The amount of flood insurance you need may not be the same for your entire community. The policy limits you choose are incredibly important. In order to figure out how much flood insurance you need, you’ll need to get a general idea of what your assets are worth. While this may seem like an arduous process, it’s well worth your time. Go through each room in your home, writing down the belongings in each room. Give each item a value, down to your socks and dishes. When you have a total for each room, add those up in order to get a basis for the amount of coverage you will need.
If you are a renter, contents coverage is the only policy you’ll need, however, it’s important to get an accurate value of your belongings as well in order to get enough coverage to replace your items. If you are a landlord, a structure policy will most likely be your best bet.
Typically offered at half the limit of the building coverage, this policy can cover all of the furnishings inside the home, such as carpeting, appliances, electronics, and furniture.