Standard homeowner’s insurance policies do not cover flood damage.
A standard flood policy covers up to $250,000 for the structure of the home and $100,000 for personal possessions. Structural damages are calculated using either replacement cost, which will pay the amount needed to rebuild or repair the home to the condition it was in prior to the flooding or actual cash value which will only pay the replacement cost minus the depreciation. Whether your policy is a replacement or actual cash value depends on the value of your home and the size of your insurance policy. Damages to personal possessions, however, are calculated using actual cash value. In other words, the older the possessions are, the less value the homeowner will be able to recover. Excess flood policies to cover damages in excess of $250,000 in structural damage and $100,000 in damages to personal property are available.