According to the National Flood Insurance Program, almost 25 percent of flood insurance claims come from areas with minimal risk. Structures located in high-risk flood areas have a 26 percent chance of suffering from flood damage versus a 9 percent chance of loss from fire during the period of a 30-year mortgage. Your regular homeowner's insurance will not cover damage from a flood, so if your house or its contents does sustain damage, you would not be covered for the cost of repair or replacement.