Best homeowners insurance in Memphis, TN for 2022

We looked at average costs, coverage availability, and customer satisfaction ratings to find the best homeowners insurance companies in Memphis.

Gianetta Palmer

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Gianetta Palmer

Gianetta Palmer

Freelance contributor

Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

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Pat Howard

Pat Howard

Managing Editor & Licensed Home Insurance Expert

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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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 $3,196 per year or $266 a month. This is around 21% higher than the statewide average of $2,526 per year, and about 41% higher than the national average of $1,899. 

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However, the cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Memphis.  

Best homeowners insurance companies in Memphis

Of the companies we looked at, Allstate has the lowest home insurance rate in Memphis, with an average annual policy cost of $2,502 per year — about $500 less than the state average. USAA comes in at a close second with rates of $2,505 per year.

Policygenius analyzed thousands of quotes from the 5 largest Memphis insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Memphis residents to find the best homeowners insurance in Memphis.

Company

Average yearly cost

J.D. Power Rating

State Farm

$2,561

835

Farm Bureau Insurance of Tennessee

$2,678

--

Allstate

$1,383

829

USAA

$1,990

882

Travelers

$8,808

800

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

State Farm scored an impressive 835 out of 1,000 with J.D. Power, indicating customer satisfaction when it comes to pricing, policy offerings, claims, and more. To keep those rates even lower, customers can take advantage of State Farm's numerous discounts, including generous savings when you bundle your home and auto insurance.

How to get a quote

Online through State Farm

Tennessee Farm Bureau Insurance

Tennessee Farm Bureau Insurance logo

Tennessee Farm Bureau Insurance offers home, auto, life, and farm insurance — allowing you to keep all of your policies under one roof.

Pros

  • Offers a slew of insurance products on top of home insurance — including auto, life, and farm insurance — to keep all of your policies with one company

  • Solid customer service ratings

  • File claims online — with 24/7 claims support

Cons

  • Farm Bureau membership required for coverage

  • No information about specific coverages and discounts available online

Why Farm Bureau Insurance of Tennessee tops our best list

Tennessee Farm Bureau offers a range of policy options suitable for any coverage and budgetary needs. One way to score discounts at Tennessee Farm Bureau is by bundling your home and auto insurance into one policy.

How to get a quote

Online through Tennessee Farm Bureau

Allstate

Allstate logo

Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.

Pros

  • Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection

  • 8+ discounts, including autopay, bundling, zero claims, and new homebuyer

  • Get up to 25% off your premiums when you bundle home and auto insurance

  • Excellent customer service and claims satisfaction ratings

  • File and track claims online or through its mobile app

Cons

  • Rates are typically high compared to competitors

Why Allstate tops our best list

Allstate’s mix of comprehensive coverage options and excellent customer service ratings make it one of the top home insurance companies in Memphis. We love Allstate because they offer a wide array of discounts including one for bundling your home and auto policies, setting up automatic premium payments, or going a certain number of years without filing a claim.

How to get a quote

Online through Policygenius and Allstate

USAA

USAA logo

USAA's robust coverages and high marks for customer service and claims satisfaction make it a solid home insurance option for military members and their families.

Pros

  • Score discounts for zero claims, being a loyal USAA member, opting into e-billing, and more

  • Base policy includes coverages that cost extra with most other companies

  • Offers earthquake coverage — which is hard to come by

  • Get discounted home security systems and a discount on premiums through its partnership with ADT

  • Industry-best customer service and claims satisfaction ratings

Cons

  • Only available to military families

  • Doesn’t offer extended or guaranteed replacement cost dwelling coverage

Why USAA tops our best list

USAA has some of the highest customer service and claims satisfaction ratings in the industry, according to J.D. Power. Customers can find discounts for going a certain number of year without filing a claim, selecting e-billing, and other ways to save on top of its already low rates. In addition to affordability, USAA doesn't skimp when it comes to coverage, either. USAA's base policy includes coverages that typically cost extra with other companies.

How to get a quote

Online through USAA

Travelers

Travelers logo

With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business. It offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection.

Pros

  • 4 customizable policy packages with several available add-ons, like extended replacement cost and water backup coverage

  • Offers eco-friendly green home coverage and discounts

  • Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, and personal articles coverage

  • File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster

Cons

  • Below-average customer service and claims satisfaction ratings

Why Travelers tops our best list

Travelers have been a household name in the home insurance business for over 165 years. With its four customizable insurance packages that includes coverage add-ons like extended replacement cost and water backup coverage, homeowners can rest assured they will be protected if disaster strikes. Travelers also has special catastrophic centers for claims after a natural disaster.

How to get a quote

Online through Policygenius or Travelers

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Cheapest homeowners insurance companies by ZIP code in Memphis

Looking at average home insurance costs for 15 of the most popular companies in Memphis, we found that the cheapest home insurance in the city can be found in the 38111 ZIP code (Depot) with State Auto. The average State Auto rate in this area is $86 per month — a monthly savings of $180 over the city average of $266 per month. 

Homeowners in most areas of Memphis are likely to have the cheapest rates with State Auto and Allstate. These two providers have the cheapest rates in all of the ZIP codes in our analysis.

ZIP code

Company

Average yearly cost

38016

State Auto

$1,253

38018

State Auto

$1,160

38103

State Auto

$1,306

38104

State Auto

$1,166

38105

State Auto

$1,317

38106

State Auto

$1,271

38107

State Auto

$1,185

38108

State Auto

$1,222

38109

State Auto

$1,305

38111

State Auto

$1,030

38112

State Auto

$1,193

38114

State Auto

$1,269

38115

State Auto

$1,392

38116

State Auto

$1,331

38117

State Auto

$1,203

38118

Allstate

$1,349

38119

State Auto

$1,325

38120

State Auto

$1,217

38122

State Auto

$1,179

38125

State Auto

$1,435

38126

State Auto

$1,303

38127

State Auto

$1,343

38128

State Auto

$1,294

38131

State Auto

$1,219

38132

Allstate

$1,349

38133

State Auto

$1,145

38134

State Auto

$1,228

38137

State Auto

$1,203

38141

State Auto

$1,419

38152

State Auto

$1,204

38157

State Auto

$1,203

38163

State Auto

$1,317

The most affordable areas for homeowners insurance in Memphis

With an average home insurance rate of $2,896 per year, the 80225 ZIP code (Cordova), is the most affordable area for home insurance in Memphis. Median home values of $254,600 in Cordova are some of the highest in the city making, but its home insurance rates are the cheapest in Memphis.

ZIP code

Average yearly cost

38016

$2,926

38133

$2,937

38018

$2,956

38134

$2,960

38131

$2,970

The most expensive areas for homeowners insurance in Memphis

With an average home insurance rate of $3,652, the 38127 ZIP code (Frayser) is the most expensive area for home insurance in Memphis. Frayser is near the Mississippi River which is known for flooding and likely explains the higher-than-average premiums.

ZIP code

Average yearly cost

38127

$3,652

38106

$3,498

38109

$3,479

38114

$3,471

38116

$3,451

Shopping for homeowners insurance in Memphis

Homeowners in Memphis looking to purchase home insurance should ensure the quotes reflect their actual coverage needs.

Memphis residents will want to be sure that in addition to having enough dwelling coverage to pay for a full rebuild after an expensive twister during Tennessee's two tornado seasons, they also have separate flood insurance in case the Mississippi spills out of its banks. 

Additionally, Memphis has a number of home break-ins and other crimes, so homeowners will want to have enough protection to replace expensive valuables if in the event of a burglary.

In this section, we break down the average home insurance rates in Memphis for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies for dog and pool owners and those with poor credit.

Memphis home insurance costs by coverage amounts

Dwelling coverage is the part of your home insurance policy that pays to repair or rebuild your house after a covered loss. 

Memphis homes with a dwelling coverage limit of $300,000 cost an average of $3,191 each year to insure, while those with $500,000 in dwelling coverage cost around $5,000 — a nearly $2,000 annual difference between those coverage levels.

Dwelling coverage amount

Average yearly cost

$100,000

$1,523

$200,000

$2,373

$300,000

$3,191

$400,000

$4,043

$500,000

$4,966

Personal liability coverage is the portion of your insurance policy that pays for medical, repair, or legal bills if you're found legally responsible for someone else's injury or property damage.

Liability coverage amount

Average yearly cost

$100,000

$3,273

$200,000

$2,619

$300,000

$3,191

$400,000

$3,304

$500,000

$3,180

Memphis home insurance costs by deductible amount

Your policy deductible is the amount you're responsible for paying on each covered claim before your insurer reimburses you for the damage or loss. A higher deductible means cheaper monthly home insurance rates, but it also means you'll have to pay more out of pocket after a loss.

As indicated in the table below, Memphis homeowners can save around $500 on home insurance by choosing a $2,000 deductible over the $500 option.

Deductible amount

Average yearly cost

$500

$3,535

$1,000

$3,191

$2,000

$3,006

Home insurance discounts in Memphis

Many insurance companies offer discounts if your house has safety features like deadbolt locks, smoke alarms, and security systems. Since Memphis has a higher crime rate, having these features in place goes a long way to ensure your home is protected.

Here is the average annual rate and average discount percentage for homes in Memphis with deadbolt locks, smoke alarms, or security systems.

Discount

Average yearly cost

Dead bolt

$3,190

Smoke alarm

$3,177

Burglar alarm

$3,139

Home insurance companies in Memphis for dog owners

If you own a home and are considering adding a four-legged friend to the family, be aware your home insurance can increase if your insurance company considers it a dangerous breed. Some insurance companies will charge higher rates due to the higher probability of dog bites and liability claims associated with certain breeds.

With an average rate of $1,383 per year, Allstate has the cheapest home insurance rates in Memphis for a home with a dangerous dog breed, while Travelers' average yearly premium is $8,800 is the cheapest.

Company

Average yearly cost

Allstate

$1,383

USAA

$1,990

State Farm

$2,561

Farm Bureau Insurance of Tennessee

$2,678

Travelers

$8,808

Home insurance companies in Memphis for poor credit

A poor credit score can lead to higher interest rates, denied credit, and possibly higher home insurance premiums. A low credit score is often an indicator to insurance companies of financial instability and frequent insurance claims, so some insurers charge significantly higher rates to customers with poor credit. 

With an average rate of $2,327 per year, Allstate has the cheapest home insurance rates in Memphis for a homeowner with poor credit, while Travelers’ average yearly premium of $9,903 is the highest. 

Company

Average yearly cost

Allstate

$2,327

Farm Bureau Insurance of Tennessee

$2,678

USAA

$3,181

State Farm

$4,401

Travelers

$22,149

Home insurance companies in Memphis for pool owners

Tennessee summers can get excruciatingly hot, so swimming pools are often a sought after luxury for homeowners in greater Memphis. However, keep in mind that insurance companies consider pools to be a liability risk and often charge homeowners higher rates to customers who have one.

With an average rate of $1,431 per year, Allstate has the cheapest home insurance rates for Memphis homes that have a swimming pool, while Travelers has the highest rates at $9,689 per year.

Company

Average yearly cost

Allstate

$1,431

USAA

$1,990

State Farm

$2,561

Farm Bureau Insurance of Tennessee

$2,678

Travelers

$9,689

How to buy homeowners insurance 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.

  1. Reach out to a licensed Policygenius agent. Our team of licensed home insurance experts will help you find the right policy to suit your coverage needs, all while saving you time and money.

  2. Consider separate flood insurance. Flooding on the Mississippi River is always a possibility, so Memphis residents in high-risk flood zones should consider separate flood insurance, as regular insurance does not cover water damage from flooding.

  3. Figure out your deductible amount. A higher deductible means lower home insurance rates, but higher out-of-pocket costs when you file a claim. A Policygenius agent can help you select a deductible that works best for you.

  4. Compare quotes from a Policygenius agent. Once you identify your coverage needs and input a few brief details about you and your house, a Policygenius agent will send over quotes from several top companies.

  5. Sign on the dotted line and pay your first premium. After you’ve settled on a home insurance policy that works for you, all you need to do is sign and pay your first premium. Policygenius will handle the rest.  

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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.

Methodology

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.

Author

Freelance contributor

Gianetta Palmer

Freelance contributor

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Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

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