Flood Insurance Coverage
Building coverage includes
Contents coverage includes
The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.
All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.
Content provided by FloodSmart.gov.