The personal property policy will cover the replacement costs (based on actual cash value, and not what you may have originally paid) for the following items:
- Electronic equipment
- Window A/C units
- Portable microwaves and dishwashers
- Carpets not covered by your building policy
- Washer and dryer
- Your freezer and frozen food
- Up to $2,500 in valuables, such as art or furs
Like any insurance policy, there are limitations to coverage. Flood insurance does not cover loss or damage to:
- Precious metals
- Stock certificates
- Bearer bonds
- Septic systems
- Swimming pools or hot tubs
- Retaining walls
- Storm shelters
- Temporary housing and other living expenses
- Loss of income
- Post-flood mold damage
- Sewer backups
Although basements are not common in Florida, they do exist. The following are not covered for basements (including walkout basements), crawls spaces, or any living space below ground level:
- Window treatments
- Carpeting, tile, and other floor coverings
- Some drywall, depending on how far below ground level it is
- Walls and ceilings not made of drywall
- Most personal property such as clothing, electronic equipment, and furniture
Other Facts About Flood Insurance
There’s a Limit to How Often You Can Collect: If you make four (or more) claims that are over $5,000 a piece; or two claims that cost more than your home when added together, then the NFIP will offer you a grant to make your home less vulnerable to floods. If you refuse to take the grant money and make the improvements, then you can expect your premiums to increase substantially.
If a Flood Severely Damages Your Home: NFIP may give you $30,000 to use to raise, tear down, or move your home; which is in addition to any other claim NFIP pays you. However, the total paid cannot go above the $250,000 coverage limit.
Don’t Wait for An Impending Storm to Purchase Flood Insurance: There’s usually a 30-day waiting period before a claim will be accepted, although, some private policies offer a 15-day waiting period.
Make a Home Inventory: Making an inventory of the possessions in your home (include all covered items) to make filing a claim easier. Also, if you have any major valuables (such as art or furs) be sure to have the appraisal available for the claim.
How Much Does Flood Insurance Cost?
The average cost of a Flood insurance policy is around $600 for the year but the final cost will depend on factors such as the level of coverage, your deductible, the risk level of your flood zone, and the age of the building.