And only for a single-family dwelling that is your principal residence. Contents losses are always adjusted on an actual cash value basis. That means that you only receive what the item was worth on the day of the loss. Your building loss would also be handled this way unless you qualified for replacement cost coverage. Deductibles A deductible is the amount you have to pay out of your own pocket before the insurance coverage kicks in.
Higher deductibles are available to reduce policy premiums.
Please be aware that with Flood Insurance, your deductible will be applied to both your building and its contents, even though they might be damaged by the same flood. There is a standard 30-day waiting period for new applications and endorsements to increase coverage. The exception is for insurance purchased as a condition for a mortgage loan. In that case, the flood insurance is effective on the date of the closing. For even more information about floods and flood insurance, including flood safety tips, information about the National Flood Insurance Program and more, just go to our TravelersPropertyCasualty partner's Personal Insurance Center site .