Whether flooding happens from rain, rivers, or lakes, don’t expect your home and belongings to be covered unless you’ve purchased a separate flood policy.

In fact, if your home is valued up to $250,000 – with up to $100,000 worth of possessions – you have to purchase a separate policy through the National Flood Insurance Program. If you own a more expensive home, you’ll have to get a separate policy through a private insurance company, Barry says.

And if you don’t think your home is at risk of flooding, or that you’ll receive government aid in the event of disaster, think again.

Only 15 percent of the country (overall) has flood insurance, people are under the impression that the federal government will bail them out if their home is flooded. If your area is declared a federal disaster area, all you can get is up to $33,000 in assistance, although usually the average amount is only $9,000 to $10,000.

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