How much flood insurance should I buy?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: May 10, 2010

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Insurance Question from Fresno, CA

Asked on 05/10/2010

How much flood insurance should I buy? NULL

Answer given on May 18, 2010

Flood insurance coverage is divided into 2 parts: Building coverage and contents coverage.  Building coverage only covers the building, and is replacement cost coverage.

Your building limit should be the same or higher than the Coverage A (dwelling) amount on your homeowner’s insurance policy.  You would not want less coverage than what is on your home insurance policy.  You will be able to purchase up to $250,000 of coverage, and if you need more than that, you can get additional coverage in the excess market.

Contents coverage protects your belongings.  You can purchase up to $100, 000 of coverage, and the loss is paid on an actual cash value basis.  This means the your items are depreciated.  This is different than what most people have for homeowner’s insurance, so you need to be aware of this in the event of a flood, and subsequent flood claim.

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