The home ownership rates in Memphis are lower than other areas of the country. It is important to find affordable home insurance for those who own their homes. For a home worth $250,000, homeowners insurance Memphis costs $2,023 annually. This is significantly more than the national average price of $1,312. Residents in Memphis complain that home insurance costs are higher than the national average of $1,312.
Bankrate gathered quotes from the top home insurance companies to determine which carriers offer cheap policies. Many carriers offered lower rates than average, with some starting at $938 per annum.
Memphis’s best home insurance company
It is important to find the lowest rate, but it is equally important to work with a company that responds quickly to your claims and can be reached when you have any questions. To narrow down the list to five most affordable home insurance companies in Memphis, we looked at customer ratings, carrier history, and annual premium data.
Allstate Memphis is the second-cheapest provider of home insurance, with rates starting at $949 per annum. You can add extras to your basic home policy that will provide additional coverage beyond the standard citywide price. You can also get insurance for expensive equipment like hunting and golf clubs. The yard and garden add on provides insurance for riding lawnmowers and expensive landscaping such as mature trees and swimming pools in the event of damage or loss.
Auto-Owners insurance is more than car insurance. Customers highly rate the company’s home insurance. Auto-Owners received the second highest customer rating among the five cheapest carriers. Equipment breakdown insurance is a good option if you have the funds to purchase additional coverage. This insurance is similar to a home warranty and covers repairs or replacements of home appliances, air conditioning system, and electrical. These items can be the most costly to repair or replace in the event of a covered loss.
Erie’s home-insurance is significantly lower than the $2,023 city average. Its low annual rate places it at the top of our list for the best and cheapest home insurance in Memphis. Erie policyholders pay on average $938 per annum for a standard home policy. This is less than $80 per monthly. Erie is also a top-ranked place in the J.D. The Power home insurance study. Scores are based on how customers respond to claims, communication and what coverage they offer.
Erie offers affordable home insurance with solid customer service. Erie also has special coverages such as identity theft protection and protection for service lines. This protects the underground cables that carry your internet, water, and electric from the municipal hookups that connect to your house.
State Farm is the final choice for Memphis’ best insurance company. Although its rates are not the lowest, you might be able to get even more savings by applying discounts from State Farm’s available options. Bundling car and home insurance can help you get a discount on both your rates. You may also be eligible for a discount if you have a newer or impact-resistant roof.
USAA offers top-notch customer support and affordable premiums. This is why USAA often ranks highly in the J.D. Power annual Home Insurance Study. USAA offers home insurance policies that include identity theft coverage, which is something most insurers charge more for. You can also choose replacement cost coverage. This allows you to replace the item with a new version instead of waiting for payment. USAA offers flood insurance in addition to standard coverage. This is useful if you live near a flood zone.
Memphis home insurance options
Although Memphis residents are not required to have home insurance in Tennessee, it could expose you financially. Consider the cost of replacing your valuables if your house is broken into. You can also estimate the cost of rebuilding your home after a tornado. The premiums for home insurance are much cheaper than what it would cost to replace or rebuild your entire house. The following coverages may be worth considering in addition to a standard policy for your home:
- Flood insurance. Floods are not covered by a standard HO-3 policy. Flood damage coverage is available through your carrier, or the National Flood Insurance Program.
- Scheduled personal property: Your home insurance might limit the amount it will pay if you own thousands of dollars worth of electronics, such as computers, TVs, and gaming gear, or fine jewelry and diamonds. You can add scheduled personal property to protect more valuable items.
- Replacement cost: Home policies often offer a replacement cost option. One of these options pays the actual cash value (ACV), for your items. The ACV of an item is usually lower than its replacement cost. You can replace your belongings by upgrading to the replacement cost value (RCV).
Memphis Home Insurance Discounts
Memphis policyholders can get additional discounts from home insurance companies. Ask for the following discounts:
- Bundling: If you purchase car and home insurance from the same company, you could get a discount.
- Protective devices: You can lower your premiums by adding deadbolts and smoke detectors to your home.
- No claims: Let your carrier know if you haven’t had any claims in the past few years.
Questions frequently asked
Which Memphis home insurance company is best?
Each homeowner in Memphis will have unique needs, depending on their home size and other concerns. Consider your needs and narrow down the list of top home insurance companies near you.
What is the cost of Memphis home insurance?
For a home worth $250,000, homeowners insurance in Memphis costs $2,023 annually. This is much more than the national average of $13,312. Your chosen coverages and applied discounts could affect the rate you pay.