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How much flood insurance should you have?
My house is worth $ 200k; is it necessary to have that amount of coverage? I'm sure a flood would cause a lot of damage, but would it typically be the entire cost of the house?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“While it may seem like a lot of coverage, you can never have too much protection.
You want to base your
flood insurance
on the amount it would cost to rebuild your home in case of a flood. The cost to rebuild your home after a flood depends on several factors, including: - Size of your house
- Quality of materials used
- Cost of labor in your area
The amount of coverage can depend on if you purchase a private flood policy or a policy through NFIP (National Flood Insurance Program). A private flood policy will have a fixed coverage limit of $500,000 for the dwelling, and the government-funded program will have a limit of $250,000.
Another significant difference to keep in mind is that a private flood policy will offer replacement costs for personal property. At the same time, the government-backed policy will only provide actual cash value.
Your neighborhood would need to qualify to participate in the NFIP. If it doesn’t, you can also purchase flood insurance through a private provider, such as
GEICO
or Progressive
. It’s always a good idea to insure your house and belongings up to their replacement value so you can rest easy.”
View full answer
- Gregory R.
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