Federal law requires that a flood insurance policy be obtained as a condition of a federally-backed mortgage or loan that is secured by the building however everyone can have flood insurance. Even if you don’t live in a designated flood zone, you can purchase flood insurance if your community belongs to the NFIP. Any property can get flooded and anyone can buy flood insurance. Flood damage is not covered by a standard homeowner’s insurance policy. You can protect your home and contents with flood insurance.