What is the standard deductible under the Flood Policy?

The standard deductible under the Flood Policy is typically set at $1,000. This reflects the general approach used by the National Flood Insurance Program (NFIP), which administers flood insurance coverage. The deductible is the amount that policyholders must pay out-of-pocket before their insurance coverage kicks in during a flood event. This deductible applies to both building and contents coverage under a standard flood insurance policy.

Choosing a deductible amount is an important consideration for policyholders, as it directly affects their premium costs. Higher deductibles might lower premium costs, while lower deductibles typically mean higher premiums. It's essential for policyholders to assess their financial situation and risk levels when deciding on the deductible.

In contrast, the other options reflect deductibles that are either not standard or are less commonly utilized under the NFIP's guidelines, making them less applicable in typical flood insurance scenarios. Understanding the standard deductible helps policyholders effectively budget and prepare for potential losses from flooding.