Who needs flood insurance?

Homeowners who live in high-risk areas with federally backed mortgages are required to buy flood insurance. For renters in high-risk areas, or if you know your apartment has flooded in the past, you should consider buying insurance, Ms. Rogan said. (One exception: Apartments below street level are almost never covered by flood insurance for renters.)

For homeowners and renters who live outside the high-risk areas, it can be a low-cost expense. You can see if your home is in a flood zone and get an insurance estimate here.

Where can I buy flood insurance?

You can buy a policy from National Flood Insurance Program, if you live in a participating community, or from a private insurer.

When looking for a private insurance policy, consider using an independent broker who can get quotes from different companies, Ms. Rogan said.

How much does flood insurance cost?

It depends on your location.

The average annual price of flood insurance under the National Flood Insurance Program was about $878 in April of this year. Within New York City’s high-risk zones, the average premium was $3,000 a year, according to a recent study from the RAND Corporation.