Flood insurance available through the National Flood Insurance Program (NFIP) can cover your home for up to $250,000 and the contents for up to $100,000. However, the cost to rebuild your house could be even greater than $250,000 while your contents might be worth more than $100,000.
Moreover, NFIP policies do not cover wallpaper, paneling, or carpeting in the finished portion of your basement. Most personal belongings kept in a basement, including furniture, also are excluded.
Therefore, you may want to buy more flood insurance. Insurers offering excess flood insurance coverage include American International Group, Chubb, and Fireman’s Fund.
* You might be able to buy basic coverage from the NFIP, up to the $250,000 and $100,000 limits. An excess insurance policy can be stacked atop the federal program.
* Alternatively, you may be able to add flood coverage to your basic homeowner’s policy, at an extra cost.
In either case, you might have to get all of your homeowner’s insurance, including flood coverage, from the same company.
