Our editorial team analyzed regional and national home insurance companies that sell policies in Memphis to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
Home insurance in Memphis, Tennessee, costs $3,210 annually on average for a standard policy with $300,000 in dwelling coverage and a $1,000 deductible. Located in the state’s southwestern corner, Memphis is more prone to tornadoes and flooding than other parts of Tennessee. Home insurance costs in Memphis reflect the extra risk.
Standard home insurance policies include tornado coverage, but you’ll have to add a separate policy for flood protection, which costs extra.1
Here’s what you should know about finding home insurance in Memphis.
Best home insurance companies in Memphis
Memphis homeowners can choose from large national home insurers or smaller regional options. The best home insurance company depends on your needs and preferences, including your home’s features.
The following insurance companies are stand-out options for affordability, storm coverage, and high-risk homes. Start your search for home insurance below.
Best company for affordable rates: Allstate
Best company for flood insurance: Auto-Owners
Best company for high-risk homes: Foremost
Cheapest home insurance companies in Memphis
Allstate is the cheapest home insurance company in Memphis, on average. It’s much more affordable than the Memphis average cost of home insurance and many other options for home insurance in the city.
The following insurance companies have the most affordable coverage options in Memphis. The average annual premiums reflect costs for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
How much is home insurance in Memphis?
The average annual cost of home insurance with $300,000 in dwelling coverage in Memphis is $3,210 for a policy with a $1,000 deductible and $3,296 for a policy with a $500 deductible. Depending on your home’s location, age, and features, you might pay more or less than the average. Your credit-based insurance score and claims history also affect how much you pay.
Below, you can see average annual home insurance costs based on different factors.
Cost of home insurance by dwelling coverage in Tennessee
Your coverage limit is the maximum amount insurance covers when you file a claim. Higher dwelling coverage limits cost more because you’ll get more money from the insurance company if you file a claim.4
Here are the average annual premiums for different dwelling coverage limits in Tennessee.
Cost of homeowners insurance by deductible amount
Your home insurance deductible is the amount you pay when you file a claim. For example, let’s say you file a claim for $20,000 of damage, and you have a $1,000 deductible. You’re responsible for paying $1,000 before your insurance policy covers the remaining $19,000.
Below, you can compare average annual premiums by deductible amount for a Memphis home insurance policy with $300,000 in dwelling coverage.
Average cost of home insurance in other cities in Memphis
Memphis homeowners pay more for coverage than homeowners in any other part of the state. The city’s location — close to Arkansas and the rest of “Tornado Alley” — likely increases the home insurance costs in the area.
Here are the average annual home insurance costs for several cities in Tennessee. Annual premiums reflect costs for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
What to know about owning a home in Memphis
Home insurance is expensive in Memphis, especially compared to other cities in Tennessee. Property values and insurance costs in the area have increased. Homeowners with a Memphis ZIP code pay an average of $270 per month for home insurance.
The area is also at risk for floods, tornadoes, and other natural disasters. Standard home insurance policies typically include coverage for tornadoes but exclude coverage for floods.
You’ll need to add a separate homeowners policy for flood insurance from the National Flood Insurance Program (NFIP). Not every insurance company offers flood coverage, so you might have policies from different insurance companies. Some insurers like Allstate and Auto-Owners offer standard coverage and work with the NFIP. But you still buy the flood policies from the FloodSmart website.
Memphis home insurance FAQs
The following information can help answer your remaining questions about Memphis homeowners insurance.
The average annual cost of home insurance in Memphis for a policy with $300,000 in dwelling coverage and a $1,000 deductible is $3,210. Standard policies include coverage for tornadoes, which is a necessity in Memphis. But you need to get a separate policy from the NFIP for damage caused by floods, which will affect your insurance rate.
Allstate has the cheapest homeowners insurance in Memphis, with an average annual cost of $1,481 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. You can also find affordable insurance coverage from American National, Westfield, and USAA. The type and amount of home insurance you have will affect the price.
Comparing home insurance quotes from multiple insurers is the best way to buy homeowners insurance. It’s important to consider the amount and type of coverage you need. Insurers have different deductibles, coverage limits, and optional protection. Once you figure out your priorities, finding the right fit is easier.
Homeowners insurance in Tennessee costs an average of $3,963 per year, or $330 per month, for a policy with $500,000 in dwelling coverage. Insurance costs more with higher coverage limits since it provides more protection.
The 80/20 rule in homeowners insurance is a guideline for how much coverage you need. You should have a coverage limit that’s at least 80% of your home’s value to ensure the insurance company pays the full amount of your claim.
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