...that has been removed when threatened by any other peril.
There is also limited coverage for loss mitigation measures such as sandbags, fill for temporary levees, pumps and wood materials used to save a building endangered by flood.
There is a lengthy list of property that is not insured under the flood policy. Many of these items are standard to general property coverages — accounts, bills, currency, valuable papers or records, animals, aircraft, most motor vehicles and watercraft, among others. Exclusions unique to flood policies include property located in basements. These exclusions are detailed later in this article.
The value of flood damage in the Dwelling Form is based on either replacement cost value or actual cash value. (Manufactured or mobile homes are subject to a special loss settlement provision.) Replacement cost value (RCV) is the cost to replace that part of a building that is damaged (without depreciation). To be eligible, conditions that must be met are:
Actual cash value (ACV) is replacement cost value at the time of the loss, less the value of its physical depreciation. The repairs/ replacement must be completed before the withheld depreciation is paid. (They are paid the ACV regardless.)
Some building items such as carpeting are always adjusted on an ACV basis. For example, wall-to-wall carpeting could lose between 10-14 percent of its value each year, depending on the quality of the carpeting. This depreciation would be factored in the adjustment.
Personal property is always valued at ACV.
Coverage is provided only for single-family dwellings and...
$ 35,000 3 $ 35,000 3 $100,000 4 $100,000 4
$ 10,000 $100,000
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