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Even though flood insurance is not legally required in Tennessee, a mortgage lender might require homeowners to carry this type of insurance. There are different types of flood insurance you’ll want to consider and important reasons to make sure you carry adequate insurance in case of flooding.
The Different Types of Flood Insurance
There is government flood insurance and private flood insurance available in Memphis, TN.
Government Flood Insurance: The federal government provides flood insurance through the National Flood Insurance Program (NFIP). This is also sometimes referred to as FEMA insurance. NFIP generally offers two types of coverage: building property coverage and personal property coverage. It’s important to note that government insurance is subject to a variety of regulations and restrictions that don’t apply to private insurance.
Private Flood Insurance: Increasingly, flood insurance is being provided by private companies. Private flood insurance is a great alternative to government options for several reasons. Private flood insurance is often less expensive and will sometimes provide more benefits. For example, some private insurance will offer higher levels of protection and additional coverage that NFIP doesn’t offer.
Why You Might Need This Type of Insurance
Tennessee has a lot of rivers. In fact, there are over 60,000 miles of rivers, creeks, and streams in the state. There is a great potential for flooding. The fact that most homeowner insurance policies do not cover flooding, makes it crucial to find adequate flood insurance.
Anthony Lancaster Insurance Inc. in Memphis TN
We can help you find the right flood insurance policy that meets your specific needs. We provide a wide range of insurance needs for our customers. Contact us at Anthony Lancaster Insurance Inc. so we can work on making sure you’re covered!
