Flood Insurance Options: Contents Only, Structure Only, or Both

Your living situation determines whether you need a contents-only flood policy, a structure-only policy, or both. You might not have realized that three types of flood insurance exist. Until they go to buy it, most people think there is only one. Idaho Select Insurance wants you to fully understand how to choose the flood policy you purchase, so you can protect your Meridian, ID home or business.

Everything you read from the National Flood Insurance Program (NFIP) states that you need flood insurance if you live in specific areas. It does not mention that you need the right kind for your living situation. That means you purchase flood insurance depending on whether you own your home or you lease it.

A homeowner purchasing a flood insurance policy for their primary residence or vacation home needs to protect their home’s structure and its contents. That means they need a flood insurance policy that provides both coverage options – contents and structural.

A homeowner purchasing a flood insurance policy for their rental property or investment property needs to protect their home’s structure only. That means a structure-only flood policy. The exception to this is when they lease a furnished home. In an unfurnished structure, they would choose a structure-only policy since they only need to cover potential damage to the building itself.

A renter purchasing a flood insurance policy for the home or apartment they rent only needs contents only coverage. That’s because their landlord’s insurance policy covers the structure. The renter or leaser only needs to cover their own belongings.

Businesses obtain flood insurance, too. A business that owns its building and furnishes it needs a structure and contents policy. A business that leases its office space but owns its equipment needs a contents-only policy. An office building owner that leases its space needs a structure-only policy.

Contact Idaho Select Insurance serving Meridian, ID for more information on flood insurance. Let us help you protect your home and business.