How much is renters insurance in Memphis, NY

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

In Memphis, NY, the average cost of renters insurance is $266 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $27 less than the state average of $293 per year.

Renters insurance costs may differ depending on the coverage you opt for and the amount of liability coverage included in your policy. If you’re living in a rental property, it’s worth considering this type of insurance to protect your belongings from damages caused by fire, smoke, theft, vandalism and other covered events.

We conducted an in-depth analysis of insurance companies to find the most affordable insurers for renters in Memphis. Continue reading to know the cheapest renters insurance companies in Memphis.

Key Takeaways

According to Insure.com’s data study, renters insurance costs an average of $266 per year or $22 per month in Memphis.
State Farm has the cheapest renters insurance for Memphis renters at $10 per month.
Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.

What is the average cost of renters insurance per month in Memphis?

On average, the cost of renters insurance in Memphis is $22 a month. It’s $2 less than the state average of $24. Renters in Memphis pay these rates for the coverage limit of $40,000 in personal property coverage, $1,000 deductible and $300,000 in liability protection coverage.

The renters insurance rates vary by city depending on your insurance provider and the coverage limits you choose. For example, renters in Memphis pay $18 per month for personal property coverage of $20,000 and a $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $4 more for renters insurance.

Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended that you choose higher coverage limits if your personal belongings consist of expensive jewelry, furniture and electronics.

How much is renters insurance in Memphis by deductible?

Renters insurance in Memphis costs an average of $225 per year for a $500 deductible and $20,000 in personal property coverage.

The deductible is the amount you pay before your insurance coverage applies. By increasing your deductible, you can lower your insurance premium. For instance, raising your deductible from $500 to $1,000 will save you $11 annually.

The table below shows renters insurance premiums for varying personal property coverage and deductible amounts.

Deductible	$20000 personal property	$40000 personal property	$60000 personal property
$500	$225	$281	$345
$1,000	$214	$266	$324

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Memphis?

Your search for the cheapest renters insurance company ends here.

State Farm offers the cheapest renters insurance in Memphis at $125 a year or $10 per month. According to Insure.com’s data analysis, Travelers ranks second on our list followed by Allstate.

Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in Memphis and put together a list of the most affordable insurance carriers.

Below are the average annual and monthly rates of the cheap renters insurance companies in Memphis, NY.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$125	$10
Travelers	$135	$11
Allstate	$169	$14
American Family	$176	$15
Nationwide	$210	$18
NYCM Insurance	$219	$18
Chubb Ltd	$284	$24
Farmers	$359	$30
AIG	$1,039	$87
USAA	$232	$19

Tips for reducing renters insurance cost

Here are some tips to help reduce renters insurance costs in Memphis:

Bundle insurance policies: If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in Memphis.

Increase deductible: Opting for a higher deductible can lower your premium in Memphis, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.

Choose the right coverage: Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.

Avoid small claims: Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.

Shop around: Don’t settle for the first quote you receive. Compare renters insurance quotes in Memphis from multiple providers to find the best price for the coverage you need.

Final thoughts

Renters in Memphis, NY should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Memphis for $40,000 personal property coverage, $300,000 liability coverage, and a $1000 deductible. The data presented are those with a good credit tier alignment.

How much is renters insurance in other cities

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.