Fact: You can buy National Flood Insurance no matter where you live if your community participates in the National Flood Insurance Program. The program was created in 1968 to provide flood insurance to people who live in areas with the greatest risk of flooding, called Special Flood Hazard Areas.

Under the National Flood Insurance Act lenders must require borrowers whose property is located within these areas to purchase flood insurance as a condition of receiving a federally regulated mortgage loan. There is an exemption for conventional loans on properties within Coastal Barrier Resources System areas.

Between 20-25 percent of NFIP claims come from outside Special Flood Hazard Areas. Its Preferred Risk Policy, available for just over $500 per year, is designed for residential properties located in low- to moderate-flood-risk zones.

Fact: Before a community is eligible for disaster assistance, it must be declared a federal disaster area. Federal disaster assistance declarations are issued in less than 50 percent of flooding incidents.

The premium for a National Flood Insurance Program policy, averaging about $500 a year, is less expensive than interest on federal disaster loans.

Furthermore, if you are uninsured and receive federal disaster assistance after a flood, you must purchase flood insurance to remain eligible for future disaster relief.

Fact: Even if you live in an area that is not flood-prone, it's advisable to have flood insurance. According to FEMA, approximately 25% of flood insurance claims are for structures that are not in a high risk flood zone.

Fact: Unfortunately, many homeowners do not find out until it is too late that their homeowners' policies do not cover flooding. National Flood Insurance protects your most valuable assets—your home and belongings.

Fact: Flood insurance is available to protect homes, condominiums, apartments and nonresidential buildings, including commercial structures.

• A maximum of $250,000 of building coverage is available for single-family residential buildings and $250,000 per unit for residential condominiums
• The limit for contents coverage on all residential buildings is $100,000, which is also available to renters.
• Commercial structures can be insured to a limit of $500,000 for the building and $500,000 for the contents.

Fact: You are still eligible to purchase flood insurance after your home, apartment or business has been flooded, provided that your community is participating in the National Flood Insurance Program.