According to the NFIP, two adjacent properties have to be under water to call the situation a flood. In a rural area, at least 2 acres must be submerged. A standard homeowners policy will not cover damages caused by flooding. You must have flood insurance from an insurer that writes for the National Flood Insurance Program. If your community participates in NFIP s floodplain management program, you should be eligible to buy the coverage no matter if your flood risk is low, medium or high.
Flood insurance is also available to renters, condominium owners, and co-op owners.
The amount it costs to replace or rebuild a damaged property. Replacement cost coverage is available only for the building portion of a condominium policy. Owners of single-family homes may be able to buy replacement cost coverage on the building portions of their flood policies. Commercial and apartment buildings will be covered only for actual cash value. Keep in mind that a policy will pay only the replacement value up to the coverage limit.