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Flood damage is not typically covered by a homeowners insurance policy.
Private insurance companies and the federal government recognized that their association would improve the overall success of the program. Accordingly, insurance companies administer the program, but the federal government funds the insurance.
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Flood insurance is required by law for some high risk homes but only a minority of homes fall under this category. Congress passed some laws requiring that all federally-insured or regulated lenders, for instance mortgages backed by Fannie Mae or Freddie Mac require flood insurance to protect their investment in the property.