This column was first published on September 2, 2005.

NEW YORK (CNN/Money) -- Think you're not vulnerable to a flood, think again. In fact, homeowners are 26 times more likely to be affected by a flood than a fire according to the Independent Insurance Agents and Brokers of America. Yet only 4.7 million U.S. homeowners purchase flood insurance coverage.

These 5 tips will offer what you need to know about buying flood insurance.

Flooding is the most costly natural disaster in the U.S., but only about 1 in 4 homes in high risk areas carry this kind of insurance.

Just because you may not live near a body of water, doesn't mean you can escape the risk of flooding. "One-third of claims we see come from people who live outside flood zones," says Sue Nestor of the IIAB.

To assess your risk, check out the National Flood Insurance Program's Web site at www.floodsmart.gov or call (888) 379-9531.

If you plug in some information on your home, Floodsmart will give you a flood insurance quote. While you can buy flood insurance through the same insurance agent that sold your homeowners insurance policy, you may want to find out some flooding estimates on your own.

This Web site will also give you a list of flood insurance agents in your area. Keep in mind that if you are moving to a high risk flood zone, like beach front property, getting flood insurance may be mandatory in order to get a mortgage.

The National Flood Insurance Program has its limits. You can get up to $250,000 for the house and $100,000 for what's inside it.

Some homeowners may find that the National Flood Insurance is just not enough. If you want more coverage, you can get extra flood insurance through private companies.

Remember that flood insurance covers damage resulting from rising water from outside the house. So a leaky bathtub, broken pipes or sewer back-ups won't be covered.

Keep in mind that finished basements including carpeting, wallpaper or personal belongings are not insured by the government, nor are they insured with an excess flood insurance policy.

If your area has been declared a federal disaster by the president you will be able to get aid but this is simply a low-cost loan from the government.

It's more like taking out a second mortgage on your home, said Jeanne Salvatore of the Insurance Information Institute.

If you use FEMA funds, you will also be required to purchase flood insurance before you pay the loan back.

While you can buy flood insurance at any time, there is a 30-day waiting period after you have already applied and paid the premium before coverage takes effect.

Your flood insurance rate will likely rise, according the Independent Insurance Agents and Brokers of America. How much extra you'll be paying is still unclear. The Federal government regulates premiums.

Since Hurricane Andrew, there have been significant rate hikes of up to 6 percent, according to the IIAB. On May 1, 2006, premium rates rose an average of 4.1 percent nationwide, with a maximum rise of 9 percent.

"I don't know how this program that's run by the government can bear the brunt of this burden," Nestor says.

Right now there is a flat-rate deductible of $500 or $1000. The typical premium is about $450 a year. If you live in a low-risk area, you could pay much less.

Take advantage of the NFIP's Preferred Risk Policy. You can get premiums for $85 a year. This policy is designed for properties located in low-to-moderate flood risk zones. Go to http://www.fema.gov/nfip/prphome.shtm for more information.

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