How much is renters insurance in Memphis, NY

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Renters insurance in Memphis, NY, costs $266 per year for $40,000 in personal property, $100,000 in liability and a $1,000 deductible which is $27 less than the state average of $293 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

The average cost of renters insurance in Memphis is $266 annually or $22 monthly.
The cheapest option for renters in Memphis is State Farm, offering coverage at $10 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as installing a security system or bundling policies.

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

On average, renters in Memphis pay $22 per month for renters insurance, which is $2 less than the state average of $24. The policy includes $40,000 in personal property, $100,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Memphis varies depending on your insurance company and the coverage limit you buy. Renters in Memphis typically pay $18 monthly for $20,000 in personal property coverage and a $1,000 deductible. If you decide to increase your coverage to $40,000, you’ll see an increase of $4 more in your monthly premium.

Choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Memphis by deductible?

Renters insurance in Memphis costs $225 per year for a $500 deductible and $20,000 in personal property coverage.

Your deductible is the amount you agree to pay before your insurance coverage kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same (e.g., $20,000) but you increase your deductible limit from $500 to $1,000, you will pay $11 less every year for insurance.

Below are the renters insurance rates for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$225	$281	$345
$1,000	$214	$266	$324

Note: The liability protection coverage is $100,000.

Who offers cheap renters insurance in Memphis?

Your search for the cheapest renters insurance company ends here.

State Farm offers the cheapest renters insurance in Memphis at $125 a year or $10 per month. According to our data, Travelers ranks second on our list followed by Allstate.

Below are the average annual and monthly rates of the cheap renters insurance companies in Memphis, NY.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$125	$10
Travelers	$135	$11
Allstate	$169	$14
American Family	$176	$15
Nationwide	$210	$18
NYCM Insurance	$219	$18
Chubb Ltd	$284	$24
Farmers	$359	$30
AIG	$1,039	$87
USAA	$232	$19

Tips for reducing the cost of renters insurance

Below are some tips to help you save on renters insurance in Memphis:

Bundle policies. If you have other policies through the same insurer, such as car insurance, bundling it with the same provider can often earn you a discount. Many insurers in Memphis offer savings for bundling policies.

Increase your deductible. Choosing a higher deductible can lower your premium, but ensure you’re prepared to cover the higher out-of-pocket costs if you need to file a claim.

Choose the right coverage amount. Regularly review your renters insurance to avoid paying for more coverage than you need. For example, you might opt for lower personal property coverage if you don’t own high-value items.

Limit small claims. Filing multiple small claims can drive up your rates. Consider paying for minor damages yourself to keep your premium low.

Shop around for quotes. Don’t settle for the first offer. Compare renters insurance rates from multiple providers in Memphis to find the best coverage at the lowest price.

Renters in Memphis, NY should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Memphis for $40,000 personal property coverage, $100,000 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.