One of the biggest questions homeowners have is whether or not they need flood insurance. Some people assume it is part of their homeowners insurance policy but it is not. If you live in a flood zone you are most likely required to have flood insurance. If you are in an area that you know is flood-prone but does not require the insurance you may want to look into what coverage you can get. Flood insurance will cover your home and possessions in the event of water damage. A typical homeowners insurance policy will not.
To go into this a bit more, your homeowners insurance will most likely cover damage caused by a pipe bursting, plumbing issues, leaky faucets or other general household things but it will not cover damage caused by severe weather or flooding from rivers, sewers or other nearby water. This is why you need a separate flood insurance policy to protect your home and possessions.
You have to purchase your flood insurance from a private insurance company. It is not sold through FEMA. The government sets the rates which remain the same from one insurer to the next. You may be able to save some money by using the same company you already have for your homeowners insurance and other policies. Bundling your insurance is always a great way to qualify for discounts.
Even if you live in an area that is considered a low to moderate risk area you may want to still look into having flood insurance. To see what are you are in and what you are close to you can enter your address and see where are you are on the FEMA flood maps. You could be right on the border so even if you are considered low to moderate risk something major could still happen.