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Homeowners in Memphis, Tennessee, pay an average home insurance rate of $847. This is significantly lower than the national average premium of $847. In fact, Tennessee is known for lower home insurance rates, with the average being $1,044. Memphis homeowners can make use of the available discounts to further lower their home insurance rates.


Homes built using sturdy materials are less prone to damage. As a result, home insurance companies offer considerable discounts to homes built using damage-resistant materials. Memphis homes built using fire-resistive materials can avail of a discount of $102 on home insurance rates. Homes built using masonry and brick can avail of discounts of $42 each, while homes with a hail resistant roof receive a discount of $25.

Home insurance companies provide discounts to homeowners who have a claims-free history. Moreover, home insurance rates in Memphis can increase by up to $119 based on the type and number of claims. Memphis homeowners with a claims-free history can avail of discounts of up to $102 on home insurance.

Apart from this, home insurance companies also provide discounts based on the career choices of homeowners. USAA offers exclusive services to veterans, active, and retired army personnel. Several other home insurance companies offer discounts to homeowners employed in law enforcement agencies and educational institutions. Senior citizens in Memphis can avail of a discount of $119 on their home insurance. Bundling their home and auto insurance policies allows them to receive an additional discount of $161.

The property crime rate in Memphis is 64.83 per 1,000 residents. It is safer than only 1% of the remaining cities in the U.S. Specifically, Memphis has a burglary rate of 13.09 per 1,000 residents, with 8,514 reported incidents. The chance of becoming a victim of property crime in Memphis is 1 in 15. Homes with enhanced security features are less prone to burglaries and damage. Hence, home insurance companies encourage homeowners to install home safety devices by offering discounts as incentives. For instance, Memphis homes with deadbolts and fire extinguishers can avail of discounts of $110 and $59, respectively, on home insurance rates. Additionally, homes equipped with burglar alarms and smoke detectors receive a discount of $76 and $110, respectively, on homeowners insurance.