The recent floods in the Midwest have called attention to a major financial peril not covered by the typical homeowners insurance policy. Homeowners policies generally cover damage due to fire, wind, and other calamities, but not flooding. For that, you need a separate flood insurance policy.

Unfortunately, not everyone who needs a flood policy has one, sometimes due to outdated federal flood maps that underestimate the risk. In Cedar Rapids, Iowa, according to one news report, about 4,000 homes were damaged by recent flooding, but only 650 or so carried flood insurance.

Consumer Reports recently published an article on how flood insurance works, who needs it, what it costs, and how to buy it.