Kathy Fowler Agency
123 S. 6th St., Memphis, TX 79245
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123 S. 6th St., Memphis, TX 79245
View this agency's profile to learn more about their services.
Learn about insurance coverage options specific to Memphis residents.
Memphis faces 25-40% earthquake risk in 50 years. Learn about coverage, liquefaction danger, deductibles, and why standard home insurance won't protect you.
No, standard homeowners insurance policies do not cover earthquake damage from the New Madrid Seismic Zone. You must purchase a separate earthquake policy or add an earthquake endorsement to your existing coverage. While there's a 25-40% chance of a magnitude-6 earthquake in the next 50 years, only 11% of Memphis-area residents carry earthquake insurance due to high costs averaging $569-$2,000+ annually.
Memphis has the highest home insurance costs in Tennessee, averaging $3,155-$3,931 annually, because of its location near tornado alley and exposure to severe weather including tornadoes, hail, and damaging winds. The city's proximity to multiple risk factors—earthquakes, flooding, and frequent storms—drives premiums significantly higher than other parts of the state.
Yes, flood insurance is worth considering even if you're not in a designated high-risk zone. About 25% of flood insurance claims come from moderate-to-low-risk areas, and standard homeowners policies don't cover any flooding from outside sources. The 2011 Mississippi River flood caused over $7 billion in Memphis insurance claims, affecting many properties outside traditional flood zones.
Historic homes in neighborhoods like Midtown and Central Gardens often need specialized coverage because restoration must use period-appropriate materials and methods, which cost significantly more than standard construction. Some insurers may decline coverage for homes with outdated electrical, plumbing, or structural systems. Look for guaranteed replacement cost coverage rather than actual cash value policies to ensure adequate protection.
Shop around aggressively—rates vary from $1,481 to over $3,900 annually for similar coverage. Update old electrical systems, roofs, and plumbing to qualify for better rates. Raise your deductible if you have emergency savings, bundle policies with one insurer, and ask about discounts for security systems, being claims-free, or installing protective devices like storm shutters and smart home monitoring.
Standard homeowners insurance covers water damage from internal sources like burst pipes, roof leaks, or appliance malfunctions. Flood insurance covers water that comes from outside your home—river overflow, flash flooding, storm surge, or heavy rain accumulation. In Memphis, you need both types of coverage because standard policies explicitly exclude flood damage regardless of the source.
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