Your homeowners insurance covers many perils, but flooding typically is not one of them.  If you think disaster assistance will be available to you if you experience a flood, know that the President must declare a disaster first.  This assistance is usually in the form of a loan that you need to pay back along with interest.

Flood insurance policies are available in participating communities to homeowners, condo owners, apartment owners, renters, farm owners and business owners.  Usually there is a 30 day waiting period before coverage goes into effect, unless flood insurance is lender required.