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Best Memphis Homeowners Insurance Quotes (2025)

Allstate, Auto-Owners, and Foremost offer the best homeowners insurance policies in Memphis, Tennessee.

Taylor Milam-Samuel
Written byTaylor Milam-Samuel
Taylor Milam-Samuel
Taylor Milam-Samuel

  • 8+ years writing for major outlets, including MarketWatch and Business Insider

  • Master’s in Education

Taylor Mlam-Samuel is a personal finance writer and credentialed educator. When she’s not helping readers better save and spend money, she can be found teaching.

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Katie Powers
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Katie PowersSenior Editor

  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

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Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Home insurance in Memphis, Tennessee, costs $3,210 annually on average for a standard policy with $300,000 in dwelling coverage and a $1,000 deductible. Located in the state’s southwestern corner, Memphis is more prone to tornadoes and flooding than other parts of Tennessee. Home insurance costs in Memphis reflect the extra risk.

Standard home insurance policies include tornado coverage, but you’ll have to add a separate policy for flood protection, which costs extra.[1]

Here’s what you should know about finding home insurance in Memphis.

Quick Facts

  • Allstate, American National, and Westfield have the cheapest home insurance policies in Memphis, on average, per Insurify data.

  • Homeowners in Memphis who select a $500 deductible for a home insurance policy with $300,000 in dwelling coverage pay a slightly higher average annual premium of $3,296.

  • The average annual cost of home coverage with $300,000 in dwelling coverage in Tennessee is $2,584 for a policy with a $1,000 deductible and $2,653 for a policy with a $500 deductible.

Best home insurance companies in Memphis

Memphis homeowners can choose from large national home insurers or smaller regional options. The best home insurance company depends on your needs and preferences, including your home’s features.

The following insurance companies are stand-out options for affordability, storm coverage, and high-risk homes. Start your search for home insurance below.

Best company for affordable rates: Allstate

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.2/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
631
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$176/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$272/mo

Allstate has the cheapest average annual insurance rates in Memphis. It’s the best option to save money since it’s much cheaper than the state average. Allstate has solid coverage options that include standard liability coverage and property damage protection. You can also add hard-to-find options, like home-sharing and flood coverage for home belongings.

That said, the company’s customer experience could be better. Allstate ranked below average for customer satisfaction in the J.D. Power 2024 U.S. Home Insurance Study.[2]

Pros

  • Lowest insurance rates in Memphis

  • Easily customizable coverage

Cons

  • Below-average customer satisfaction ranking from J.D. Power

  • High number of complaints filed with the National Association of Insurance Commissioners (NAIC)

Best company for flood insurance: Auto-Owners

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.4/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
634
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$224/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$330/mo

Auto-Owners offers a storm-preparation discount when you have protective devices or a backup generator, making it the best option for storm coverage. You can also get broad coverage for floods directly from Auto-Owners if you live in a low-risk ZIP code. The company offers coverage through the National Flood Insurance Program (NFIP) for high-risk areas.

Auto-Owners also earned an above-average ranking in the J.D. Power 2024 U.S. Property Claims Satisfaction Study.[3] Pricing is average — it’s not the most expensive option, but you can likely get lower insurance rates elsewhere.

Pros

  • Storm-preparation discount

  • In-house flood insurance

Cons

  • Quotes not available online

  • Mid-level pricing

Best company for high-risk homes: Foremost

high-risk homesForemost logoForemost

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
5.2/10
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$149/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$260/mo

Foremost insures nearly every type of home, including homes denied, canceled, or non-renewed by other insurance companies. It’s the best option for high-risk homes in ZIP codes prone to flooding and tornadoes. Pricing is competitive, and it’s one of the cheapest options in Memphis. You can also choose from unique settlement options like guaranteed rebuild, extended replacement cost, and Coverage A Plus.

Foremost partners with different insurance companies to provide coverage, so it doesn’t offer standardized policies. Policies might have different coverages, discounts, and limits. You also can’t file a claim in the app, making it harder to do so during an evacuation.

Pros

  • Insures high-risk homes

  • Unique settlement options

Cons

  • Doesn’t have standardized policies

  • Can’t file claims in the app

  • Our editorial team analyzed regional and national home insurance companies that sell policies in Memphis to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.

Cheapest home insurance companies in Memphis

Allstate is the cheapest home insurance company in Memphis, on average. It’s much more affordable than the Memphis average cost of home insurance and many other options for home insurance in the city.

The following insurance companies have the most affordable coverage options in Memphis. The average annual premiums reflect costs for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

Insurance Company
sort ascsort desc
Average Annual Premium
sort ascsort desc
Allstate$1,481
American National$1,715
Westfield$1,787
USAA$2,348
Foremost$2,476
Auto-Owners$2,507
Tennessee Farmers$2,556
Erie$2,641
State Farm$2,896
ASI$2,944
Grange Mutual$3,266
Travelers$3,333
Shelter$3,993

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How much is home insurance in Memphis?

The average annual cost of home insurance with $300,000 in dwelling coverage in Memphis is $3,210 for a policy with a $1,000 deductible and $3,296 for a policy with a $500 deductible. Depending on your home’s location, age, and features, you might pay more or less than the average. Your credit-based insurance score and claims history also affect how much you pay.

Below, you can see average annual home insurance costs based on different factors.

Cost of home insurance by dwelling coverage in Tennessee

Your coverage limit is the maximum amount insurance covers when you file a claim. Higher dwelling coverage limits cost more because you’ll get more money from the insurance company if you file a claim.[4]

Here are the average annual premiums for different dwelling coverage limits in Tennessee.

Coverage Limit
sort ascsort desc
Average Annual Premium
sort ascsort desc
$100,000$1,226
$200,000$1,920
$300,000$2,584
$400,000$3,247
$500,000$3,963

Cost of homeowners insurance by deductible amount

Your home insurance deductible is the amount you pay when you file a claim. For example, let’s say you file a claim for $20,000 of damage, and you have a $1,000 deductible. You’re responsible for paying $1,000 before your insurance policy covers the remaining $19,000.

Below, you can compare average annual premiums by deductible amount for a Memphis home insurance policy with $300,000 in dwelling coverage.

Deductible Amount
sort ascsort desc
Average Annual Premium
sort ascsort desc
$500$3,296
$1,000$3,210

Average cost of home insurance in other cities in Memphis

Memphis homeowners pay more for coverage than homeowners in any other part of the state. The city’s location — close to Arkansas and the rest of “Tornado Alley” — likely increases the home insurance costs in the area.

Here are the average annual home insurance costs for several cities in Tennessee. Annual premiums reflect costs for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

City
sort ascsort desc
Average Annual Premium
sort ascsort desc
Antioch$2,527
Chattanooga$2,277
Clarksville$2,503
Columbia$2,688
Hendersonville$2,388
Jackson$3,107
Knoxville$2,206
Memphis$3,210
Murfreesboro$2,506
Nashville$2,428

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What to know about owning a home in Memphis

Home insurance is expensive in Memphis, especially compared to other cities in Tennessee. Property values and insurance costs in the area have increased. Homeowners with a Memphis ZIP code pay an average of $270 per month for home insurance.

The area is also at risk for floods, tornadoes, and other natural disasters. Standard home insurance policies typically include coverage for tornadoes but exclude coverage for floods.

You’ll need to add a separate homeowners policy for flood insurance from the National Flood Insurance Program (NFIP). Not every insurance company offers flood coverage, so you might have policies from different insurance companies. Some insurers like Allstate and Auto-Owners offer standard coverage and work with the NFIP. But you still buy the flood policies from the FloodSmart website.

Memphis home insurance FAQs

The following information can help answer your remaining questions about Memphis homeowners insurance.

  • The average annual cost of home insurance in Memphis for a policy with $300,000 in dwelling coverage and a $1,000 deductible is $3,210. Standard policies include coverage for tornadoes, which is a necessity in Memphis. But you need to get a separate policy from the NFIP for damage caused by floods, which will affect your insurance rate.

  • Allstate has the cheapest homeowners insurance in Memphis, with an average annual cost of $1,481 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. You can also find affordable insurance coverage from American National, Westfield, and USAA. The type and amount of home insurance you have will affect the price.

  • Comparing home insurance quotes from multiple insurers is the best way to buy homeowners insurance. It’s important to consider the amount and type of coverage you need. Insurers have different deductibles, coverage limits, and optional protection. Once you figure out your priorities, finding the right fit is easier.

  • Homeowners insurance in Tennessee costs an average of $3,963 per year, or $330 per month, for a policy with $500,000 in dwelling coverage. Insurance costs more with higher coverage limits since it provides more protection.

  • The 80/20 rule in homeowners insurance is a guideline for how much coverage you need. You should have a coverage limit that’s at least 80% of your home’s value to ensure the insurance company pays the full amount of your claim.

Sources

  1. Insurance Information Institute. "Tornadoes and Insurance."
  2. J.D. Power. "Rampant Home Insurance Increases Strain Customer Satisfaction—and Drive Policy Shopping, J.D. Power Finds."
  3. J.D. Power. "Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low Amid Record Catastrophic Events and Slower-Than-Ever Repair Times, J.D. Power Finds."
  4. Insurance Information Institute. "Homeowners Insurance Basics."
Taylor Milam-Samuel
Taylor Milam-Samuel

Taylor Milam-Samuel is a writer and credentialed educator who is fascinated by how people earn, save, and spend their money. When she's not researching financial terms and conditions, she can be found in the classroom teaching.

Taylor has been a contributor at Insurify since February 2023.

Learn More
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Katie Powers
Edited byKatie PowersSenior Editor
Photo of an Insurify author
Katie PowersSenior Editor

  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

  • NPN: 20564519

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Read Editorial Guidelines

View Full Bio

Featured in

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