Memphis Flood Insurance

Historically, flooding has brought damage and destruction to communities across the United States. In order to help alleviate the financial devastation caused by flooding, Congress created the National Flood Insurance Program (NFIP) in 1968. The NFIP, overseen by the Federal Emergency Management Agency (FEMA), enables homeowners, business owners, and renters in participating communities to purchase federally backed flood insurance. This insurance is designed to provide an alternative to disaster assistance to meet the escalating costs of repairing flood damage to buildings and their contents.

You can get Memphis flood insurance:

• If you live or own a Memphis business in a high-risk area (or Special Flood Hazard Area, known as an SFHA).
• If you live or own a business in a moderate to low-risk Memphis area—and possibly at a lower cost.
• If your Memphis home or business has been flooded before.
• If your Memphis mortgage company doesn't require it.

All Memphis properties are at some risk for flooding. The NFIP is dedicated to making property owners and renters aware of the need for flood insurance—not only among those who live and work in high-risk areas, but those in moderate- to low-risk areas, too. Memphis properties located outside of the mapped high-risk areas are not exempt from flooding. Their risk, while reduced, is not removed. Consumers need to know that most Memphis homeowners policies do not cover flooding. Only a flood insurance policy will financially protect you from Memphis’ flood damage costs. Memphis flood insurance is available to Memphis homeowners, business owners, and renters for both a building and its contents. Memphis homeowners can insure a home for up to $250,000 and its contents for up to $100,000. Renters can cover their belongings for up to $100,000. Non-residential property owners can insure a building and its contents for up to $500,000 each. The average premium for a yearly Memphis flood insurance policy is about $700 per year.

Memphis residents and business owners who live or work in an SFHA are required to purchase flood insurance if they have acquired a loan from a federally regulated and insured lender, and they must carry the insurance for the life of the loan. Those outside of mapped SFHAs can also purchase flood insurance, and they may be eligible for a lower-cost policy (called a Preferred Risk Policy). The NFIP encourages all residents to learn about their flood risk in Memphis and to protect themselves with flood insurance.

Flood insurance is sold and serviced by insurance agents in more than 22,000 communities nationwide. To purchase a Memphis policy, request a quote on our site, call us at (901)388-7283, or email us at [email protected].

There typically is a 30-day waiting period when purchasing a new policy. There are exceptions to the waiting period. Talk to your agent to see if any of those exceptions apply to your situation.

• The insured building and its foundation
• The electrical and plumbing systems
• Central air-conditioning equipment, furnaces, and water heaters
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers
• Permanently installed carpeting over an unfinished floor
• Permanently installed paneling, wallboard, bookcases, and cabinets
• Window blinds
• Detached garages (up to 10 percent of building property coverage); detached buildings (other than garages) require a separate building property policy
• Debris removal

• Personal belongings such as clothing, furniture, and electronic equipment
• Curtains
• Portable and window air-conditioners
• Portable microwave ovens and portable dishwashers
• Carpets not included in building property coverage (see above)
• Clothes washers and dryers (even in a basement)
• Food freezers and the food in them (even in a basement)
• Certain valuable items, such as original artwork and furs (up to $2,500)

• Damage caused by moisture, mildew, or mold that could have been avoided by the property owner
• Currency, precious metals, and valuable papers such as stock certificates
• Property and belongings outside of a building, such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools
• Living expenses such as temporary housing
• Financial losses caused by business interruption or loss of use of insured Memphis property
• Most self-propelled vehicles such as cars, including their parts (see Section IV.5 in your policy)