Policies are primarily sold through its Write Your Own (WYO) program to residents who live in an NFIP-participating community. The WYO program basically allows private insurance companies to write and service government flood insurance using their own name and branding. In fact, you can generally purchase NFIP coverage from your home insurance provider.
FEMA flood insurance includes two types of coverage with their own separate out-of-pocket deductible.
- Building property coverage: Pays to repair flood damage to your home or garage. The maximum building coverage limits for residential property is $250,000, which is often too low for more expensive homes.
- Personal property coverage: Pays to repair or replace flood damaged furniture, electronics, appliances, and other stuff you own. The maximum personal property coverage limit is $100,000.
