Flood insurance is not homeowners insurance. If you live in what is called a flood zone or district, then your mortgage lender may require you to have flood insurance on your home. Even if your lender does not require you to have it (or you own your home outright), buying a flood insurance policy may be a wise decision. The federal government offers flood insurance with coverage up to $250,000.00, but you will have to obtain an excess flood policy to insure your home and belongings for more money. There are all-peril and umbrella policies which provide flood insurance, in addition to all sorts of coverage, such as liability, boat, motorcycle or plane coverage.