Once you purchase flood insurance, there is typically a 30-day waiting period from the date of purchase until the policy goes into effect. Your insurance provider can help you determine when the effective date is, as well as whether you qualify for one of the waiting-period exemptions.

Also keep in mind that you'll be responsible for the deductible, which is the amount you pay out of pocket before the insurance helps to pay for a covered loss. According to FEMA, this amount will vary from policy to policy. There are also limits to flood insurance policies, which is the maximum amount the insurer will pay for a claim.

Flood waters can do a lot of damage to your home and belongings. Knowing how to buy flood insurance is the first step in helping to protect yourself financially against potential flood damage.