Standard homeowners and renters insurance does not cover flood damage. Flood coverage, is available a separate policy Flood insurance will provide coverage in the event of rising water as a result of prolonged or heavy rains, coastal storm surge, blocked storm drainage system, snow melt, levee dam failure or other such causes that result in rising water.

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect. No waiting periode for new purchase home when lender involve.