For most people, this is not a major concern. How likely is Ohio to have a flood, right? But who expects to have a loss of any type? Most people don't plan on having a loss and filing a claim under their insurance policy. However, when a loss does occur, even a flood loss, you don't want to be on the hook for the entire loss amount.

Luckily, flood insurance is available in the State of Ohio. The state is divided into floodplains (essentially, how likely a certain area is to flood), and those areas more prone to flood are likely to purchase flood insurance. However, the Ohio Insurance Institute estimates that only 10% of the structures in Ohio's floodplains are protected by flood insurance.

Tip. Find out what floodplain you're in. Many people don't realize how susceptible their property is to flood.

If you determine you need flood insurance, there are several options available to you:

• Coverage for homeowners to protect their house and their personal property.
• Coverage for renters so they can protect their personal property.
• Condominium unit owners can purchase coverage to protect their condo and their contents (but check your condo contract, your association might already have purchased flood coverage)

Flood insurance is provided by the National Flood Insurance Program so there are standard restrictions and guidelines when it comes to purchasing a policy. Make sure you talk to an experienced insurance agent that can help you purchase the policy that's best for you.

Note. Flood insurance is not cheap. In 2003, the average cost of a flood insurance policy purchased in Ohio was $416 (according to the Ohio Insurance Institute)

However, the National Flood Insurance Program estimates that 90% of all natural disasters involve flooding so it's certainly a coverage to consider when reviewing your overall protection.