How Much Does Flood Insurance Cost in Memphis, TN?
Memphis pricing is 18% below the national average. Updated for 2026.
Based on local labor rates, humid-subtropical climate conditions, and Memphis's logistics-healthcare-music economy.See our methodology
Flood Insurance Pricing in Memphis, TN
Memphis is one of the more affordable markets for flood insurance, with costs running about 18% below the national average. The city's logistics-healthcare-music economy and balanced labor market create favorable conditions for competitive pricing. Getting multiple quotes from the 630K-population metro area is straightforward.
Local climate plays a direct role in flood insurance costs here. Hot humid summers increase HVAC and pest control needs; Mississippi River proximity means flood risk for some areas.
Market-specific factors matter in Memphis: major logistics hub keeps material delivery costs low; moderate labor market means competitive pricing.
Memphis has moderate permitting requirements. Depending on the scope of your flood insurance project, you may need local permits. A licensed contractor will handle the permitting process as part of the job in most cases.
Memphis vs National Average
What Affects Flood Insurance Cost in Memphis?
Flood Zone
Low-to-moderate risk (Zone X): $400-$800/year. High risk (Zone A/AE): $1,000-$3,000+/year. Coastal (Zone V): $2,000-$5,000+/year
NFIP Risk Rating 2.0
FEMA's new rating system (since 2021) bases premiums on specific property characteristics, distance to water, and flood frequency. Rates vary widely
Coverage
NFIP max: $250,000 building + $100,000 contents. Excess/private flood: higher limits available
Memphis Market Conditions
major logistics hub keeps material delivery costs low; moderate labor market means competitive pricing
Local Climate Impact
hot humid summers increase HVAC and pest control needs; Mississippi River proximity means flood risk for some areas
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Top-Rated Flood Insurance Pros in Memphis, TN
7 providersSummit Contractors
⭐ PREMIUMServing Memphis and surrounding areas since 1997. Licensed, insured, and committed to quality workmanship at fair prices.
All-Pro Electrical
⭐ PREMIUMServing Memphis and surrounding areas since 2011. Licensed, insured, and committed to quality workmanship at fair prices.
Premier HVAC Solutions
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Tips to Save on Flood Insurance in Memphis
- 1.An elevation certificate ($200-$600) may prove your home is lower risk than mapped, reducing premiums significantly
- 2.NFIP rates are standardized but private flood insurers may offer 20-50% lower rates
- 3.Raise utilities and HVAC above base flood elevation to lower premiums
- 4.Your community's CRS (Community Rating System) participation can provide 5-45% discounts
📈 Flood Insurance in Memphis Cost Trends (2020–2024)
Prices have increased +17.5% over the last 5 years
| Year | National Avg | YoY Change |
|---|---|---|
| 2020 | $628 | — |
| 2021 | $654 | +4.1% |
| 2022 | $696 | +6.4% |
| 2023 | $715 | +2.7% |
| 2024 | $738 | +3.2% |
Based on national averages adjusted for annual inflation. Actual costs vary by location and project scope.
💬 What Did You Pay?
Real costs reported by homeowners for Flood Insurance in Memphis
Recent Reports
Frequently Asked Questions
Do I need flood insurance?
Required if you have a federally-backed mortgage in a high-risk flood zone (A or V zones). Even in lower-risk areas, 25-30% of all flood claims come from outside high-risk zones. The average flood claim is over $50,000. With no flood insurance, you'll pay out of pocket or rely on limited FEMA assistance.
Does homeowners insurance cover flooding?
No — standard homeowners insurance explicitly excludes flood damage. This is the single most common coverage gap homeowners discover after a disaster. Flood insurance must be purchased separately through NFIP or a private insurer. There's a 30-day waiting period before coverage begins.
Why does flood insurance cost different in Memphis than other cities?
Memphis's costs reflect local labor rates driven by the logistics-healthcare-music economy, humid-subtropical climate conditions that affect materials and scheduling, and moderate permitting requirements. The balanced labor market also influences competitive pricing.
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