Accurate economic loss assessment for natural hazards is vital for planning, mitigation, and actuarial purposes. The widespread and costly nature of flood, with the economically disadvantaged disproportionately victimized, makes flood loss assessment particularly important. A shortcoming in existing flood loss models is absence of partitioning the building economic value of average annual loss (AAL) into that borne by the homeowner and by flood insurance. This research models the flood AAL incurred by the homeowner vs. by the insurer, focusing on the National Flood Insurance Program in the U.S., using Monte Carlo simulation at the individual homeowner scale. A hypothetical case study reveals that a $1500 or $3000 deductible is associated with a homeowner portion of 13 or 24 percent of the AAL, respectively, with homeowner proportion relatively insensitive to the combinations of coverage, AAL, and increase in first-floor height evaluated. In general, results inform the proactive decision-making process that allows homeowners to self-assess their degree of preparation and vulnerability to the devastating economic impacts of flood. By upscaling the results to the community level, results also assist planners and leaders in understanding the degree of community-level flood vulnerability and resilience, thereby affording possibilities for improved preparation.