Memphis Insurance Rates:

Memphis, TN home insurance is roughly $670 to $908, about $55-$75/month. Our comprehensive research indicates shoppers can save as much as $315 by getting different quotes

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Read Memphis, Tennessee Homeowners Insurance reviews & compare quotes to find the most reliable & cheapest quotes.

Memphis Home Owner Insurance Quotes | Write a Review | Rates & Quotes Analysis
GEICO Insurance
Home Insurance Rate of $40/1 month for $125000-$150000 Coverage
Policy Holder Home Details :

Home Value : $165,000

3 Beds, 3 Baths 2210 sqft Primary Residence Constructed In 1994 with Linoleum, Membrane Roof, Chainwall Foundation, Stone Siding, Metal Frame Construction. Home Features Include Smoke Alarm, Fireplace, Copper Water Pipes, Circuit Breaker Electricals and Security by Monitoring Company

About Policy Holder:

58 Years old Married Male who has a Part Time Job with household income of $25-50,000 and has 3 Pets and is a Smoker

Additional Details :
  • 25-50% Mortgage Paid off

  • 600-649 Credit Score

  • Seniors staying at home

Home Insurance Rate of $410/8 months for $100000-$125000 Coverage
Policy Holder Home Details :

Home Value : $145,000

3 Beds, 3 Bath 1910 sqft Rental Property Constructed In 1988 with Linoleum, Metal Roof, Slab Foundation, Stucco siding, Wood Frame. Home Features Include Smoke Alarm, Deadbolt Locks, Copper Water Pipes, FuseBox Electricals and Security by Monitoring Company

About Policy Holder:

72 Years old Married Male who is Retired with household income of less than $25,000 and has More than 3 Pets at home and is a Non-Smoker

Additional Details :
  • 0-25% through paying our mortgage

  • 700-749 Credit Score

  • Guests at home

Home Insurance Rate of $50/1 month for $125000-$150000 Coverage
Policy Holder Home Details :

Home Value : $115,000

4 Beds, 4 Baths 1740 sqft Vacation Property Constructed In 1981 with Ceramic Tile Flooring, Metal Roof, Chainwall Foundation, Brick siding, Stucco Construction. Home Features Include Central Air Conditioning, Circuit Breaker Electricals and Security by Monitoring Company

About Policy Holder:

60 Years old Single Male who has a Part Time Job with household income of less than $25,000 and has 3 Pets and is a Smoker

Additional Details :
  • 0-25% through paying our mortgage

  • 750-799 Credit Score

  • Seniors staying at home

  • Guests at home

Home Insurance Rate of $130/5 months for $50000-$75000 Coverage
Policy Holder Home Details :

Home Value : $80,000

3 Beds, 3 Baths 1210 sqft Primary Residence Constructed In 1965 with Linoleum, Wood Shake Roof, Chainwall Foundation, Stucco siding, Wood Frame. Home Features Include Copper Water Pipes, FuseBox Electricals and Security by Monitoring Company

About Policy Holder:

45 Years old Single Male who is Unemployed with household income of less than $25,000 and has 3 Pets and is a Smoker

Additional Details :
  • 50-75% Mortgage Paid off

  • Up to 499 Credit Score

  • Guests at home

Home Insurance Rate of $30/5 months for $0-$25,000 Coverage
Policy Holder Home Details :

Home Value : $15,000

3 Beds, 3 Baths 1177 sqft Primary Residence Constructed In 1984 with Hardwood Flooring, Wood Shake Roof, Chainwall Foundation, Vinyl siding, Wood Frame. Home Features Include Fire Extinguisher, Deadbolt Locks, Circuit Breaker Electricals and Security by Monitoring Company

About Policy Holder:

58 Years old Divorced Female who is Unemployed with household income of less than $25,000 and has 3 Pets and is a Smoker

Additional Details :
  • 0-25% through paying our mortgage

  • 750-799 Credit Score

Home Insurance Rate of $180/3 months for $150,000 Coverage
3 Bedroom & 2 Bathroom single story home built around 1975. Slab foundation & Composition Shingles roof. Swimming pool, modern amenities, big backyard on a third of an acre. House is assessed at about $175,000
Single retired woman. Grandkids visit once in a while. Smoker & I have a dog.
Home Insurance Rate of $390/6 months for $120,000 Coverage
We have been living in this house for more than 5 years the values have gone up a little bit although I don't imagine that this would impact our insurance rates since that is based on replacement value.
My wife is a smoker but she goes out of the house to smoke in a designated area so the chances of starting a fire is less.

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Memphis Rates & Quotes Analysis:

Memphis Area Estimated House Insurance
E Calhoun Ave, Fox Green Cove, Keeli Cove, Ace Dr, Denimwood Dr, Carol Ann Cove, Thornhill Dr, Blakeview Pl, Creekwood Cove, Meadow Chase Cove$822
Grace View Ln, Farrow Ave, Bruins Trce, Waco St, Ross Creek Cove, Northaven Cove, Wickshire Cove W, Southbrook Mall, Ackerman Cove, Gibbons Pl$852
W Germanwood Ct, Acorn Dr, Dalry Cv, Hickory Ridge Trl, Hidden Arbor Ct, Claremont Cir, Atkins Dr, Clove Dr, Hawthorne St, Rhonda Cir N$849
Todd Dr, Rainsong Cove S, Lyceum Rd, Grey Bark Cove, Isabelle St, Cedar Ridge Cove E, N Amanda Cir, Lacewing Trace Ln, Old Trl Cove, Parkside Ave$765
Lafayette Pl, Sweet Berry Cove, Park Ln, Bergen Cove, Ozan St, Coolidge Cove, Steamboat Bend, Alfaree St, Brompton Rd, Isis Cove$833
Kerry Dr, Treys Cove, Oakleaf Office Ln, Lotus Rd, Dove Hollow Cir W, Chevy Chase Dr, North St, Antilles Ct, Chippewa Ct, Winhoma Dr$758
Kinsman Rd, Aureen Dr, Acadia Pl, Chatsworth Dr, Farindon Dr, E Goodwyn St, E Oak Shadows Cir, Lovestone Cove, Glasgow St, Reese Point Dr$782
N Mendenhall Rd, Joseph Pl, E Glenhome Dr, Oakfield Dr, Shadeley Dr, Brady Hill Dr, Selinda Cove, Heartland Ln, Lida Cv, Misty River Rd$786
Green Bush Pl, Kenner Ave, Tropicana Dr N, Becky Cove, Lamar Cove, Whitehaven Ln, Alice Ave, N Lexington Cir, West Dr, Queens Fairway St$799
Mill Hill Ave, Jeffries Cove, Everetts Folly St, Raleigh Ridge Cove, Camelia Ln, Estill St, Crimson Leaf Cove, E Erwin Dr, Malone Ave, Manor Ln$799

Insurance rates are influenced by a number of factors including:

  • Year Built: 46,456 Homes (15% of total homes ) built between 1960 to 1969 in Memphis are paying home insurance between $1,381-$1,393. Places close to Memphis, TN such as Shelby County, Southaven(MS), Germantown are more expensive by $34, $290, $170 respectively while Mason and Stanton are cheaper by $14 and $20 respectively for similar homes.
  • Bedrooms: 118,652 3 bedrooms homes (40% of total homes ) in Memphis are paying about $726. Areas near to Memphis such as Shelby County, Southaven(MS), Germantown are costlier by $18, $209, $89 respectively whereas Gilt Edge and Stanton are more economical by $4, $11 respectively for similar homes.
  • Auto Insurance Bundling: 23,711 Households (18% of all households) in Memphis have 3 or more vehicles available and when it is bundled with home insurance you can save $197. Discounts for similar bundling in close by locations such as Shelby County, Southaven (MS), Germantown come to $202, $238, $221 respectively.
  • Senior Discounts: 63,577 seniors (more than 55 years) occupied housing units (49% of total) in Memphis get discounts between $118 to $120 compared to Shelby County ($121), Southaven(MS) ($143), Germantown ($132).
  • New Homes discounts: New homes such as the 102,883 homes built between 2000 to 2009 in Memphis can save $157 in contrast with Shelby County ($161), Southaven(MS) ($190), Germantown ($177).

Memphis Homeowners insurance Facts

  • Memphis, TN has 127,483 owner occupied houses which is 52.1% of all units whereas Shelby County, Southaven and Germantown have 60.18%, 68.85% and 87.8% respectively.
  • Memphis, TN homeowners yearly insurance price at $789 is 0.8% of the typical house value of $98,300 which is in contrast with 0.6% in Shelby County, 0.68% at Southaven & 0.31% in Germantown.
  • Homeowners in Memphis, TN pay 4.51% of their income ($15,000 to $19,999) in insurance whereas homeowners in Shelby County, Southaven and Germantown pay 4.62%, 5.45% and 5.06% respectively.
  • Memphis, TN’s insurance is 5.4% of monthly housing costs of $1,223/month, for owners with a mortgage compared to 4.75% in Shelby County, 6.28% at Southaven & 3.3% in Germantown. But, for households without a mortgage, insurance is 14.8% of costs ($445 in Memphis, TN) in contrast with 13.91% in Shelby County, 23.95% at Southaven & 10.16% in Germantown.

Memphis, TN Home Values & Insurance rates

For example, insurance for 15,705 Homes (12.0% of total homes ) valued between $100,000 to $124,999 in Memphis, TN is about $875. Rates in nearby areas in such as Shelby County, Southaven, Germantown are cheaper by $221, $131, $539 respectively while Horn Lake and Mississippi are costlier by $171 and $443 respectively for similar homes.

Memphis, TN Home By Value Total Homes % of Total Average Homeowners Insurance
Less than $50,000 16,130 13.0% $197
$50,000 to $59,999 9,037 7.0% $418
$60,000 to $69,999 11,085 9.0% $520
$70,000 to $79,999 10,003 8.0% $599
$80,000 to $89,999 10,641 8.0% $678
$90,000 to $99,999 8,294 6.0% $757
$100,000 to $124,999 15,705 12.0% $875
$125,000 to $149,999 11,246 9.0% $1096
$150,000 to $174,999 8,959 7.0% $1301
$175,000 to $199,999 4,933 4.0% $1499
$200,000 to $249,999 6,575 5.0% $1806
$250,000 to $299,999 4,518 3.0% $2209
$300,000 to $399,999 4,421 3.0% $2808

Renters Insurance in Memphis

  • Average Renters Insurance in Memphis :  $261($21/month)

  • Median Gross Rent in Memphis :  $805

  • Memphis Renters Insurance to Median Rent Ratio:  2.61%

  • Average household size of renter-occupied unit :  2.6

Memphis Renters Insurance as a Percentage of Rent

Memphis Home By Monthly Rent Total Homes % of Total Estimated Monthly Income To Afford Rented House Including Renters Insurance
Less than $200 1,849 1.0% $365
$200 to $299 3,004 2.0% $815
$300 to $499 8,152 7.0% $1265
$500 to $749 34,351 30.0% $1940
$750 to $999 37,428 33.0% $2690
$1,000 to $1,499 23,956 21.0% $3815
$1,500 or more 4,425 3.0% $5465

Rent Affordability in Memphis:

Approximately 53.0% (62,944) of households are spending more than 35% of their income on gross rent in Memphis

Occupied units paying gross rent Total Households % of Total
Less than 15.0 percent 9,683 8.0%
15.0 to 19.9 percent 10,532 8.0%
20.0 to 24.9 percent 12,366 10.0%
25.0 to 29.9 percent 11,561 9.0%
30.0 to 34.9 percent 9,969 8.0%
35.0 percent or more 62,944 53.0%

Memphis Renters Insurance Discounts:

Memphis Renters Insurance Discounts by Number of Vehicles in Renter Occupied Housing Units

Number of Vehicles in Memphis, TN Number of Housing Units % of Total Renters Insurance Insurance Savings by Bundling Auto Insurance
1 vehicle available 62,066 53.0% $26.1
2 vehicles available 25,197 21.0% $39.15
3 or more vehicles available 5,957 5.0% $52.2

Protective device discount in Memphis Up to :  $39

Claims-free discount in Memphis Up to :  $52

Memphis, TN Home Insurance by Zip Code

Zip Code Median Home Value Median Homeowners Insurance
38128 $87,000 $790
38112 $86,800 $790
38118 $80,000 $790
38107 $78,300 $780
38122 $74,200 $780
38105 $70,000 $780
38109 $69,400 $780
38127 $63,400 $770
38114 $62,100 $780
38106 $58,200 $770
38126 $56,000 $770
38108 $48,700 $770
38120 $273,700 $890
38103 $246,500 $870
38119 $176,700 $840
38104 $175,700 $840
38117 $170,100 $840
38135 $165,800 $840
38125 $154,500 $820
38133 $140,700 $820
38116 $106,800 $800
38141 $100,400 $790
38111 $100,200 $790