Tennessee Flood Insurance

The average cost of flood insurance in Tennessee is $998 per year. Flood insurance can help protect your property against flood damage caused by natural sources like rainfall, snowmelt, or overflowing rivers. In Tennessee, this coverage is critical. Homeowners insurance does not provide coverage for your home or belongings against natural flood damage.

Luckily, a Tennessee independent insurance agent can help you get set up with all the flood insurance you need. They'll get you matched to a policy at the right price. But first, here's a closer look at flood insurance rates and requirements in Tennessee.

Companies That Offer Flood Insurance in Tennessee

Tennessee residents can get flood insurance through the National Flood Insurance Program (NFIP) and have coverage that's backed and regulated by the federal government. The NFIP is part of the Federal Emergency Management Agency (FEMA) and sells its flood insurance through traditional flood insurance companies. The NFIP's coverage limits for flood insurance are $250,000 for building coverage and $100,000 for personal property coverage. However, Tennessee residents can also get private flood insurance, which offers much higher limits for coverage, along with certain protections not offered by the NFIP, including loss of use coverage or replacement cost coverage. Here are some of the best flood insurance companies in Tennessee:

• Allstate
• American Family
• Assurant
• Auto-Owners Insurance Company
• Liberty Mutual
• National General Insurance Company
• USAA
• Westfield Insurance Company

A local Tennessee independent insurance agent can help you find the flood insurance you need through one of these carriers.

What Does Flood Insurance Cover in Tennessee?

Flood insurance policies backed by the NFIP are available to both individuals and business owners. Whether you get a personal or business policy, you have the option to buy either structural coverage, contents coverage, or both. Most homeowners opt to purchase both, while renters only need contents coverage, and landlords may only want structure coverage.

• Building coverage: This coverage reimburses you for the costs associated with repairing damage to the structure of your home or building. When insuring your home, you can purchase up to $250,000 in building coverage; if insuring a business, you can purchase up to $500,000. This coverage protects the following:
  • The building’s foundation
  • Plumbing and electrical systems
  • Heating and air conditioning units (excluding portable units)
  • Built-in appliances
  • Permanently installed carpeting over unfinished floors
• Contents coverage: This coverage reimburses you for the costs associated with repairing or replacing lost or damaged property you keep within your home or business. Individuals can purchase up to $100,000 in contents coverage, while business owners can purchase up to $500,000. This includes coverage for the following:
  • Furnishings, artwork, and other décor
  • Clothing, jewelry, and other accessories
  • Electronics
  • Window unit air conditioners
  • Portable appliances
  • Merchandise and inventory (for businesses)
  • Carpeting and flooring installed over finished floors

It's worth noting that flood insurance does not provide coverage for contents kept in a home's basement. However, it covers appliances regularly kept in a basement or underground space.

What Doesn't Flood Insurance Cover in Tennessee?

Tennessee flood insurance isn't designed to cover every issue that could be associated with a natural flooding event. Damage caused to the home by mold, mildew, or moisture that the homeowner could've prevented is specifically excluded from coverage. Also, certain valuable types of property, like important papers, precious metals, and currency, are excluded from coverage. Some types of property outside the home, including decks and hot tubs, are also excluded from coverage, as is any landscaping. Tennessee flood insurance also won't cover contents kept in your home's basement.

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Is Flood Insurance Required in Tennessee?

Flood insurance in Tennessee is not required by state law, but if you're located in a high-risk county or flood zone, you're likely required to have it. Federally backed mortgage agreements also often require homeowners to purchase flood insurance. An estimated 15% of all Tennessee properties have a chance of flooding within the next 30 years.

Having flood insurance may not be explicitly required where you are, but having coverage is always a safer bet than not. Without flood insurance, your home insurance or regular business insurance won't cover natural water damage to your property. Without the right flood coverage, you could end up paying thousands out of your own pocket for repairs or rebuilding. According to estimates reported by FEMA, as little as two inches of floodwater in a 1,000-square-foot home can result in as much as $10,000 in damage. If you experience flooding in your basement, you may need to replace appliances, such as your furnace and water heater. You may also notice problems with structural damage or may need to pay for expensive mold removal. If your home does not have a basement, as is the case with many of Tennessee’s manufactured and mobile homes, or if floodwaters rise to above-ground floors, your damage could be far more expensive. 

Damage to flooring, electronics, furniture, and other property can add up quickly. In fact, FEMA reports that the average paid flood insurance claim is about $35,000. Some Tennessee residents mistakenly believe that a flood insurance policy is not necessary because, if disaster strikes, FEMA will step in to provide assistance. However, any aid offered by FEMA comes in the form of low-interest loans that must be repaid to the government. FEMA assistance is in no way a substitute for a flood insurance policy.

Average Cost of Flood Insurance in Tennessee

The average cost of flood insurance in Tennessee is $998 per year, which is quite a bit higher than the current national average of $767. Flood insurance rates in Tennessee can be more expensive than the national average for several reasons, including the state's increased risk of flooding and its property values. However, flood insurance rates are different in every part of Tennessee.

Other factors that can impact the cost of your flood insurance include the age of your home, as the older your home is, the more expensive it'd be to rebuild, the types and amounts of coverage you need, and the deductible amount you select. Higher deductibles can result in lower premiums, but you'd have to pay more out of pocket if you filed a claim. Keep that in mind when selecting your policy. A Tennessee independent insurance agent can also help ensure you save the most money possible on flood insurance.

Average Tennessee Flood Insurance Costs by County

The cost of flood insurance varies by Tennessee county. The best and cheapest flood insurance is currently observed in Harris County, at an average of only $467 annually. Here are a few of Tennessee's counties and the average cost of flood insurance annually in each.

Tennessee Flood Insurance FAQs

Get Flood Insurance Quotes from an Independent Insurance Agent in Tennessee

Although the federal government offers and backs flood insurance policies, you must purchase your flood insurance policy through a qualified insurance provider. Securing a flood insurance policy for your home or business is easy with the help of an independent insurance agent in Tennessee. These agents can help you assess how much coverage you need and provide you with information and quotes for various levels of coverage. Contact an agent in or near your Tennessee neighborhood to get more information and start reviewing your flood insurance quotes.