Hi Tom:

NFIP only covers your house up to $250K which doesn't include most of what is in your basement, any separate structures and contents is a separate coverage with a separate deductible. Commercial up to $500K. Above that you have to go to outside carriers. The reason the country went into flood is that most people couldn't afford the coverage. Even then you have to have an elevation certificate for post firm dwellings. Rental. Your rate goes up or down based on how close you are to the BFE (base flood elevation - plus or minus). There are alot of other requirements that basically force people to rebuild up to current flood code.

Alternatives for people who need more coverage is to find an outside carrier, or write a difference in conditions (DIC) policy. Outside carriers tend to not like people with prior losses. I wrote one where I had to say how far from the coast, the elevation above the base flood elevation, etc.