Buy Flood Insurance Before the Water Rises

Floods happen in all 50 states, according to the Federal Insurance Administration. FIA says 25 percent of all flood insurance claims occur in areas that have a low or moderate flood risk.

Standard homeowners insurance doesn't cover flooding, but a survey, conducted for the Chubb Group of Insurance Companies by Opinion Research Corp., found that only 14 percent of Americans have purchased a flood insurance policy on their principal residence.

It's an oversight that could cost you big time. An inland flash flood can bring a wall of water 10 feet high. Less than an inch of water in the basement will ruin flooring and damage vital home systems. Less than two feet in the driveway can carry away your car.

Meanwhile, if you don't have a policy, there are some things to consider.