(WSBT) If you live on or near the Gulf or Atlantic coasts, chances are you have flood insurance. But what if you live in the Michiana area?

Although Michigan and Indiana are classified as a "moderate" flood risk, local insurance agencies say it may be smart to buy insurance. But most local residents don't have flood coverage.

"Most people only get flood insurance if their mortgage company requires it," said Mike, a local Indiana insurance agent.

According to FloodSmart.gov, “It's a good idea to buy flood insurance even if you live in a low- or moderate-risk area. Almost 25 percent of all flood insurance claims come from areas with minimal flood risk.”

However, many people are surprised when they find out that floods are not covered in their homeowners insurance.

"People often expect flooding to be covered in homeowners insurance but it’s not — not even a wet basement from heavy rain," says Mike.

One reason that many people avoid flood insurance is the high cost.

“It can be a relatively expensive policy but if you have a flood, the policy seems cheap compared to the damages. Flood coverage can cost as much or more than homeowners insurance but it only covers flooding," Mike said.

It's also important to know that while the building, garage, permanent panelling, cabinets, carpeting and floors are all covered, vehicles, decks, land, swimming pools, currency and pets are not covered within flood insurance coverage.

For more information on flood insurance, visit the FEMA National Flood Insurance Site, found in the Related Content box above.