You can protect yourself from losses to your home, business and belongings with flood insurance from the National Flood Insurance Program (NFIP).
For example, homes can be insured for up to $250,000 and $100,000 for contents. There is a 30-day waiting period before
coverage goes into effect so don't wait to purchase flood insurance. Your insurance company or agent can tell you more about flood insurance. Information is also available on FEMA's National Flood Insurance Program website.
This recent article from The Advocate includes data on what you can expect from disaster grants.
FLOOD DAMAGE IS NOT COVERED BY HOMEOWNERS INSURANCE.
Federal Disaster Assistance is often available after a storm, but rarely provides as much funding as flood insurance. While federal assistance is allowed to get up to $33,000 or so, the average assistance is between $5,000 and $8,000. Some federal assistance are loans that have to be paid back. All of these are only available if the President declares a disaster. More than 90% of all disasters are not presidentially declared.
Flood insurance pays even if no disaster is declared as it is a private contract between you and the NFIP that is to protect your property alone.