Does a flood insurance policy offer any type of basement coverage?
Yes, it does. A basement, as defined by NFIP, is any building area with a floor below ground level on all sides. Basement improvements – finished walls, floors or ceilings – are not covered by flood insurance, nor are personal belongings, such as furniture and other contents. But flood insurance does cover structural elements and essential equipment, provided it is connected to a power source (if required) and installed in its functioning location. Examples of items covered may include the following: sump pumps, well-water tanks and pumps, oil tanks and the oil inside, natural gas tanks and the gas inside, pumps or tanks used with solar energy, furnaces, water heaters, air conditioners, heat pumps, electrical junction and circuit breaker boxes (and their utility connections).
