Average renters insurance cost in Memphis, TN

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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 Takeaways

Renters 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 coverage

Your 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	$413

Note: 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 provider	Average annual rate	Average per month rate
American National Finance	$150	$13
Farm Bureau Insurance of Tennessee	$192	$16
State Farm	$195	$16
Shelter Insurance	$254	$21
Auto-Owners	$269	$22
Farmers	$389	$32
Westfield Insurance	$395	$33
Erie Insurance	$436	$36
Travelers	$670	$56
USAA	$230	$19

Tips for reducing the cost of renters insurance

Here 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.

Methodology

Insure.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.

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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.