Cheapest & Best Renters Insurance In Memphis 2025
AAA provides the cheapest renters insurance in Memphis, TN, with monthly rates averaging about $10. However, State Farm is often considered the best option in the area.
We’ve saved shoppers an average of $200 per year on their renters insurance.
AAA provides the lowest-cost renters insurance in Memphis, with average rates of about $10 per month. However, many consider State Farm the top choice due to its strong reputation, additional coverage options, and excellent support from local agents. Despite its added benefits, State Farm’s rates remain affordable at around $13 per month.
Memphis, also known as Bluff City, experiences more than 53,000 property crimes each year, impacting approximately 87 out of every 1,000 residents—one of the highest crime rates in the nation. Given these statistics, renters insurance is a smart investment. It helps protect your belongings, offers financial security, and brings peace of mind.
Cheapest Renters Insurance Companies In Memphis
If you’re searching for affordable renters insurance in Memphis, AAA offers the lowest rates, with an average cost of about $10 per month. To make comparison easier, the table below lists the five most budget-friendly providers.
| Company | Average Monthly Cost |
| American National | $12 |
| AAA | $10 |
| Farmers | $14 |
| Travelers | $15 |
| State Farm | $13 |
Best Renters Insurance Companies In Memphis
AAA is a solid choice for renters in Memphis looking for affordable insurance. However, the lowest price doesn’t always mean the best coverage. In my opinion, State Farm stands out as the top option for renters insurance in the area, offering excellent service at reasonable rates. With a large network of agents in Memphis, they can help you find the right coverage to fit your needs. State Farm also provides affordable bundle options and flood insurance, making it a competitive choice compared to other insurers in the region.
| Company | Average Monthly Cost |
| Farmers | $30 |
| State Farm | $13 |
| Auto-Owners | $23 |
| Amica | $25 |
| Travelers | $15 |
Average Cost Of Renters Insurance In Memphis
In Memphis, renters insurance typically costs around $21 per month or $252 per year. However, your actual rate may vary depending on factors like coverage limits, location, deductible, and the insurer’s pricing model. The table below highlights the average rates from five leading providers in the city.
| Company | Average Monthly Cost |
| State Farm | $16 |
| Farmers | $32 |
| Travelers | $18 |
| AAA | $12 |
| Auto-Owners | $25 |
Average Cost Of Renters Insurance In Memphis By Deductible
A deductible is an amount you must pay out of pocket before your renters insurance covers a claim. Opting for a higher deductible can reduce your monthly premium, while a lower deductible usually results in higher monthly costs. The table below shows how renters insurance rates in Memphis vary based on different deductible choices.
| Deductible Amount | Average Monthly Cost |
| $250 | $21 |
| $500 | $21 |
| $1,000 | $20 |
| $1,500 | $18 |
| $2,000 | $16 |
Factors That Impact Renters Insurance Costs In Memphis
Several factors influence the cost of renters insurance in Memphis:
Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can lower risks and may qualify you for discounts.
Credit Score: Many insurers consider credit scores when setting rates, with lower scores typically leading to higher premiums.
Deductible Amount: Choosing a higher deductible can reduce your monthly premium, while a lower deductible increases costs since the insurer takes on more risk.
Claim History: If you’ve filed multiple claims in the past, insurers may view you as a higher risk, resulting in higher premiums.
Coverage Limits: Policies with greater coverage, including add-ons like replacement cost coverage or identity theft protection, usually come with higher costs.
Location: Insurance rates tend to be higher in areas with higher crime or natural disaster risks, such as tornadoes and floods in Memphis.
Common Causes Of Loss In Tennessee
Renters in Tennessee often file claims for fire, theft, water damage, and tornado-related losses. Being aware of these risks can help tenants select the right coverage to protect their belongings and finances.
Fire
In multi-unit buildings, fires can spread quickly, causing major damage. Renters insurance helps cover the cost of replacing personal belongings lost in a fire.
Theft
With more than 53,000 property crimes happening each year in Memphis and over 170,000 incidents reported across the state, having renters insurance is crucial. Many policies also provide liability coverage in case someone gets hurt during a break-in. However, they usually don’t cover damages to the building or vehicles.
Water Damage
Leaks from plumbing, burst pipes, or roof issues can result in costly damage. Most renters insurance policies cover internal water damage, but flood-related losses require separate flood insurance.
Hurricanes and Tornadoes
Tennessee experiences severe storms, including hurricanes and tornadoes. Standard renters insurance generally covers storm-related damage, offering financial protection against these natural disasters.
Earthquakes
Earthquakes are a risk in Tennessee, particularly around Memphis. Since standard renters insurance doesn’t cover earthquake damage, purchasing separate earthquake coverage is recommended.
Other Covered Losses
Renters insurance may also provide protection against vandalism, accidental damage, and some natural disasters, adding another layer of financial security.
By understanding these potential threats, renters can choose a policy that offers the best protection for their specific needs.
Our Methodology
To assess renters insurance providers, we focused on key factors like pricing, coverage options, claims processing, and customer service. Our research involved gathering quotes from multiple insurers in Memphis for standard policies that include $20,000 in personal property coverage and $100,000 in liability protection.
We also reviewed deductible choices, additional coverage for risks like floods and earthquakes, and discounts for bundling renters and auto insurance. Customer satisfaction was a major consideration, with insights from sources like J.D. Power and Consumer Reports helping us identify insurers known for reliable service and smooth claims handling.
Additionally, we factored in risks specific to Memphis—such as theft and water damage—that can impact coverage needs. By analyzing these elements, our guide offers a detailed comparison of renters insurance options in Tennessee.
Quotes Analyzed
Brands Reviewed
Research Hours
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About Bob Phillips
