We have a house with a detached garage with a total appraised value of $360,000. I know the 10% rule for the detached garage. My question is, does one policy covering both for $250,000 suffice?

Bump - This is a detached garage only.

If it is used as a garage - it would be covered under the main policy and would not require a separate policy.

http://www.fema.gov/news/newsrelease.fema?id=18292

Does my NFIP policy cover all the buildings on my property?

The Standard Flood Insurance Policy provides coverage for one building per policy. The only exception is 10 percent coverage for a detached garage. However, the total payment for flood damage to the detached garage and the house together cannot exceed the building policy limit. For coverage to apply, the garage can only be used for parking and storage. Any other use would void this coverage; for example, if the garage has a workshop, the coverage would not apply. All other buildings on the premises need separate coverage. (Coverage is also available for owners of condominium units.) The maximum coverage available is $250,000 for residential properties and $500,000 for commercial properties.

Thanks All!