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FLOOD INSURANCE COVERAGE

It may be surprising to some that standard homeowner’s insurance policies do not automatically cover flooding. Protection from floods in connection with heavy rains, tropical storms, hurricanes, and other conditions is imperative. Insurance offerings are to not only homeowners; but also to renters, and business owners.

Congress, in 1968 created the National Flood Insurance Program (NFIP).

Find out more about this program by visiting the NFIP.

Flood Insurance Protection

Flood insurance protects two types of insurable property, Building and Contents.

Building Coverage

Covers the building NOT the possessions nor the land the building copy. Coverage includes:

• The insured building and its foundation

• The electrician and plumbing system

• Central air conditioning equipment, furnaces, and water heaters

• Refrigirators, cooking stoves, and built-in appliances such dishwaters

• Permanently installed carpeting over unfinished flooring

Contents Coverage

Covers your possessions but does not cover the land they occupy. Coverage includes:

• Clothing, furniture, and electronic equipment

• Curtains

• Portable and window air conditioners

• Portable microwaves and dishwashers

• Carpeting that is not already included in property coverage

• Clothing washers and dryers

Common Reimbursement Methods

There are two that are typical:

• Replacement Cost Value (RCV)

The cost to replace damaged property. It is reimbursable to owners of single-family, primary residences

insured to within 80% of the buildings replacement cost.

• Actual Cash Value (ACV)

Personal property (i.e. contents) and all other buildings are valued at ACV.

• ACV = RCV at the time of loss – physical depreciation.

NOTE: Personal property is always valued using ACV.