Best Cheap Homeowners Insurance in Memphis, TN 2025
Allstate offers the cheapest homeowners insurance to homeowners in Memphis, with an average annual quote of $1,412.
We’ve saved shoppers an average of $450 per year on their home insurance.
In Memphis, Allstate provides the cheapest policy, with average annual rates of $1,412. However, keep in mind that the best insurer for you may vary based on your unique circumstances and requirements.
Memphis experiences over 53,000 residential burglaries annually. Additionally, Memphis’s rates climb with severe weather risks like tornadoes, floods, and rising rebuild costs.
To help people navigate the tough home insurance market, I researched several options to find you the best and cheapest home insurance companies in Memphis, TN.
Key Takeaways
Allstate provides the cheapest home insurance policy in Memphis, at an average annual rate of $1,412.
The average cost of homeowners insurance in Memphis is $2,031 per year.
There are various ways to save on your premiums, such as shopping around for quotes and re-assessing your coverage needs.
Cheapest Homeowners Insurance In Memphis – Allstate
Allstate is the cheapest overall carrier for homeowners insurance in Memphis, TN, with an average annual rate of $1,412.
| Company | Annual Premium |
| Erie | $2,007 |
| Allstate | $1,412 |
| Westfield Insurance | $1,705 |
| USAA | $2,094 |
| Auto-Owners | $1,689 |
Cheapest Homeowners Insurance In Memphis If You Have Poor Credit – Allstate
If your credit score is poor, Allstate provides the most affordable solution, with an average annual rate of $2,446.
| Insurance Company | Average Annual Premium |
| Tennessee Farmers Group | $2,800 |
| Shelter | $3,108 |
| Allstate | $2,446 |
| Westfield Insurance | $3,421 |
| USAA | $3,340 |
Cheapest Homeowners Insurance In Memphis For Older Homes – State Auto
For those with older homes, State Auto offers the cheapest rates, averaging $1,435 per year.
Older homes often come with unique risks and maintenance issues, which can drive up insurance costs.
| Insurance Company | Average Annual Premium |
| Allstate | $1,460 |
| State Auto | $1,435 |
| Auto-Owners | $2,071 |
| Westfield Insurance | $2,014 |
| USAA | $2,109 |
Cheapest Homeowners Insurance For Newly Constructed Homes – Allstate
If you’re the proud owner of a newly constructed home, Allstate offers the most cost-effective solution, with an average annual rate of $1,205.
| Insurance Company | Average Annual Premium |
| Auto-Owners | $1,549 |
| State Auto | $1,302 |
| USAA | $1,614 |
| Allstate | $1,205 |
| Westfield Insurance | $1,513 |
Find Home Insurance in Memphis
Cheapest Home Insurance In Memphis For A History Of Claims – Auto-Owners
For homeowners with a history of claims, Auto-Owners provides an affordable solution, with an average annual rate of $2,106.
A history of claims can raise red flags for insurers, often leading to higher premiums.
| Insurance Company | Average Annual Premium |
| Allstate | $2,475 |
| State Auto | $3,054 |
| Auto-Owners | $2,106 |
| USAA | $3,000 |
| State Farm | $2,672 |
Best Homeowners Insurance Companies In Memphis, TN
To make your decision-making process easier, we’ve compiled a list of the top homeowners insurance companies in Memphis, TN. These companies have been assessed based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability.
Take a look at our comparison chart below and find the perfect fit for your home insurance needs.
| Company | Annual Premium |
| Allstate | $1,455 |
| Auto-Owners | $1,748 |
| Westfield Insurance | $2,100 |
| State Farm | $2,561 |
| State Auto | $1,307 |
| Amica | $3,200 |
| USAA | $1,849 |
How Much Is Homeowners Insurance In Memphis, TN?
The average cost of home insurance in Memphis is approximately $2,031 per year. It’s important to understand that rates are not a one-size-fits-all matter. They can fluctuate significantly based on a myriad of factors.
As you can see below, rates in Memphis are lower than the National average and the Tennessee State average.
| Area | Average Monthly Rate |
| National | $2,408 |
| Tennessee | $2,040 |
| Memphis | $2,031 |
Average Memphis Home Insurance Rates By ZIP Code
The cost of homeowners insurance in Memphis, TN, can vary significantly based on the ZIP code.
The table below showcases average rates for different zip codes in Memphis.
| ZIP Code | Average Annual Premium |
| 38127 | $2,210 |
| 38115 | $2,338 |
| 38128 | $2,085 |
| 38111 | $2,292 |
| 38134 | $2,170 |
Cheapest ZIP Codes For Home Insurance In Memphis
At $2,006 per year, the ZIP code 38112 is the cheapest average ZIP code for home insurance in Memphis.
| ZIP Code | Average Annual Premium |
| 38133 | $2,100 |
| 38112 | $2,006 |
| 38016 | $2,099 |
| 38107 | $2,114 |
| 38128 | $2,085 |
Most Expensive ZIP Codes For Home Insurance In Memphis
The most expensive ZIP code in Memphis is 38118, at an average annual premium of $2,495.
| ZIP Code | Average Annual Premium |
| 38115 | $2,338 |
| 38141 | $2,324 |
| 38118 | $2,495 |
| 38103 | $2,329 |
| 38111 | $2,292 |
Average Home Insurance Rates In Memphis, TN, By Deductible Amount
The deductible amount chosen for a homeowners insurance policy significantly affects the premium rates in Memphis, TN. Generally, a higher deductible means lower premiums, but you’ll pay more out of pocket if you need to make a claim.
Here’s how the average home insurance rates in Memphis fluctuate with insurers for different deductible amounts:
| Insurer | Annual Rate for $500 Deductible | Annual Rate for $1,000 Deductible | Annual Rate for $1,500 Deductible |
| State Farm | $3,100 | $2,485 | $2,022 |
| Auto-Owners | $2,907 | $2,321 | $1,880 |
| USAA | $2,360 | $1,880 | $1,535 |
| Allstate | $2,550 | $2,029 | $1,645 |
| Westfield Insurance | $2,712 | $2,144 | $1,780 |
Average Home Insurance Rates In Memphis, TN, By Coverage Amount
One of the key components that influences your premium is the dwelling coverage amount. This is the maximum amount your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.
The table below outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $1,546 |
| $250,000 | $2,039 |
| $300,000 | $2,565 |
| $350,000 | $3,040 |
| $400,000 | $3,492 |
Find Home Insurance in Memphis
Bundle Home With Auto Insurance
Bundling your homeowner’s insurance with your auto insurance is a popular way to lower premiums. Many insurance providers offer discounts when you combine multiple policies, as they see it as an opportunity to retain you as a customer across different types of coverage. The savings from bundling can vary, but it’s common to see discounts ranging from 9% to 14% on your home insurance premium.
This method can be especially useful for homeowners who already have an auto insurance policy. By consolidating both policies with the same insurer, you simplify your insurance management and may receive better overall customer service. In addition to lower premiums, bundling may also provide more flexible payment options and potentially higher coverage limits.
Before deciding to bundle, it’s important to compare the total cost of bundling with the cost of purchasing separate policies. While bundling may offer discounts, it’s still worth ensuring that each individual policy provides the coverage you need at a reasonable rate.
How To Get Homeowners Insurance In Tennessee
With informative sites like Insuranceopedia, finding the best coverage for your unique needs is just a few clicks away. By providing quick online quotes from a variety of top-rated insurers, Insuranceopedia helps you to compare rates at a glance.
Just input your details and let us do the hard work, presenting you with a range of options tailored to your requirements. This way, you can confidently choose a policy that offers the highest value, balancing cost with comprehensive coverage.
Our Methodology
To find the cheapest home insurance rates in Memphis, we analyzed findings from numerous home insurance review sites, some of which analyzed rates from public filings obtained by Quadrant Information Services. We’ve used an average of those rates for this review, but each company’s rates change frequently and will vary based on your situation. Also factored into the overall rating is my subjective opinion based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.
About Bob Phillips
