Best & Cheapest Homeowners Insurance in Memphis, TN April, 2024

For homeowners in Memphis, Allstate offers the most affordable home insurance option, with an average annual quote of $1,907.

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Updated: 26 March 2024
Written by
Bob Phillips
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In our comprehensive evaluation of home insurance providers in Memphis, Tennessee, Allstate stands out as the most affordable option, with an average yearly rate of $1,907. However, it’s important to note that the best insurer for you may vary based on your specific circumstances and requirements.

For instance, if you own a newly constructed home, USAA offers the most cost-effective solution at $1,510 per year. On the other hand, if you have an older home, Auto-Owners provides competitive rates of $1,984 annually along with comprehensive coverage.

Furthermore, if your credit score has been affected negatively, Allstate presents the most economical choice with an average annual premium of $2,342. For individuals with a history of claims, State Farm offers an affordable and accommodating option at $2,578 per year.

Additionally, if you have valuable personal belongings needing protection, USAA once again proves to be the top choice, offering extensive coverage at a reasonable rate of $2,156 per year.

Our detailed analysis at Insuranceopedia aims to assist you in finding the perfect match for your home insurance needs. By comparing customer ratings, assessing personal experiences, and providing comparison charts, we aim to equip you with all the information necessary to make a well-informed decision.

How much is homeowners insurance in Memphis, TN?

In Memphis, Tennessee, Allstate offers the most affordable homeowners insurance rate, priced at $1,907 per year.

As indicated below, rates in Memphis are higher than both the national average and the average rate for the state of Tennessee.

Area Average Monthly Rate
National $1,820
Tennessee $3,472
Memphis $3,864

It’s essential to recognize that insurance rates are not uniform; they can vary significantly based on several factors.

For instance, your individual driving record is critical; having a history of traffic violations or accidents usually leads to higher premiums compared to having a clean record. The type and model of your vehicle also contribute to costs, as high-performance or luxury cars often come with higher insurance expenses.

Moreover, your location can affect rates, with densely populated urban areas typically facing higher premiums due to increased risks of theft or accidents. Additionally, factors such as age and marital status can influence your car insurance premiums.

Cheapest Homeowners Insurance in Memphis, TN

Our Methodology

To identify the most affordable home insurance rates in Memphis, we conducted an analysis using data from various home insurance review platforms. Some of these platforms evaluated rates obtained from public filings acquired by Quadrant Information Services. We averaged these rates for our review. However, it's crucial to note that rates from each company can fluctuate regularly and may differ based on your individual circumstances. Additionally, our comprehensive rating incorporates my subjective opinion, which is based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

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Research Hours

Cheapest Homeowners Insurance in Memphis, TN

Allstate is the most budget-friendly choice for homeowners insurance in Memphis, Tennessee, with an average annual rate of $1,907.

Company Annual Premium
Allstate $1,907
USAA $2,093
Erie $2,518
State Farm $2,602
Travelers $7,088

The price of your insurance policy is influenced by various factors, such as your location, the value of your home, and your claims history. Allstate offers a combination of affordability and comprehensive coverage, striking a balance that meets the needs of homeowners.

Cheapest Homeowners Insurance If You Have an Older Home

Auto-Owners provides the most cost-effective rates for older homes, averaging $1,984 per year.

Insurance Company Average Annual Premium
Auto-Owners $1,984
USAA $2,042
State Farm $2,570
Progressive $2,698
Farmers $6,080

Older homes frequently present unique risks and maintenance challenges that can lead to higher insurance expenses. However, Auto-Owners offers competitive rates and comprehensive coverage specifically designed to address the requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

USAA offers the most affordable option for newly constructed homes, with an average annual rate of $1,510.

Insurance Company Average Annual Premium
USAA $1,510
Erie $1,672
State Farm $1,916
Travelers $3,705
Auto-Owners $4,399

Newly constructed homes often require different coverage compared to older ones, and USAA is known for offering affordable policies tailored to these specific requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a poor credit score, Allstate offers the most affordable solution, with an average annual rate of $2,342.

Insurance Company Average Annual Premium
Allstate $2,342
Shelter $3,115
USAA $3,194
State Farm $4,431
Farmers $7,870

Your credit score plays a significant role in determining your insurance rates as insurers use it to assess risk. Allstate understands the importance of providing equitable coverage to all individuals, irrespective of their financial background.

Cheapest Home Insurance for a History of Claims

For homeowners with a history of claims, State Farm provides an affordable solution, with an average annual rate of $2,578.

Insurance Company Average Annual Premium
State Farm $2,578
USAA $2,840
Shelter $2,998
Erie $3,250
Farmers $10,077

A history of claims can suggest higher risk for insurers, which often results in increased premiums. However, State Farm believes in giving individuals with past claims a second chance and offers reasonable rates to accommodate them.

Cheapest Home Insurance Rates for Lots of Personal Property

If you own a significant amount of personal property, USAA offers the most affordable rates, averaging $2,156 annually.

Insurance Company Average Annual Premium
USAA $2,156
State Farm $2,643
Erie $3,290
Auto-Owners $7,894
Travelers $8,320

As your personal property increases, your coverage needs may also grow, leading to potentially higher premiums. However, USAA offers comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.

Best Homeowners Insurance Companies in Memphis, TN

Choosing the right homeowners insurance isn’t just a necessity; it’s a strategic decision. With Memphis’s rich history, its homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.

To streamline your decision-making process, we’ve gathered a list of the top homeowners insurance companies in Memphis, Tennessee. These companies have been evaluated based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to find the perfect match for your home insurance needs.

Company Annual Premium
1. Allstate $1,907
2. USAA $2,093
3. State Farm $2,602
4. Erie $2,518
5. Shelter $2,432
6. Auto-Owners $1,764
7. Progressive $2,673
8. Travelers $7,088
9. Farmers $4,878

Average Home Insurance Rates by Zip Codes

Homeowners insurance costs in Memphis, TN can vary significantly depending on the zip code. Below are tables displaying rates for various zip codes in Memphis, including the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
38128 $2,086
38109 $2,156
38116 $2,162
38118 $2,491
38125 $2,220

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
38128 $2,086
38116 $2,162
38133 $2,100
38137 $2,133
38018 $2,132

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
38118 $2,491
38103 $2,332
38122 $2,298
38104 $2,294
38111 $2,296

Average Home Insurance Rates in Memphis, TN by Deductible Amount

The deductible amount selected for a homeowners insurance policy has a significant impact on premium rates in Memphis, Tennessee. Here’s how the average home insurance rates vary based on different deductible amounts:

Deductible Amount Average Annual Premium
$500 $2,720
$1,000 $2,196
$1,500 $1,607
$2,000 $1,386

Average Home Insurance Rates in Memphis, TN By Coverage Amount

One important factor that affects your premium is the dwelling coverage amount. This represents the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Below is a comparison chart illustrating the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $1,690
$250,000 $1,867
$300,000 $2,198
$350,000 $2,436
$400,000 $2,755

Average Home Insurance Rates in Memphis, TN by Company

Here is a comparison of yearly premiums from leading insurance providers in Memphis.

Company Annual Premium
Allstate $1,907
USAA $2,093
State Farm $2,602
Erie $2,518
Shelter $2,432
Auto-Owners $1,764
Progressive $2,673
Travelers $7,088
Farmers $4,878

How Much is Homeowners Insurance for Other Cities in Tennessee?

Below is a detailed comparison chart showing the most cost-effective annual premiums across various cities in Tennessee.

City Annual Premium
Adamsville $2,360
Bloomingdale $1,543
Cedar Hill $2,192
Charleston $1,890

Getting Online Homeowners Insurance Quotes in Tennessee

With informative platforms like Insuranceopedia, finding the ideal coverage for your specific needs is just a few clicks away. By providing fast online quotes from a variety of top-rated insurers, Insuranceopedia enables you to easily compare rates.

Simply input your information, and let us handle the rest by presenting you with a selection of options tailored to your needs. This allows you to confidently select a policy that provides the best value, striking the right balance between cost and comprehensive coverage.

FAQs

Who has the cheapest home insurance in Memphis, TN?

Allstate provides the most affordable home insurance option in Memphis, Tennessee, with an annual premium of $1,907.

What is the average cost of home insurance in Memphis, TN?

On average, homeowners insurance in Memphis, Tennessee typically costs around $3,864 annually.

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