Erie leads our rankings of the best home insurance in Memphis with a MoneyGeek score of 4.8 out of 5, offering reliable local agent support. USAA earned the highest score at 5.0 for military families and veterans, but didn't earn the No. 1 spot in our ranking because of its eligibility requirements. State Farm, Auto-Owners and Allstate round out our top five.
Best Cheap Home Insurance in Memphis, Tennessee
Updated: February 25, 2026
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Compare the Best Home Insurance Companies in Memphis
| Erie | 4.79 | $271 |
| USAA | 4.97 | $200 |
| State Farm | 4.68 | $185 |
| Auto-Owners Insurance | 4.65 | $237 |
| Allstate | 4.47 | $198 |
*Rates are for a 2,500-square-foot home with $250,000 in dwelling coverage and a $1,000 deductible, built in 2000.
Our Top 3 Recommendations for Memphis Homeowners Insurance
Erie
Best for Memphis Homeowners
MoneyGeek Rating
4.8/ 5
4.8/5Affordability
4.9/5Customer Experience
4.9/5Coverage
J.D. Power Customer Satisfaction Score
N/AFrom the J.D. Power 2025 U.S. Home Insurance Study, which examines customer satisfaction based on responses from 14,511 homeowners and renters. The average score is 642/1,000.Average Monthly Premium
$271Based on our methodology's base profile of a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage with a $1,000 deductible.
USAA
MoneyGeek Rating
5.0/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage
J.D. Power Customer Satisfaction Score
737/1,000From the J.D. Power 2025 U.S. Home Insurance Study, which examines customer satisfaction based on responses from 14,511 homeowners and renters. The average score is 642/1,000.Average Monthly Premium
$200Based on our methodology's base profile of a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage with a $1,000 deductible.
State Farm
MoneyGeek Rating
4.7/ 5
5/5Affordability
4.3/5Customer Experience
4.2/5Coverage
J.D. Power Customer Satisfaction Score
657/1,000From the J.D. Power 2025 U.S. Home Insurance Study, which examines customer satisfaction based on responses from 14,511 homeowners and renters. The average score is 642/1,000.Average Monthly Premium
$185Based on our methodology's base profile of a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage with a $1,000 deductible.
How Much Does Memphis Home Insurance Cost?
Memphis homeowners pay $299 monthly for home insurance with $250,000 in dwelling coverage, $125,000 in personal property protection and $200,000 liability limits, running slightly above Tennessee's average of $254 per month. Your actual premium varies based on factors like your home's age, construction materials, proximity to flood zones and your chosen deductible amount.
Memphis's location along the Mississippi River increases premiums through flooding risk from the river and low-lying areas, plus tornado risk from severe weather patterns common in the region. These natural disaster risks drive up insurance costs because they create a higher likelihood of property damage and claims.
| $100K Dwelling / $50K Personal Property / $100K Liability | $172 | $2,063 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $299 | $3,582 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $501 | $6,012 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $708 | $8,495 |
| $1MM Dwelling / $500K Personal Property / $1MM Liability | $962 | $11,548 |
Who Has the Cheapest Home Insurance in Memphis?
State Farm offers the lowest home insurance rates in Memphis at $185 monthly, saving homeowners 38% compared to the city's $298 average. Allstate comes in second at $198 per month, providing a 34% discount from Memphis premiums while keeping strong coverage and local agent support.
| State Farm | $185 | -38% |
| Allstate | $198 | -34% |
| USAA | $200 | -33% |
| Auto-Owners Insurance | $237 | -21% |
| Erie | $271 | -9% |
COMPARE COVERAGE, NOT JUST COST
Memphis homeowners need adequate coverage, not just the lowest premiums. Look at coverage limits, deductibles and customer satisfaction ratings along with premiums. See our review of the best homeowners insurance companies in Tennessee for top providers in the state.
How to Get the Best Cheap Home Insurance in Memphis
Memphis homeowners need to balance affordable premiums with coverage that protects against the area's specific risks.
Compare quotes from multiple insurers
Request quotes from a minimum of three companies since rates vary. Average premiums range from $185 to $271 monthly among top-rated Memphis insurers.
Bundle home and auto policies
Most Memphis insurers give 10% to 25% discounts when you combine policies, with companies like Allstate and State Farm providing multi-policy savings.
Maintain a strong credit score
Tennessee insurers use credit-based insurance scores when calculating premiums, and improving your credit can lower rates over time.
Upgrade your home’s safety features
Installing monitored security systems, smoke detectors, fire sprinklers and storm shutters can qualify you for discounts of 5% to 20% depending on the improvements.
Best Home Insurance in Memphis: Bottom Line
Memphis homeowners pay an average of $298 monthly for home insurance, and rates range from $185 to $271 among leading insurers, depending on coverage needs. Erie leads our rankings with a 4.8/5 MoneyGeek score at $271 monthly. State Farm offers the cheapest home insurance rates in Memphis at $185 monthly, 38% below the city average.
Memphis Home Insurance: FAQ
Memphis homeowners frequently ask about what coverage they need and how to lower their premiums.
Does home insurance cover wind damage in Memphis?
Memphis's severe storms and tornadoes can cause wind damage to your property. Standard home insurance policies cover roof, siding, window and structure repairs from wind damage, after you pay your deductible.
What doesn't home insurance cover?
Home insurance doesn't cover earthquakes, flood damage, normal wear and tear or damage from lack of maintenance. Memphis residents in flood-prone areas need separate flood insurance through the National Flood Insurance Program.
Is home insurance required in Memphis?
Tennessee doesn't legally require home insurance, but mortgage lenders require coverage until you've paid off your loan. Even without a mortgage, homeowners should keep insurance to protect against flooding from heavy rain, tornadoes and severe storms common in Memphis.
What discounts are available for Memphis homeowners?
Multiple savings options help Memphis homeowners reduce their insurance costs. You'll save by bundling home and auto policies for 10% to 25% off, installing security systems (5% to 15% discount), upgrading to fire-resistant roofing materials (up to 20% savings) and maintaining a claims-free history for three or more years.
Our Methodology: Determining the Best Cheap Home Insurance Companies in Memphis
We analyzed premium data from Quadrant Information Services for 10 major insurers serving Tennessee, then evaluated their coverage options and customer experience to identify companies with the best combination of affordability, financial strength and service for Memphis homeowners.
Our base profile used a 2,500-square-foot home built in 2000 with $250,000 dwelling coverage, $125,000 personal property coverage and $200,000 liability coverage. All policies included a $1,000 deductible to make sure we compared rates accurately. We also analyzed rates for newly constructed homes, increased dwelling coverage limits, higher deductibles of $2,500 or $5,000 and homeowners with poor credit scores to understand how insurers price coverage across different risk profiles.
We combined affordability scores (weighted 55%), customer satisfaction data from J.D. Power surveys and customer reviews (weighted 30%) and coverage add-on availability (weighted 15%) to calculate each company's final MoneyGeek score.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.