Did you know that a federal flood insurance policy offers maximum dwelling coverage of $250,000? Moreover, the maximum amount of personal property coverage on a federal flood insurance policy is $100,000.
So what are you to do if you need $500,000 in dwelling coverage or $200,000 in personal property coverage? Are you simply out of luck?
The answer is….no you’re not out of luck.
There are actually two options for you. The first option is that you can purchase a private flood insurance policy. While private flood insurance is not backed by the federal government. It does offer higher coverage limits.
The second option is that you can purchase the maximum federal flood insurance policy and then purchase an excess flood policy. In this situation, you’d have two policies. A federally back flood insurance policy with $250,000 in dwelling coverage and/or $100,000 in personal property coverage and a second policy that would fill the gap between the federally backed flood policy and the amount of coverage your desire.
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