Don't Just Get Flood Insurance -- Keep It

Standard homeowners insurance does not include coverage for flood damage, although buying insurance through the NFIP is relatively affordable, with premiums starting at $112 per year for low-risk areas. The NFIP will cover up to $250,000 for the home itself and $100,000 for its contents. Renters can pay as little as $39 per year for $8,000 in contents coverage.

Federal flood insurance is available to communities that participate in the NFIP -- mostly coastal areas and those on the 100-year flood plain. Homeowners can find out more information about risks and coverage at the NFIP's FloodSmart Web site.

Still, FEMA has been criticized for not modernizing its outdated floodplain maps, leading some residents to underestimate their risk of flooding.

According to the Associated Press, FEMA and local officials had assured residents of Gulfport, Ill., that their levee was sturdy enough to endure a major flood. That led some homeowners to drop their flood-insurance coverage and others to develop the area further without considering the flood risks.

Many were regretting that decision and pinning the blame on officials when the levee burst on Tuesday. The town was submerged in 10 feet of water and just 28 property owners in the 750-person town were insured, the AP reported.

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