Flooding is a very real concern for millions of people. For that reason, federal laws in locations designated as Special Flood Hazard Areas often require flood insurance.

Due to this very serious concern, Congress created a National Flood Insurance Program (NFIP) in 1968. NFIP monitors possible flood hazards and forces communities to repair weaknesses in their flood protection to help prevent serious flood damage. Additionally, NFIPs partner communities all have federally-backed flood insurance as an option for any resident.

This is very important because many homeowners dont realize that flood damage is not covered under their homeowners insurance policy. There is often coverage for storm surges, but if its followed by flooding (as was the case during hurricane Katrina), then the insurance company will deny any responsibility for damages.

Every flood risk location is monitored because the severity of the weakness does not make a low-risk area completely safe. In fact, FEMA says that 25% of all flood insurance claims are filed in areas of low to moderate risk.

If you live in an area with a possibility of flooding, you should seriously consider purchasing flood insurance. You may expect Federal disaster relief should a flood come, but you should be aware that this relief is only offered if the President formally declares the flood a disaster.

Flood insurance policy holders are paid regardless of a formal declaration of disaster. Also, even if you receive disaster relief, it is a loan that you are expected to repay with interest while still paying any mortgages that you may have on the damaged property.

Living in a flood-risk area without flood insurance is dangerous. Remember, you must have a policy for 30 days before your coverage actually begins. If you think you may be in for a storm and decide to take out a policy, you wont be covered. Get your insurance sooner, rather than later. Dont leave yourself unprotected against tragedy.