One day, you might wish you had more than a roof to protect your home and belongings from the rain.

Consider these facts:

• Floods are the #1 natural hazard in the U.S., occurring in all 50 states.
• Floods happen in high-, medium-, and low-risk flood zones.
• Homeowner's insurance doesn't cover flood damage.

Still willing to bet the house on it? The National Flood Insurance Program (NFIP) reduces flood losses and provides financial protection to home and business owners.

More than 19,000 communities across the United States and its territories participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes Federally backed flood insurance available to homeowners, renters, and business owners in these communities.

Created by Congress in response to the rising cost of disaster relief for flood victims, the NFIP is managed by the Federal Emergency Management Agency's Federal Insurance and Mitigation Administration.

Through partnerships with communities, the insurance industry and the lending industry, the NFIP helps to reduce flood damage by almost $1 billion a year. Furthermore, buildings constructed in compliance with NFIP building standards suffer approximately 80% less damage annually than those not built in compliance.

Protect

Many of us mistakenly believe that if a flood were to hit, our homeowner's insurance would cover the cost to recover. It doesn't. National Flood Insurance does, for an average cost of about $1 a day, depending on where you live and the coverage you choose.

Floods are the number one natural hazard in the US, occurring in all 50 states. You may say, "Oh well, I don't live near a stream, river, lake or coastline." Even so, everyone lives in a flood zone, whether your home or business is located in a high-, medium- or low-risk flood zone.

Floods happen in high-, medium-, and low-risk flood zones. One never knows where or when a flood will strike. They often accompany other natural disasters such as storms, hurricanes, early snowmelts, and rising rivers. Plus, the construction of roads, shopping malls, residential and industrial complexes reduces the land's natural ability to absorb water, which increases runoff and the risk of flooding. About 25% of all flood insurance claims come from outside high-risk areas.

Compare

The average payment for a $50,000 disaster home loan is $311/month; the average premium for National Flood Insurance is $370/year.

To be eligible for Federal disaster assistance, a flood must be declared a disaster by the President. Although floods can be extremely damaging to property and personal possessions, they are often too small or local to be declared Federal disasters. Even if your area did qualify for Federal assistance after a flood, this assistance is often a loan that has to be repaid with interest. Grants may also be available to those who qualify, but the average grant amount is $2,500. It pays to protect your property with National Flood Insurance! *

The NFIP is funded through flood insurance premiums, not tax follars. NFIP claims and operating expenses are funded by annual flood insurance premiums collected, not tax dollars. As more people protect themselves with National Flood Insurance and communities adopt measures to reduce flood damage, fewer flood victims will need taxpayer-funded Federal disaster assistance.

*You can read the rest of this Guide and find out how to sign up for the NFIP by following this link. Originally published by the Federal Emergency Magement Administration (FEMA).