Although you can buy coverage just prior to a flood, there is a 30 day waiting period after you have paid the premium before the policy becomes effective. Otherwise you must wait for 30 days before coverage begins. My homeowners policy covers flood damage to my home and property. Homeowners policies rarely, if ever, cover flooding as a cause of loss. The only way to protect your home from loss due to flood damage is federal flood insurance.
Flood insurance is available only to homeowners.
If your property has been flooded even once, you can't get flood insurance. I don't need flood insurance, I'm not in a high risk area. Substantial premium discounts exist for residents who live in low to moderate risk areas. No basement coverage is available on a flood policy. Flood Insurance provides coverage for basement clean up and items used to service the building such as boilers, furnaces, hot water heaters, air conditioners, etc.