Normal amount for good home insurance in Memphis

10 Replies

I'm waiting on a second quote for property insurance, I close on in a week. It is in zip code 38117 a 3/2 , 1025 sq feet. I am paying $55K, value ~$75-80K, insured replacement value $100K. 

My quote was $1009/year or $84 /month. I have $400K houses in Southern Utah with pools and 10 years old and I pay $60-70/month with all the bells and whistles.

Memphis investors is this a really high quote or as that the norm. Any agents and insurance agencies you would recommend? I want to insure it right but affordably.

@Joel Brown that seems high but see my other comment about my insurance. For my properties worth around 75k and 1100 square feed I pay 40-42 per month per property.

2500 dollar deductible

@Joel Brown That does sound a bit high. Are you selecting maximum coverage? I'd suggest Shelter Insurance. I got a basic one year premium for $538 with a $1500 deductible on a 3/2 1800 sq ft home in 38141 in Memphis. Feel free to PM me for my agent's contact info.

@Joel Brown If you have a property management company assisting you it is quite possible that they may offer a group rate insurance policy which will provide you with great rates and wonderful coverage. Just a suggestion to you. I can help if you find that you need PM assistance. We have group coverage as mentioned above through our plan.

I just got another property insured for $784 / Year, with a value of $165,000, with a mortgage involved.
I can refer you to them if you'd like.