Flood insurance - A regular homeowners policy will not pay for damages caused by flooding. In order to get the coverage, youll have to go to some outfit that writes for the National Flood Insurance Program. Outside of fire, flooding is the most widespread natural disaster. If your community participates in NFIP?s floodplain management program, you should be eligible to buy the coverage. The only people who may have trouble finding flood coverage are residents of coastal barrier resource system areas and communities that do not participate in NFIP?s programs. Flood insurance is also available to renters, condominium owners, and co-op owners. .