1. Contents coverage must be purchased separately.
2. Flood insurance is not a valued policy. A valued policy pays the limit of liability in the event of a loss. for example: your condominium is a total loss, and you had $1,000,000 in coverage. It costs $1,500,000 and you have that much coverage, it will pay that amount. Flood insurance pays just the replacement cost or the actual cash value of the actual damages, up to the policy limit.
3. It is NOT guaranteed replacement cost policy. A guaranteed replacement cost policy pays the cost to rebuild the condominium regardless of the amount covered in the policy declaration page. Flood does not pay more than the limit.
Always check your policy and do not confuse the terms of each. They are mutually exclusive.