Flood insurance is a special policy that specifically covers the damages that one may experience because of a flood. Oftentimes, it's a separate policy from one's homeowner's insurance or other policy because those policies do not include flood coverage. Homeowners may or may not be required to obtain flood insurance by their mortgage companies. In some cases, investing in the coverage is a wise decision because of the risk that a flood will occur in the area. It's usually better to be safe than sorry when it comes to insurance.
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