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This is interesting for me to read. Typically, flood insurance is regulated by the bank you got your mortgage from. They are required to determine if you live in a flood hazard zone and, if you do, must mandate that you carry flood insurance up to at least the value of our mortgage. I assume this may not cover possessions and may only be required to cover the bank's end - not yours - and so either you do not live in a designated flood hazard zone (determined by an entity separate from the bank; forget who at the moment though) or it doesn't cover possessions. Regardless I assume this is a pretty stressful time for you and I hope you weather it well!