To clear up this and other misconceptions about Federal flood insurance, the NFIP has compiled the following list of common myths about the Program, and the real facts behind them, to give you the full story about this valuable protection. Click on the links, or scroll down, for an explanation why. You can't buy flood insurance if you are located in a high risk flood area. You can't buy flood insurance immediately before or during a flood. Homeowners insurance policies cover flooding.
Flood insurance is only available for homeowners.
You can't buy flood insurance if your property has been flooded. Only residents of high risk flood zones need to insure their property. The NFIP does not offer any type of basement coverage. Federal disaster assistance will pay for flood damage. The NFIP encourages coastal development.