage raises the typical monthly rate by about $8 more, landing at $29. That rate reflects $40,000 in personal property protection, $100,000 in liability coverage, and a $1,000 deductible – $3 more than the state monthly average of $26.

Key takeaways

A renters policy covers your personal belongings and provides liability protection inside your rental
Renters insurance in Memphis averages $350 per year
Among local insurers, American National Finance offers the lowest rates in the city
What you pay hinges on your coverage limits, ZIP code, insurer, and any discounts you’re eligible for
If your home is filled with electronics, jewelry, or quality furniture, higher coverage limits are worth the extra cost

How much is renters insurance in Memphis? Rates by deductible

For a policy with $20,000 in personal property coverage and a $500 deductible, renters in Memphis pay an average of $279 per year.

Your deductible is the share of a claim you cover before your insurer pays the rest. It’s also one of the most direct levers for controlling your premium – raising it from $500 to $1,000 can knock $27 off your annual cost.

The table below shows how premiums change across different personal property coverage amounts and deductible levels.

Deductible	Rates with $20,000 personal property	$40,000 personal property	$60,000 personal property
500	$279	$393	$509
1000	$252	$350	$452

Who offers affordable renters insurance in Memphis?

For the lowest rates in Memphis, American National Finance leads the way at $163 annually or $14 per month. Farm Bureau Insurance of Tennessee is the next most affordable option, followed by State Farm.

Below is a comparison of the most affordable renters insurance providers in Memphis, including average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
American National Finance	$163	$14
Farm Bureau Insurance of Tennessee	$198	$17
State Farm	$209	$17
Auto-Owners	$266	$22
Shelter Insurance	$322	$27
Farmers	$440	$37
Westfield Insurance	$464	$39
Erie Insurance	$471	$39
Travelers	$715	$60
USAA*	$255	$21

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

How to lower the cost of renters insurance

You can lower the cost of renters insurance by shopping around, bundling policies, and going for a higher deductible.

Bundle policies. Pick your renters, auto, and other insurance with one provider to unlock multi-policy savings.
Increase your deductible. Raising your deductible cuts your premium right away – just make sure you have enough set aside to cover it if you need to file a claim.
Choose the right coverage amount. Make an account of your belongings once a year. If you don’t have much value, your current personal property coverage limit may be higher than it needs to be.
Avoid filing small claims. Frequent small claims can push your rates up more than a single large one. When the damage is minor, paying out of pocket often works out better.
Improve your credit score. Most states allow insurers to factor in credit when pricing policies. Keeping your score healthy can have a direct impact on your premium and keep your rates steady.
Compare quotes every renewal. Premiums shift from year to year. A quick comparison at renewal – about 30 minutes – can save hundreds of dollars.

Renters insurance replaces your belongings after theft or damage, and it protects you financially if you’re held liable for someone else’s loss. Comparing quotes and taking advantage of available discounts are the most effective ways to keep your cost down.

Frequently asked questions

Is renters insurance required in Memphis?

No state law requires it, but individual landlords often do. Beyond lease requirements, it’s a practical safeguard – it protects your belongings and covers you if someone is injured in your home.

What does renters insurance cover?

Renters insurance covers personal belongings damaged or stolen in a covered event, liability costs if you’re found responsible for injury or property damage, and temporary accommodation expenses if your rental becomes uninhabitable.

How much renters insurance do I need?

Start with enough to fully replace your possessions. If you own high-value items – electronics, jewelry, or specialty equipment – consider bumping up your limits or adding scheduled coverage for individual items.

Who has the cheapest renters insurance in Memphis?

American National Finance has the lowest average rates in Memphis, coming in at $14 per month.

Methodology

Insure.com worked with Quadrant Information Services to compile renters insurance rate data for Memphis, using a policy with $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible. All rates are based on a good credit tier profile.

How much is renters insurance in other cities?

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Alisha Ambre

Alisha Ambre holds a Bachelor of Arts with honours in English Literature and Media Studies. She focuses on crafting clear, engaging content that makes complex information feel practical and approachable for everyday readers. When she’s not writing, she’s likely on the volleyball court or immersed in a good video game.