My insurance company for every property we insure through our Property Management company, regardless of age, condition or location is $90 a square foot. Depending on the size of the house, the premium for that is .33 to .37 a sq ft. The bigger the house, the cheaper per sq ft the premium. Deductible is $1,000.
That's a loaded question - the price can change from lot prep, elevations (brick, wood or hardy plank) to what finishes the current home has. The location also varies in Memphis from $2(South Memphis) to $362(Downtown) per sq ft.
Why don't you ask a insurance adjustor. I'm sure they have a better chance helping than a Realtor. You might even start your search at the Memphis Area Home Builders Association - here's there website URL http://www.mahba.com/