Interactive Planning Approach
Depending where your home is located, especially if it is near a body of water, you may be required to carry Flood Insurance on your Home or even where you are just a Renter. Flood Insurance is crucial in the event of a major weather event causing wide spread flooding in an area and it covers things that a traditional Home Insurance or Renters Insurance policy would not. Click here to get started on a Flood Insurance quote today or click here to find and call a local office near you.
Flood Insurance is governed by the National Flood Insurance Program (NFIP). The National Flood Insurance Program provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy will provide replacement cost coverage for the structure of the home, but only actual cash value coverage for your possessions. If needed, some private insurers do offer excess flood insurance.
Replacement Cost coverage pays to rebuild your home as it was before the damage. Actual Cash Value is replacement cost coverage minus depreciation so in general the older your possessions are, the less money you will get in the event they are damaged.
Do I need Flood Insurance?
If your home or rental property is located near a body of water or in a high-risk flood zone, your lender may require you to carry Flood Insurance. Even if it’s not mandatory, having coverage can protect you from costly losses due to flooding that standard homeowners or renters policies don’t cover.
What does Flood Insurance cover?
Flood Insurance typically covers both your home’s structure and your personal belongings. Under the National Flood Insurance Program (NFIP), coverage includes up to $250,000 for the building and $100,000 for contents, helping you recover after a flood-related loss.
What’s the difference between Replacement Cost and Actual Cash Value coverage?
Replacement Cost coverage pays to rebuild your home as it was before the damage occurred. Actual Cash Value coverage pays for your possessions based on their depreciated value, meaning older items may receive less compensation.
Is Flood Insurance part of my Homeowners Insurance?
No. Standard Homeowners or Renters Insurance policies do not cover flood damage. Flood Insurance must be purchased separately, either through the National Flood Insurance Program or a private insurer.
Can I get additional coverage beyond the NFIP limits?
Yes. If you need coverage above the NFIP limits, some private insurance companies offer excess flood insurance to provide additional protection for your property and valuables.
Understanding Your Flood Insurance
Flood Insurance provides essential protection for your home and belongings from water damage caused by rising water or severe weather events. At J.S. Braddock Agency, we help you understand your coverage options through the National Flood Insurance Program (NFIP) or private insurers, ensuring your property is properly protected from costly flood-related losses.
Protect your home and belongings from costly flood damage with coverage you can count on.
Building Coverage
Covers the structure of your home, including the foundation, walls, and major systems, if damaged by flooding.
Personal Property Coverage
Protects your belongings — furniture, appliances, and clothing — from flood-related damage or loss.
Replacement Cost Coverage
Pays to repair or rebuild your home at current construction costs without deducting for depreciation.
Actual Cash Value Coverage
Provides coverage for personal possessions based on their depreciated value at the time of loss.
