90% of all natural disasters have some form of flooding.
If a house is destroyed due to the collapse of the land it is built on, and the collapse is due to waves or currents of water, that would be considered a flood and would be covered.
Flood damage is not typically covered by a homeowners insurance policy.
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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.