Best homeowners insurance in Memphis

The average homeowners insurance rate in Memphis is $2,192. Read our guide to the best companies, policy cost, and coverage considerations in Memphis.

Pat Howard 1600

Pat Howard

Published March 26, 2020

KEY TAKEAWAYS

  • The highest-rated home insurance company in Memphis is USAA

  • The average annual premium for a home in Memphis is $2,192

  • Memphis residents should ensure their homes are fully insured and protected against severe weather disasters like tornadoes

Homeowners insurance is a type of financial protection that covers your home, personal property, additional living expenses if the property is damaged or burglarized, and your legal expenses if you’re held liable for an injury. If you’re one of the 47% of Memphis residents who owns a home rather than rents, you should make sure you have enough coverage to reimburse you in the event you lose your home in a catastrophe.

At 650,000 people, Memphis is the 2nd largest city in Tennessee and the 26th largest country in the country. The city is known for being the hometown of many music pioneers like Elvis Presley, Aretha Franklin, and Johnny Cash and has a robust arts and culture scene to this day. If you currently own a home in the Memphis area or you’re a recent buyer, you’ll want to make sure you have a homeowners insurance policy that covers you from the various risks faced by property owners in the area. Sitting on the Mississippi River, Memphis is prone to the occasional flood — and while this hazard is not covered by your homeowners policy, most companies that insure homes also offer flood insurance either as a separate policy or an add-on to your existing coverage.

Memphis also has a high rate of burglary and theft — as its property crime rate of 6,400 per 100,000 residents was nearly triple the national average. Memphis homeowners should consider personal property coverage enhancements like replacement cost coverage and a scheduled personal property policy add-on to ensure you’re fully reimbursed for expensive items that are stolen.

Keep reading for our guide on homeowners insurance in Memphis, and check out our Tennessee homeowners insurance guide for more information about insuring your home in the Volunteer State.

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Best homeowners insurance companies in Memphis

When selecting a homeowners insurance policy, you’ll want to look at far more than simply the cost of coverage. Consider the insurer’s financial standing with credit agencies like A.M. Best, customer service and claims ratings with J.D. Power, and the price for the level of coverage you’re getting, amongst other factors.

Companies that offer enhanced home rebuild protection like extended replacement or guaranteed replacement cost will offer more peace of mind for Memphis homeowners than a company that only has standard replacement cost coverage provisions.

The table below looks at the 10 most popular insurers (companies with the highest market share) in Tennessee, along with respective A.M. Best ratings, J.D. Power ratings, and Policygenius full-scale company ratings. Here’s more information about the Policygenius home insurance reviews methodology.

Insurance companyA.M. Best ratingJ.D. Power ratingPolicygenius rating
AllstateA+3/57.4/10
Auto-Owners InsuranceA++4/5N/A
ErieA+5/5N/A
FarmersA3/57.5/10
NationwideA+2/57.7/10
Safeco (a division of Liberty Mutual)A+2/57.3/10
State FarmA++4/58/10
Tennessee FarmersA+N/AN/A
TravelersA+2/57.7/10
USAAA++5/58.7/10

Be sure to check out our guide on the best homeowners insurance companies in the country

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Average homeowners insurance rates in Memphis

The average annual cost of homeowners insurance in Memphis is $2,192, according to Policygenius quotes. That makes rates in Memphis higher than the Tennessee statewide average of $1,196, but keep in mind that home construction costs tend to be higher in population-dense cities like Memphis.

As you can see, the cheapest area to insure your home is Downtown Memphis, while Whitehaven has by far the highest rates, according to our quotes.

Popular residential neighborhood (ZIP Code)Average annual premium
Downtown Memphis (38103)$1,511
Hickory Hill (38115)$2,180
Whitehaven (38116)$3,301
Elmore Park (38134)$1,959

Memphis homeowners insurance guide

Memphis features a mostly mild climate throughout the year — with warm springs and summers and mild winters with light snowfall.

But Memphis also gets hit with frequent thunderstorms and rain, and flood and tornado disasters are not uncommon as the city borders the Mississippi River and sits in the middle of Dixie Alley — a region in the south prone to violent twisters. Memphis homeowners should double-check their coverage and ensure their home and personal belongings are insured for at least the replacement cost. Certain risk prevention measures like home weather-proofing and fitting your home with padlocks or security cameras given the city’s high burglary rate are all a good idea for Memphis residents. Fortifying your home can also lower your insurance premiums.

Is homeowners insurance required in Memphis?

Homeowners insurance is not required by law in Memphis, but most mortgage lenders will require that you get homeowners insurance and maintain coverage throughout the duration of the mortgage.

Homeowners insurance resources for Memphis residents