No insurance policy covers everything and that is especially true with the residential Flood Insurance policy. 

Flood insurance does not cover the expense of living somewhere else while your home is repaired.  It doesn’t cover cars or boats and it doesn’t cover just about anything that is outside the house.  If your hot tub is in your bathroom it is covered but if it is outside, or inside but not in the bathroom, it is not covered.

The first thing to do after a flood is mitigate the damage.  That means pulling down the damaged sheetrock and getting rid of wet carpets.  This is critically important because another thing that isn’t covered is mold and mildew that could have been avoided.

The policy covers very little below ground level, such as in basements and crawl spaces.  Except for the furnace and hot water heater there is almost no coverage.  Your finished basement including the drywall, furniture and personal property is not covered.  

Depending on the selections you make, the Flood Insurance policy will respond well to covering most building and contents damage.  For a better understanding of Flood Insurance please visit the “FloodSmart” website at http://www.floodsmart.gov/floodsmart/ .  This website is a tremendous source of solid information about Flood Insurance.

You can only buy Flood Insurance from a licensed insurance agent.  Take advantage of that by asking the agent to explain the coverage, cost and deductible options.