No. Flood damage is not typically covered by a homeowners insurance policy. Flood insurance is generally covered by policies purchased from insurance agents via FEMA and some private companies. However not all flood insurance is the same.
Although the majority of flood policies are sold by insurance agents through FEMA, there are some private companies that are now offering coverage (highly rated A XV (excelled) by AM Best). These companies may offer better rates and shorter waiting periods than offered by FEMA. They are also lender approved!
Not necessarily. Federal disaster assistance typically comes in the form of a low interest loan to help cover flood damage, not compensation for your losses. Even then, those loans are only available if the president formally declares a disaster and must be repaid along with any existing mortgage.
Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).
The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood
If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require flood insurance; however, a lender can still require it. It is also recommended since historically one-in-five claims come from these moderate-to-low areas. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance.
Flood zones are land areas identified by the Federal Emergency Management Agency (FEMA). Each flood zone describes that land area in terms of its risk of flooding. Everyone lives in a flood zone - it's just a question of whether you live in a low, moderate, or high risk area.