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Memphis, TN Homeowners Insurance Quotes (2022)
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Edited by John Leach
Last Updated February 28, 2022
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Memphis, TN Homeowners Insurance
Memphis is known as the “Home of the Blues” and the “Birthplace of Rock ’n’ Roll,” but it also has strong connections to other music genres, including jazz, gospel, and soul music. Graceland, home of the king of rock ’n’ roll, Elvis Presley, is located here and receives over 500,000 visitors each year, making it one of the top five most visited homes in the United States.
If you are thinking of making Memphis your permanent home, you’ll find it a great place to live. It has one of the nation’s leading park systems, covering approximately 7,000 acres, and has won the nation’s cleanest city award a record-breaking five times!
Life in Memphis is full of excitement—there is always something fun to do, but it also can have its challenges. Tornadoes and other severe weather events are common in the Memphis area. weak
Insurify makes it easy to protect your home and property against severe weather destruction and other types of damage with homeowners coverage. Whether you live in Memphis or nearby cities, including Bartlet, Chattanooga, or Collierville, Insurify can help you find the best homeowners insurance in the area.
Cheapest Home Insurance Companies in Memphis
For homeowners in Memphis, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Memphis. The following are the best insurance rates from carriers that offer homeowners insurance in Memphis.
| Cheapest Companies | Quotes |
|---|---|
| Tennessee Farmers | $1,255 |
| Allstate | $1,660 |
| USAA | $1,777 |
| Shelter | $2,323 |
| Travelers | $2,388 |
How to Find Cheap Home Insurance in Memphis
Memphis is a southern city where you would expect to find mild weather, but the winters can be surprisingly cold, wet, and windy. In the summertime, the weather can be brutally hot and humid. Severe weather threats are common, and this poses unique needs for homeowners insurance protection.
Since buying a home is one of the largest investments you will ever make, it makes sense to weigh out the risks and take steps to protect your investment.
The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters and theft. Different coverage levels are available for different property types, locations, and other factors.
Keep reading for a full guide on Memphis home insurance.
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Cheapest Home Insurance in Memphis by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Memphis area costs $2,039 annually, and the median home value is $105,596.
You can secure a great deal on buying a Memphis home, with housing costing only 37 percent of the national average. The median price of a home in Memphis is $85,700. Compare that to other large cities, such as Chicago, where the median home price is $229,100, and the savings are clear.
| Average Home Cost in Memphis | Average Annual Insurance Premium in Memphis |
|---|---|
| $105,596 | $2,039 |
Average Annual Home Insurance Premium in Memphis by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Tennessee Farmers$1,255
Allstate$1,660
USAA$1,777
Shelter$2,323
Travelers$2,388
State Farm$3,379
Erie$3,463
Cheapest ZIP Codes in Memphis for Home Insurance
Your cost for a home insurance policy will vary according to the neighborhood you live in. There are several options of great neighborhoods in Memphis, such as historic Midtown, South Memphis, Germantown in East Memphis, and Mud Island in the Downtown neighborhood.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Memphis can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Memphis
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Tennessee city level guides, check out these below.
Windstorm Insurance Coverage
Memphis frequently experiences severe weather, and homeowners should take this into consideration when purchasing homeowners insurance. In 2011, during the super outbreak of 360 confirmed tornadoes, the storms traveled through the Memphis area, causing more than $10 billion in home damage and property destruction.
You can protect your home against the damage caused by tornadoes through windstorm insurance. Windstorm damage is generally covered by Tennessee homeowners insurance; however, there could be a separate windstorm deductible. It is common for insurance companies to have a separate windstorm deductible in areas prone to wind damage. If in doubt, check with your insurance agent, who can explain your windstorm insurance coverage options.
The best way to protect your home and property against windstorm damage is by using Insurify to compare home insurance quotes. You can compare quotes from the best home insurance companies, such as Allstate, Liberty Mutual, and USAA. It only takes a few minutes when you’re ready to get started!
Buying Flood Insurance in Memphis
If you own a home in Memphis, you can expect threats from flood damage to occur frequently. One of the worst Memphis floods in recent history was the Mississippi River Floods occurring in April and May of 2011. Record rainfall caused damaging floods, with over 1,300 evacuations in Memphis. After the flooding was over, total property damages exceeded $2 billion.
If you live in Memphis, it is a very good idea to purchase flood insurance. It is essential coverage for your home. Flood insurance will help pay for damage to your home and property after a flooding event. You can only buy flood insurance through the National Flood Insurance Program (NFIP).
You can check the NFIP website to find an approved NFIP flood insurance agent in your local area.
How to Find the Cheapest Home Insurance in Memphis
Memphis is the Home of the Blues, but you won’t be singing the blues if you use homeowners comparison tools to find the best price on Memphis home insurance!
Use Insurify to compare homeowners insurance premiums for your property in Memphis.
Frequently Asked Questions
Raising your homeowners insurance deductible doesn’t necessarily mean you will save money. A higher deductible does mean your home insurance policy premium will be cheaper; however, you will also have to pay more out of pocket if you have a claim. Can you afford to come up with more money if you have a claim? You’ll have to weigh the out-of-pocket claims cost against your policy premium savings to see if raising your homeowners insurance deductible makes sense for you.
Several great discounts can help Tennessee homeowners save money, including qualifying to receive a bundling discount (combining your home and auto insurance policy). Here are some other homeowners insurance discounts you may not have known about. Security system discount Paid-in-full discount Loyalty discount HOA discount Impact-resistant roof discount Using Insurify is the best way to save big on home insurance. Just spend a few minutes telling us a little about yourself, and you’ll be on your way to finding cheap home insurance!
USAA is one of the biggest home insurers in the country. It provides home, auto, and other types of insurance coverage to active and retired military personnel, their dependents, and family members. USAA is available to homeowners in the Memphis area. Some of the homeowners discounts available to USAA members include a protective device discount, continuous coverage discount, and a bundling discount. You can also receive a 10 percent claims-free discount if you remain claims-free for five years or longer.
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Insurance Content Project Manager
Jackie Cohen is an insurance content project manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.
Jackie's work has been cited in USA Today, The Balance, and The Washington Times.