Just because an insurance policy is available, that doesn't mean you should buy it.

Flooding is the top-ranked natural disaster in the United States, with a dozen potential causes ranging from heavy rains, tropical storms and hurricanes to new housing developments and rain after fire. Floods can occur in all 50 states and, when they do, they leave massive damage in their wake.

If you plan to buy a rental property , or to convert your current residence for long-term rental, make sure your home is properly insured. A traditional homeowners insurance policy may be unsuitable for landlords.