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If you own property in a special flood hazard area and have a mortgage, federal law normally requires you to have flood insurence. Homes and businesses located in communities that participate in the National Flood Insurance Program (NFIP) are eligible for flood insurance at a modest cost through this federal program. Under this program, insurance companies issue flood insurance and the federal government administers the program.

Even if you are not required to purchase flood insurance, your home or business may still be at risk for floods. For communities that participate in NFIP, a special flood insurance policy is available for lower premiums than for properties at high-risk.

Flood insurance normally requires a 30-day waiting period before the insurance is effective. But exceptions are made for certain circumstances-such as if you've purchased a home and the closing is in less than 30 days.