Memphis, Tennessee Homeowners can lower Insurance Rates by $148
By: Hemanth Ramesh September, 13, 2019
Homeowners in Memphis, Tennessee, pay an average homeowner's insurance premium of $560 per annum, which is much lower than the national average of $1,228 per annum. This is possibly because metropolitan cities have lower crime rates, report better response time by the fire department, and are less prone to natural disasters.
Constructing homes with superior fire-resistant material can help lower the insurance rates for Memphis homeowners, with insurance companies offering discounts of as much as 27%. Homeowners living in brick veneer constructions can earn a discount of as much as 4% on their insurance premiums, whereas those with masonry homes can get a discount of up to 10%.
Memphis homeowners who have not filed an insurance claim before can get a discount of $86. However, if you have filed one claim before, you will have to pay an additional $39 on your homeowner's insurance, and for 2 filed claims, the amount goes up to $102.
Senior citizens of Memphis get a discount of about $94. AAA Insurance offers a 13.5% discount for renovated roofs and Bunker Hill Insurance provides a 5% discount for new roofs.
Installing safety and security features on properties is another way for Memphis homeowners to lower their home insurance rates. For instance, installing deadbolt locks can fetch a discount of about $149. Functioning fire extinguishers can ensure a discount of about $134 and smoke detectors can attract a discount of $118. A $102 discount can be availed for homes with sprinkler systems. Fire and burglar alarms can get a discount of $39 and $141 and lightning protection systems earns you a discount of $31.
Bundling insurance policies can also generate big savings for homeowners in Memphis. Bundling home and auto insurance can attract a discount of at least 10%. Bundling homeowner's insurance with life insurance can help homeowners get a discount of about 14%. Bundling all three insurance policies—home, auto, and life—can earn Memphis homeowners a discount of as much as 22%.
ABOUT THE AUTHOR
Hemanth Ramesh
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.
