Flood Insurance
Flood Insurance in Memphis, TN
Memphis sits on the Mississippi River, with the Wolf River and Nonconnah Creek running through the city. A slow-moving storm can push water into homes and businesses miles from any riverbank. Flood insurance in Memphis pays for that damage, which a standard home or business policy leaves out. Jones Enterprises Insurance Brokers helps homeowners, landlords, and business owners add flood coverage before the next heavy rain.
Does Homeowners Insurance Cover Flood Damage?
No. Standard homeowners policies exclude flood damage, so you need a separate flood policy to be covered. A flood generally means surface water covering normally dry land, such as an overflowing creek, a river cresting its banks, or runoff that pools around your foundation. A burst pipe inside your house is a different claim, and your homeowners policy may handle it. Commercial property policies carry the same flood exclusion, so business owners need their own coverage too. For the rest of what a home policy includes, see our home insurance page.
How Flood Coverage Is Set Up
A flood policy splits into two main parts, and you can buy one or both.
Building Coverage
Building coverage pays to repair the structure: the foundation, walls, electrical and plumbing systems, furnace, water heater, and built-in appliances. Carpeting and cabinets that are permanently installed usually fall here too.
Contents Coverage
Contents coverage pays for your belongings, such as furniture, clothing, electronics, and portable appliances. Renters can buy contents coverage on its own, since the building belongs to the landlord.
Federal and Private Flood Policies
The federal National Flood Insurance Program caps residential coverage at $250,000 for the building and $100,000 for contents. Private flood insurers can offer higher limits and sometimes cover extras like temporary living costs. If your home is worth more than the federal cap, our high-limit property insurance page explains how larger properties are covered.
Commercial Flood Insurance
Businesses can insure their buildings and their inventory, equipment, and furniture. Under the federal program, commercial limits reach $500,000 for the building and $500,000 for contents. Private policies may add coverage for lost income while you close for cleanup.
What Flood Policies Leave Out
Basement coverage is limited: most policies pay for items like the furnace and water heater but not finished walls, flooring, or furniture down there. Landscaping, decks, and outdoor pools are generally excluded. A flooded car falls under the comprehensive coverage on your auto policy.
Choosing the Right Flood Policy
Federal and private flood policies differ on limits, waiting periods, and what they'll pay for. Our agents compare companies and explain where each option fits your property, your flood zone, and your mortgage. Jones Enterprises Insurance Brokers can review your flood coverage alongside your home, auto, and business policies.
Flood Insurance for Memphis and the Mid-South
Low-lying neighborhoods near the rivers face obvious risk, but heavy rain floods streets in Southaven, Bartlett, and Marion too. Middle Tennessee learned this in May 2010, when the Cumberland River flooded large parts of Nashville. We help property owners across the Memphis area, and in Nashville and Dallas, put flood protection in place.
Before You Buy Flood Coverage
How long before a flood policy takes effect?
Federal flood policies generally have a 30-day waiting period. One common exception is coverage bought at a mortgage closing, which can start right away. Private flood policies often have a shorter wait, so buy before storm season instead of when rain is in the forecast.
Do I need flood insurance outside a high-risk zone?
It isn't required, but it's worth considering. According to FEMA, more than 20 percent of federal flood claims come from properties outside high-risk flood zones. Those policies also tend to cost less.
Will my lender require flood insurance?
If your building is in a Special Flood Hazard Area, meaning a zone that begins with A or V on the flood map, and your mortgage is federally backed or regulated, yes. The lender will ask for proof before closing.
Can renters buy flood coverage?
Yes. Renters can buy a contents-only flood policy for their furniture, clothing, and electronics. The landlord's policy, if there is one, covers only the building.
How is a flood policy priced?
Federal flood pricing now looks at your specific property. Distance to water, elevation, foundation type, and the cost to rebuild all factor in. Private insurers use their own models, so quotes can differ quite a bit on the same home.
Check Your Flood Risk With an Agent
Bring your address and, if you have one, your elevation certificate. One of our friendly agents will look up your flood zone and quote federal and private options side by side.