There's a renewed focus on flood insurance after the disaster of Hurricane Sandy. Many people don't know how affordable a policy can be or how to get one, so I want to remedy that.

Too often, homeowners think their regular insurance policy will cover them in the event of a flood. They are stunned when they find out it often doesn't.

Thankfully, a federal flood insurance program subsidized at extra-cheap rates by your fellow taxpayers is available through FloodSmart.gov. Premiums tend to be anywhere from as low as $100 to up to $400 annually, and the policy covers damage for up to $250,000.

Renters can buy a special version of flood insurance that's also subsidized. You don't have to live directly in a flood zone to qualify to buy the coverage. You only need to live in a county where there is an established flood zone.

Signing up for a policy is so easy. You can even pay your premium instantly using a credit card. But keep in mind that coverage typically won't begin until 30 days after you purchase your policy.

There's no excuse for not buying flood insurance if you live in or adjacent to a flood plain. Remember, insurers will not offer you additional coverage unless you first have this separate coverage from the feds.

Unfortunately, many people in the areas hit by Hurricane Sandy did  not have flood insurance or only had a limited amount. Now the federal government is making ultra-low interest loans available to people in disaster areas who didn't have coverage or didn't have enough of it to rebuild.