With its proximity to the Mississippi River and Tornado Alley, flooding and damage from severe weather events have increased home insurance rates in Memphis.
The average cost of homeowners insurance in Memphis is $2,197 per year or $183 a month. This is around 5% higher than the statewide average of $2,095 per year, and about 25% higher than the national average of $1,754.
Compare the best cheap homeowners insurance companies in Memphis
To find the best cheap homeowners insurance in Memphis, Policygenius rated over a dozen of the largest insurance companies in Tennessee across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.
Company | Average monthly cost | Policygenius rating |
|---|---|---|
$146 | 5.0 out of 5 | |
$214 | 4.8 out of 5 | |
$405 | 4.5 out of 5 | |
$164 | 4.5 out of 5 | |
$115 | 4.4 out of 5 |
2024 Policygenius award winner
Auto-Owners Insurance
5.0
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Why we chose it
Auto-Owners Insurance is our highest-rated homeowners insurance company in Tennessee thanks to its mix of extensive policy and coverage options, high marks for financial strength and customer experience ratings, and affordable premiums.
Pros and cons
Pros
Offers a slew of extra coverage add-ons
Lots of discounts available
Flood insurance available through the NFIP
Cons
Not able to get quotes or file claims online
More details
Why Auto-Owners Insurance is our pick for best overall company
Auto-Owners Insurance is our pick for the best overall home insurance company in Tennessee. The company scored at least a 4 out of 5 for price, customer experience, coverage options, and financial strength, which earned it a perfect 5 out of 5 Policygenius rating.
With endorsements like guaranteed replacement cost, water backup protection, inland flood coverage, and a comprehensive Homeowners Plus endorsement package, Auto-Owners offers excellent value for the coverage you're getting.
Finally, while Auto-Owners offers cheap homeowners insurance, the company also offers a range of discounts that can help lower your insurance rates even more.
How much does Auto-Owners home insurance cost compared to the Memphis average?
Auto-Owners homeowners insurance in Memphis costs $1,754 per year, which is more expensive than the average cost of Auto-Owners insurance in Tennessee.
In comparison, the average cost of Auto-Owners home insurance in Tennessee is $1,658 per year, according to sample quotes provided to us by Quadrant Information Services.
How to get an Auto-Owners quote?
To get a homeowners insurance quote, you’ll have to call a local Auto-Owners Insurance agent.
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm is the one of the top home insurance companies in Memphis thanks to its high customer service marks, large selection of policy options for most home types, and industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More expensive than average in Tennessee
More details
Why we chose State Farm
State Farm is the best company in Memphis for homeowners wanting top-rated customer service. The company has received high ratings from policyholders according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys.
Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
While we like State Farm's robust coverage options, State Farm doesn't have the cheapest home insurance in Tennessee. We found that rates are about one third more expensive than the statewide average.
How do State Farm home insurance rates compare to the Memphis average?
Homeowners insurance with State Farm in Memphis costs an average of $2,562 per year. In comparison, the average cost of State Farm home insurance in Tennessee is $2,766 per year, which is 32% higher than the average annual premium in the state.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
2024 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is one of the best home insurance companies in Tennessee for its range of coverage add-ons, discounts, and high claims satisfaction scores.
Pros and cons
Pros
Optional extended or guaranteed replacement cost dwelling coverage
Receives few complaints from policyholders
High claims satisfaction score
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
Much higher rates than average in Tennessee
More details
Why we chose Farmers
Farmers offers homeowners in Tennessee lots of optional coverages that they can add to a basic policy. Some of these coverages include guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it was below-average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.
How do Farmers home insurance rates compare to the average in Memphis?
The average Farmers home insurance policy in Memphis costs $4,863 per year, which is much higher than the average home insurance rates in Memphis and higher still than the average cost of home insurance in Tennessee.
For example, the average cost of Farmers home insurance in Tennessee is $3,330 per year, which is much more expensive than the average annual premium of $2,095 per year.
How to get a quote
Online through Farmers
2024 Policygenius award winner
Erie
4.5
Mobile app
Bundle home & auto
Why we chose it
Erie's short-term rental endorsement, along with a wide range of other coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance options in Tennessee.
Pros and cons
Pros
Offers short-term rental endorsement
Cheap rates in Tennessee
Excellent customer service and claims satisfaction ratings
Cons
Just three available discounts
More details
Why we chose Erie
Erie offers a range of add-ons, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.
Standard home insurance policies from Erie also come with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy covers lost and misplaced items, jewelry, and gift cards to closed businesses, too.
We found that Erie has cheaper homeowners insurance in Tennessee than average, as well. The company's cheap rates will make it easier to add more coverage to an already-robust basic policy.
How do Erie home insurance rates compare to the average in Memphis?
The average Erie homeowners insurance policy in Memphis costs $1,967 per year. In comparison, the average cost of Erie home insurance in Tennessee is $1,890 per year. That's 10% cheaper than the statewide average cost of $2,095 per year.
How to get a quote
Online through Erie
2024 Policygenius award winner
Allstate
4.5
Bundle home & auto
Smart home discounts
Why we chose it
Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option for its cheap rates and solid customer service.
Pros and cons
Pros
Offers some of the best rates in the state
Extensive list of discounts and policy features to lower your bill and out-of-pocket costs
A+ credit rating with A.M. Best
Cons
Beginning to pull back coverage in high-risk areas
Customer experience scores with J.D. Power are below the segment average
More details
Why we chose Allstate
Allstate's homeowners insurance rates in Tennessee are much cheaper than average. Plus, the company offers discounts that will be easy for many people to qualify for, like discounts for setting up automatic payments, bundling policies, and signing up for coverage before your current policy expires.
We also like Allstate's high customer satisfaction ratings. This, and Allstate's excellent coverage options — like scheduled personal property coverage, short-term rental coverage, and water backup protection — make it one of our top choices for homeowners insurance in Tennessee.
How do Allstate home insurance rates compare to the Memphis average?
The average cost of an Allstate home insurance policy in Memphis is $1,383 per year. In comparison, the average annual cost of an Allstate home insurance policy in Tennessee is $1,613 per year, 23% cheaper than the statewide average.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
How much is homeowners insurance in Memphis?
The average cost of home insurance in Memphis is $2,197 per year, or $183 a month, for a policy with $300,000 in dwelling coverage. This is around 5% more than the average annual cost of $2,095 for homeowners insurance in Tennessee, and about 25% higher than the national average of $1,754.
Memphis home insurance rates by ZIP code
Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Memphis neighborhoods may be more prone to extreme weather damage or property crime than others.
To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Memphis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
38128 | $2,084 | -1% |
38109 | $2,150 | 3% |
38134 | $2,174 | 4% |
38125 | $2,218 | 6% |
38111 | $2,294 | 9% |
38116 | $2,159 | 3% |
38127 | $2,207 | 5% |
38118 | $2,488 | 19% |
38115 | $2,334 | 11% |
38117 | $2,213 | 6% |
Cheapest ZIP codes for home insurance in Memphis
With an average home insurance rate of $2,006 per year, the 38112 ZIP code is the most affordable area for home insurance in Memphis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
38112 | $2,006 | -4% |
38128 | $2,084 | -1% |
38016 | $2,099 | 0% |
38133 | $2,100 | 0% |
38107 | $2,114 | 1% |
38114 | $2,115 | 1% |
38108 | $2,116 | 1% |
38018 | $2,122 | 1% |
38105 | $2,129 | 2% |
38137 | $2,132 | 2% |
Most expensive areas for homeowners insurance in Memphis
With an average annual premium of $2,488, the 38118 ZIP code is the most expensive ZIP code in Memphis for home insurance. If you live one of these ZIP codes, your rates might be among the highest in the city.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
38118 | $2,488 | 19% |
38115 | $2,334 | 11% |
38103 | $2,331 | 11% |
38141 | $2,319 | 11% |
38111 | $2,294 | 9% |
38122 | $2,292 | 9% |
38104 | $2,292 | 9% |
38152 | $2,273 | 8% |
38132 | $2,252 | 7% |
38163 | $2,243 | 7% |
Learn more >> Home insurance rates by ZIP code
Memphis home insurance costs by coverage amount
Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster.
Here are the average rates for home insurance by coverage amount in Memphis.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $1,239 |
$200,000 | $1,685 |
$300,000 | $2,197 |
$400,000 | $2,754 |
$500,000 | $3,352 |
Memphis home insurance costs by deductible amount
Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim.
Here are the average rates for home insurance by deductible amount in Memphis.
Deductible | Average annual cost |
|---|---|
$500 | $2,717 |
$1,000 | $2,194 |
$2,000 | $1,385 |
Cheapest homeowners insurance companies in Memphis
Based on our analysis, State Auto, Allstate, and Westfield Insurance are the three cheapest home insurance companies in Memphis, with average premiums citywide ranging from $1,264 to $1,383 per year.
Company | Average annual cost |
|---|---|
$1,264 | |
$1,383 | |
Westfield Insurance | $1,709 |
$1,754 | |
$1,967 | |
$1,990 | |
$2,024 | |
$2,431 | |
$2,562 | |
$2,655 | |
Tennessee Farmers Group | $2,678 |
$4,863 |
Cheapest home insurance in Memphis if you have poor credit
A bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher.
Here are the average rates for homeowners insurance for Memphis residents with poor credit.
Company | Average annual cost |
|---|---|
Allstate | $2,327 |
Tennessee Farmers Group | $2,678 |
Shelter Insurance | $3,112 |
USAA | $3,181 |
Westfield Insurance | $3,262 |
Progressive | $3,968 |
State Farm | $4,401 |
State Auto | $4,728 |
Erie | $5,371 |
American National | $5,474 |
Farmers | $7,850 |
Auto-Owners Insurance | $18,243 |
Cheapest home insurance in Memphis if you have an older home
Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.
Here are the average homeowners insurance rates for Memphis residents with older homes.
Company | Average annual cost |
|---|---|
State Auto | $1,355 |
Allstate | $1,358 |
Westfield Insurance | $1,878 |
Auto-Owners Insurance | $1,983 |
USAA | $2,024 |
American National | $2,024 |
Erie | $2,176 |
Shelter Insurance | $2,431 |
State Farm | $2,564 |
Tennessee Farmers Group | $2,678 |
Progressive | $2,686 |
Farmers | $6,060 |
Cheapest homeowners insurance in Memphis if you have a history of claims
Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result.
Here's the cheapest home insurance companies in Memphis for a homeowner with three claims within a five-year period on their record.
Company | Average annual cost |
|---|---|
Auto-Owners Insurance | $2,007 |
Allstate | $2,387 |
State Farm | $2,564 |
USAA | $2,875 |
State Auto | $2,908 |
American National | $2,936 |
Tennessee Farmers Group | $2,974 |
Shelter Insurance | $2,987 |
Erie | $3,254 |
Progressive | $3,567 |
Westfield Insurance | $4,025 |
Farmers | $10,355 |
How to get homeowners insurance quotes in Memphis
With nearby flooding from the Mississippi River and severe weather always on the radar, adequate home and flood insurance in Memphis is more important than ever.
To make the process less daunting, we've compiled a list of five easy steps to take to help you find the right coverage at the best price.
Frequently asked questions
What is the average home insurance cost in Memphis?
The average home insurance rate in Memphis is $266 a month or $3,192 per year.
Will my home insurance go up if I get a new dog?
Some insurance companies charge higher insurance rates for certain dog breeds. If your dog is considered a dangerous breed, you’ll likely see higher rates due to the increased likelihood of a dog bite.
Do I need additional home insurance if I have a pool?
Memphis homeowners should have enough liability coverage to cover the combined value of their assets if someone is injured on their property and decides to sue for damages.
