Flood insurance won't go into effect the moment you buy it. There's a 30-day waiting period.

It is important to realize that the flood insurance a lender requires, if the home is on a flood plain, covers only the structure.

If you do get flood insurance, it normally comes with a $500 deductible. Your premium will depend on where your house is.

The number of times that a flood claim has been filed on the house is also a factor.

Government-subsidized flood insurance is a wise investment against inundation.