Home Renters insurance Renters insurance cost Tennessee Memphis, TN Average renters insurance cost in Memphis, Tennessee Renters insurance in Memphis costs an average of $318 annually or $26 monthly. View Carriers Please enter valid zip Compare top carriers in your area Written by Shivani Gite Shivani Gite 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. | Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is an insurance expert and managing editor of Insure.com. She specializes in life and health insurance content, and has experience as a marketing consultant. | Updated on: June 1, 2025 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. Renters insurance in Memphis, costs $318 per year for $40,000 in personal property, $300,000 in liability and a $1,000 deductible, which is $46 more than the state average of $272 annually.Your renters insurance premium could be higher or lower depending on the coverage and liability limits you select. Purchasing renters insurance is a good idea, as it helps protect your personal property from damage or loss due to events like fire, smoke, theft and vandalism. Want to know who has the most affordable rates? Here are the most affordable renters insurance companies in Memphis.Key TakeawaysRenters insurance costs an average of $318 per year or $26 per month in Memphis.American National has the cheapest renters insurance for Memphis renters at $13 per month.Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.What is the average cost of renters insurance per month in Memphis?The average monthly cost of renters insurance in Memphis is $26, which is $3 more than the state average of $23. This rate is for a coverage limit of $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in Memphis pay $19 monthly for $20,000 in personal property coverage with a $1,000 deductible. If you increase your personal property coverage to $40,000, the cost will rise by $7.Higher coverage limits are recommended if you own valuable items like jewelry, furniture, and electronics.How much is renters insurance in Memphis by deductible?The average cost of renters insurance in Memphis is $250 annually for a $500 deductible and $20,000 in personal property coverageYour deductible is the amount you must pay out of pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $25 annually on your insurance.Below, you’ll find average renters insurance premiums for different personal property coverage and deductible amounts.Deductible$20,000 personal property$40,000 personal property$60,000 personal property$500$250$358$466$1,000$225$318$413Note: Liability coverage is set at $100,000.Who offers cheap renters insurance in Memphis?Your search for the cheapest renters insurance company ends here.American National offers the cheapest renters insurance in Memphis at $150 a year or $13 per month. According to our data, Farm Bureau Insurance of Tennessee ranks second on our list followed by State Farm. Below are the average annual and monthly rates of the cheap renters insurance companies in Memphis.Renter insurance providerAverage annual rateAverage per month rateAmerican National Finance$150$13Farm Bureau Insurance of Tennessee$192$16State Farm$195$16Shelter Insurance$254$21Auto-Owners$269$22Farmers$389$32Westfield Insurance$395$33Erie Insurance$436$36Travelers$670$56USAA$230$19Tips for reducing the cost of renters insuranceHere are some tips to help reduce renters insurance costs in Memphis:Bundle insurance policies. If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in Memphis.Increase deductible. Opting for a higher deductible can lower your premium in Memphis, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.Choose the right coverage. Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.Avoid small claims. Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.Shop around. Don’t settle for the first quote you receive. Compare renters insurance quotes in Memphis from multiple providers to find the best price for the coverage you need.Renters insurance in Memphis, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.MethodologyInsure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Memphis in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment. How much is renters insurance in other cities?ChattanoogaClarksvilleKnoxvilleShivani GiteContributing 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. 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 2025 What is dwelling coverage and how much do you need? Personal liability insurance: What it is and why you need it 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 2025 Homeowners insurance basics Home Insurance Advisor Cheapest homeowners insurance in 2025 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 Do I have to pay homeowners insurance through escrow? By Kat Tretina Cost of living calculator By Nupur Gambhir $400K home insurance cost calculator By Zack Sigel Hurricane season is here: What to know to protect your home By Maryalene LaPonsie Cost of living comparison by state By Chris Kissell Renters insurance calculator: How much renters insurance costs by state and city in 2025 By Shivani Gite On this page What is the average cost of renters insurance per month in Memphis?How much is renters insurance in Memphis by deductible?Who offers cheap renters insurance in Memphis?Tips for reducing the cost of renters insuranceMethodology ZIP Code Please enter valid ZIP See rates (844)-761-9316