Floods are the nation's most common and costly natural disaster. Yet, standard homeowners and renters insurance policies specifically don't cover that.
"Your homeowners policy will cover water damage if water came from above," said Jason Hargraves, managing editor of insuranceQuotes.com. "If your house is damaged from water that comes from the ground up, you'll need flood insurance for that."
In the wake of Florence, the storm which left widespread flooding and destruction across the Carolinas, it's a good reminder to homeowners of the importance of having separate insurance coverage for flood damage, David Maurstad, deputy associate administrator for insurance and mitigation at the Federal Emergency Management Agency and chief executive of the government's National Flood Insurance Program, recently told CNBC's "Squawk on the Street."