Most of the property damage caused by flooding, is uninsured because property insurers exclude flooding from homeowners policies and most property owners do not purchase flood insurance from the federal government.

Less than 1 percent of homeowners outside flood-prone areas purchased flood insurance this year.

"Any type of flood is excluded from a homeowners insurance policy.

Generally, homeowners have to buy flood insurance from the Federal Emergency Management Agency, which insures 5 million homes nationwide against flooding through 88 insurance companies that serve as intermediaries. Butch Kinerney, a spokesman for the Federal Emergency Management Agency, said FEMA's biggest concern is that many homeowners affected by the flood don't have government-provided flood insurance.

The NPCIAA's Annotti said the government will cover insured damage for property, and car insurers will cover insured damage to automobiles.

"The typical auto insurance policy is going to cover that flood loss," he said. "But the value of auto insurance losses is going to be minimal compared to property damages."

There are circumstances when a homeowners policy would cover a flood, such as when water backup from a drain floods a house.

So if you live in a flood plain or near a flood plain, spend the few extra dolalrs as if you ever need it, you will be glade it was money well spent.