Flood insurance is an important part of protecting your property. Property in a mapped floodplain is five times more likely to be damaged by a flood than by a fire. There is a 26% chance that such a property will be flooded during a 30 year mortgage.
In NFIP communities, the federal government requires flood insurance for buildings in a Special Flood Hazard Area that are financed through a federally backed mortgage or loan. (Lenders may require flood insurance for other types of loans as well.)
If you live outside a mapped floodplain your property may still be damaged by a flood. About 25% of all flood damage occurs outside mapped flood zones. Standard home insurance policies do not cover flooding due to rising waters.