Home Insurance in Memphis, Tennessee
With a median home value of $169,000, Memphis is 32% lower than the Shelby County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Memphis was built around 1970. About 35% of homes were built before 1960, about 9 points above Shelby County's 27%.
The housing stock in Memphis is 65% single-family homes, 26% apartments in buildings with 5+ units and 1% mobile or manufactured homes.
In Memphis, about 57% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 13%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 45% of occupied homes in Memphis are owner-occupied.
56% of homes in Memphis are primarily heated with electricity.
Shelby County's top FEMA-rated hazard is tornado (Very High), per FEMA's National Risk Index. Shelby County had 2,196 active NFIP flood policies as of September 2026. See the full Shelby County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Tennessee, the statewide average premium for a standard HO-3 homeowners policy is $1,649 per year (NAIC, 2023 data).
Key figures
| Median home value | $169,000 |
|---|---|
| Median year built | 1970 |
| Owner-occupied share | 45% |
| Share of owner-occupied homes with a mortgage | 57% |
| Top county hazard | Tornado (Very High) |
| Active NFIP policies in Shelby County | 2,196 |
| Home insurance premium | $1,649 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)