National Flood Insurance Program

Hurricane season comes every year, and 90% of natural disasters nationwide involve flooding. Yet less than a fifth of U.S. homeowners have a flood insurance policy. With Hurricane Irene poised to hit the U.S. this weekend, now may be a good time to ask: Are you covered, and should you be?

Last week, the Army Corps of Engineers flooded Vicksburg, Miss., to save New Orleans, an awful choice that speaks volumes about how hard it is for even modern technology to fight Mother Nature. 24/7 Wall St. looks back at other times when water won the battle.

Flood insurance is only available through the federal National Flood Insurance Program, and this program is scheduled to expire in March. Now groups are lining up on both sides of the question of whether to include wind damage in the coverage. The Hurricane Katrina experience showed how difficult...