Your flood insurance coverage has to be at least equal to the lowest of these options:
- 100% of the estimated replacement cost value for your property
- Combined outstanding balance of all loans and maximum line of credit limits
- The maximum amount of coverage available under the National Flood Insurance Program (currently $250,000.00 for residential buildings)
Keep in mind that there are pros and cons to only getting the minimum amount of insurance required. If you only have the minimum amount required, it may not be enough to pay for all of the needed repairs after a flood. Be sure to discuss your flood insurance needs with your insurance company.