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Flood insurance provides compensation for physical property damages due to flooding. To be a little precise it provides insurance for damage caused due to overflowing water bodies. in most countries there is the concept of flood hazard zones and in most developed countries there is a mandatory requirement to get Flood Insurance for property in the flood hazard zones. In USA the home owner insurance policies typically exclude flood coverage and require separate purchase of this policy. This is both good and bad as it reduces the cost for folks who are in zones which has a very low probability for flooding. One of the interesting myth floating around is rain coupled with high winds that seep into property or through open windows is considered for flood insurance program. It is not and irrespective of where you live it is just common sense to protect your property from rain water.
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