If you live within an area that is prone to flooding you most likely purchased a flood insurance policy. Those who do not have such flood insurance coverage can purchase a flood insurance policy from any independent insurance broker who is authorized to act as an agent of the Federal Government of the United States of America.

Such a policy protects you from a loss of tangible personal property, as well as a loss incurred from the damage of your home. The yearly premium cost for such insurance coverage depends upon the amount of insurance coverage that you purchase. So you know, the loss of valuable collectibles and works of art are not included in such coverage. The same is true for the loss of valuable antique furniture. Therefore, you should purchase insurance that will cover the loss of those kinds of personal property.

In the event of a flood and the subsequent damage to your property just follow the instructions contained within your insurance policy for reporting your losses. Then again, it is wise to take a picture of all of the property that you do insure, including your house.

It is also wise to retain the purchase receipts of all of the property that you purchased during some time within the past. By doing so, it is easy to prove most of what you lost or what was damaged, and you do want to receive as much as you can from the people review your claim of loss.

Since your National Flood Insurance policy is issued by the Federal Government you can expect to have an employee of the Federal Emergency Management Association come to your home, in order to inspect the damage to your property. After such an inspection you will receive the average market value of the personal property that was damaged or destroyed, including the average cost to repair your home and replace or repair the fixtures that are attached to your home. Such fixtures include the heating and/or cooling equipment, hot water tank and other equipment that is an essential part of living within the home.

Most likely you will not receive full payment for your total loss, due to the fact that you will get the average depreciated book value instead of the replacement value of your personal property. Good luck, and I hope that your home is never flooded. Then again, such insurance coverage payments are tax deductible and might even be included within your monthly mortgage payment.