Renters may be able to purchase a flood insurance policy, says the Federal Emergency Management Agency (FEMA). A renter's flood insurance policy may provide up to $100,000 in coverage for belongings damaged by flood, helping pay to replace items like furniture, electronics and clothing owned by the renter, for example.

To purchase flood insurance, your community must participate in the National Flood Insurance Program (NFIP). FEMA maintains a list of communities that are eligible for flood insurance. The cost of a renter's flood insurance policy may be based on a number of factors, including the age of the building, how many stories and occupants the building has, the property's flood zone and the deductible you choose, according to Floodsmart.gov. You'll likely find that flood insurance is less expensive if your rented home is at a low to moderate risk of flooding, Floodsmart.gov says.

A renter's flood insurance policy does not cover damage to the rented home or apartment. The landlord would need a separate flood insurance policy to help cover the physical structure of their rental property.