Memphis ,TN Home Insurance - The cost of homeowners insurance is influenced by a range of factors, including the value of your coverage, deductible, and the construction materials used in your home.
VHome Insurance conducted a thorough analysis of the Memphis, TN homeowners insurance market, taking into account factors like average costs, range of coverages, deductibles and customer satisfaction ratings to determine the best providers. The Average home insurance cost in Memphis, TN is $2144. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Memphis, TN. VHome Insurance will help you navigate the world of homeowners insurance coverages in Memphis, TN.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $858 |
| $200,000 | $1,458 |
| $300,000 | $1,801 |
| $400,000 | $2,744 |
| $500,000 | $3,452 |
Home insurance costs in Memphis can vary greatly based on location. The frequency of claims in your area can affect the cost of your policy. Simply put, the location of your home can significantly impact your homeowners insurance premium.
| Zipcode | Average Insurance Premium |
|---|---|
| 038128 | $2,005 |
| 38112 | $2,076 |
| 38118 | $1,990 |
| 38107 | $2,018 |
| 38122 | $1,993 |
| 38105 | $1,980 |
| 38109 | $1,978 |
| 38127 | $1,978 |
| 38114 | $1,975 |
| 38106 | $1,965 |
| 38126 | $1,960 |
| 38108 | $1,966 |
| 38120 | $2,310 |
| 38103 | $2,244 |
| 38119 | $2,151 |
| 38104 | $2,180 |
| 38117 | $2,152 |
| 38135 | $2,115 |
| 38125 | $2,094 |
| 38133 | $2,099 |
| 38116 | $2,011 |
| 38141 | $2,032 |
| 38111 | $2,025 |
One key aspect of your policy is the deductible, which is the amount you pay out of pocket before your insurance kicks in. Choosing the right deductible can have a major impact on your insurance premiums and overall savings. In this guide, we'll help you understand the options available for homeowners insurance deductibles in Memphis, TN, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $2,198 |
| $1000 Deductible | $1,966 |
| $1500 Deductible | $1,855 |
| $2500 Deductible | $1,672 |
| $5000 Deductible | $1,415 |
| Home Insurance Company Near Memphis, TN | Homeowners Insurance Agency Near Memphis, TN | Address |
|---|---|---|
| NA | Clm Insurance Group | P O Box 345 Byhalia, Olive Branch, MS, 38611 |
| Nationwide | Brooks Edward Mcdonald | 5820 Stage Rd, Bartlett, TN, 38134 |
| Allstate | Ed Truett | 5050 Poplar Ave Ste 927, Memphis, TN, 38157 |
| Travelers | Morton Insurance Agency Inc | 2865 SUMMER OAKS DR STE 101, BARTLETT, TN, 38134 |
| Travelers | The Clm Insurance Group Inc | 8007 HIGHWAY 178 WEST, BYHALIA, MS, 38611 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Shelby County, Tennessee | $101 | $135 | $202 |
| Southaven city, Mississippi | $119 | $159 | $238 |
| Germantown city, Tennessee | $111 | $147 | $221 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Memphis, TN | 5.4% | 14.8% |
| Shelby County | 4.75% | 13.91% |
| Southaven | 6.28% | 23.95% |
| Germantown | 3.3% | 10.16% |
| 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 |
| Streets in Memphis Area | Homeowners Insurance Cost |
|---|---|
| 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 |
| Place | Savings For Senior Occupied Homes |
|---|---|
| Memphis | $118 to $120 |
| Shelby County | $121 |
| Southaven | $143 |
| Germantown | $132 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $800 | $1,800 |
| Yearly Memphis Homeowner Insurance Premium Example | $1,300 | $1,100 |
| Out of Pocket Expense During Claim | $800 | $1,800 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $11,200 | $10,600 |
| Net Savings to Memphis Home Owner from High Deductible Plan | $600 | |
| Scenario | Memphis, TN Home Replacement Value MORE than Home Value | Memphis, TN Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $105,000 | $58,500 |
| Insurance Premium based on Replacement Value | $625 | $350 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $24,000 | Risk Exposure from Under Insuring Coverage is $22,500 |
| Premium Impact | Insurance cheaper by $150/year | Insurance costlier by $125/year |
| Insurance Company | Chubb Group of Insurance | Allstate | GEICO Insurance |
| Monthly Premium | 46 | 35 | 45 |
| Year Built | 1995 | 1978 | 1989 |
| Home Details | 4 Beds, 2 Baths | 2 Beds, 1 Baths | 3 Beds, 2 Baths |
| Coverage Amount | $175000-$200000 | $75000-$100000 | $100000-$125000 |
| Deductible | $5000 to $10,000 Deductible | $1000-$2500 Deductible | $1000-$2500 Deductible |