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Flood insurance for renters only covers the contents of their home. In the United States, FEMA has traditionally provided all flood insurance plans through the National Flood Insurance Program (NFIP).

Millions of homeowners with federal flood insurance are seeing their rates spike, in some cases by thousands of dollars. FEMA says the new program better reflects the real risks of climate change.

Get flood insurance . Floods are the most common weather-related natural disasters, and they occur in all 50 U.S. states, according to the National Severe Storms Laboratory.

Wright Flood Insurance, for instance, which sells federal policies nationally and private coverage in 40 states, said its private policies could cover properties valued at up to $5 million.