How to find affordable homeowners insurance in Memphis
Home insurance is an important part of owning a home. Along with your personal belongings, homeowners insurance covers your dwelling in the event of many perils, including theft, fire, wind damage, and vandalism. Incidents like this occur often. When paired with the high cost of repairing or rebuilding a house, investing in an expansive homeowners policy can seem like a great idea. The average homeowners policy costs $184 per month in Memphis, Tennessee. This is over 50% more than the national average home insurance payment.
The cost of home insurance depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. The location of your home also contributes to the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance rates may be higher to account for the extra risk. Discover more about what is covered by a homeowners insurance policy.
If you want to find cheap homeowners insurance in Memphis, start with looking around and comparing a variety of different policies. Take a look at the summary below showing average Memphis home insurance premiums to ensure you start your search with as much background info as possible. Remember: your insurance premiums may vary based on your coverage limits and other factors.
Table of contents:
- Rates by insurer
- Rates by coverage amount
- Rates by ZIP code
- Rates by deductible amount
- Policy bundling savings
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Memphis home insurance by company
Homeowners insurance rates in Memphis vary from one insurance company to another. The most inexpensive home insurance in Memphis comes from AAA, which offers average annual rates of just $1,653 per year. This is more favorable than the city’s average home insurance premium of $2,212 per year.
Begin your search for a home insurance policy by reviewing the cheapest homeowners insurance companies in Memphis, Tennessee, listed below. You can also check out our guide to the best home insurers featuring the results of The Zebra's Customer Satisfaction Survey.
AFFORDABLE HOME INSURERS IN MEMPHIS
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Memphis homeowners insurance prices by coverage level
Your chosen level of homeowners coverage has an impact on the insurance premiums you pay. Homeowners in Memphis who carry $200K in dwelling coverage pay an average of $1,533 per year, while those with coverage up to $400K pay around $2,853 per year.
POPULAR COVERAGE LIMITS IN MEMPHIS
| Coverage Level | Average Annual Rate |
| $100,000 Dwelling | $1,014 |
| $200,000 Dwelling | $1,533 |
| $250,000 Dwelling | $1,888 |
| $400,000 Dwelling | $2,853 |
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Memphis home insurance rates by ZIP code
Depending on which part of Memphis you live in, you might see a dramatic difference in your home insurance costs. The frequency of claims filed in your local area can be a factor in determining the price of your policy. Put simply, where you live could have a huge impact on what you pay for homeowners insurance.
If you're looking for the cheapest homeowners insurance premiums in Memphis, take a look at the 38157 ZIP code. In the 38157 area, policies typically cost just $2,120 per year on average — $92 less than the citywide average. If you’re looking for the areas with the most affordable homeowners premiums in Memphis, have a look at the table below.
AFFORDABLE HOME INSURANCE AREAS IN MEMPHIS
| ZIP Code | Average Annual Home Insurance Rate |
| 38157 | $2,120 |
| 38134 | $2,128 |
| 38133 | $2,129 |
Other areas of Memphis, it should be noted, face homeowners rates that surpass the average in Memphis. These areas of the city could be more prone to perils such as theft, severe weather, or fires that present more risk for insurance companies. With an annual average premium of $2,305, 38127 is the priciest ZIP code in Memphis for home insurance.
EXPENSIVE HOME INSURANCE AREAS IN MEMPHIS
| ZIP Code | Average Annual Home Insurance Rate |
| 38127 | $2,305 |
| 38128 | $2,266 |
| 38163 | $2,266 |
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Memphis homeowners insurance deductibles
Among the plethora of choices homeowners face when buying an insurance policy is how high to set the deductible. The deductible is the dollar amount that the insured must contribute toward a covered loss. Where you set your deductible can play a significant role in determining your insurance premiums.
When choosing a deductible, remember that the higher your deductible is, the lower your premiums will be. Therefore, it might make sense to set a higher deductible if you are hoping to lock in lower home insurance premiums. Be mindful of the fact that your deductible should only be as high as you can reasonably pay if you suffer a loss.
Below are some typical deductible options offered by most home insurance companies alongside with related average insurance rates.
HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN MEMPHIS
| Deductible Level | Average Annual Homeowners Insurance Rate |
| $500 | $2,029 |
| $1,000 | $1,888 |
| $1,500 | $1,787 |
| $2,000 | $1,687 |
| $5,000 | $1,477 |
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Home and auto insurance bundling in Memphis
To save a little money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance is one way to save substantially on your monthly car insurance premiums. By bundling your policies, Memphis homeowners could see annual savings of 11% on average.
CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN MEMPHIS
| Company | Avg. Annual Auto Insurance Rate (With Bundle) |
| USAA | $948 |
| Tennessee Farmers | $1,052 |
| State Farm | $1,268 |
| Erie | $1,282 |
| Progressive | $1,514 |
Compare quotes on Memphis, TN home insurance today!
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.