With strong hurricanes in the past decade, such as Sandy and Katrina, showing the amount of flood damage that can be caused by such events, flood insurance should become a priority for people who live in at-risk areas.

But who actually needs flood insurance? The simple answer is business owners, homeowners and renters, however the complete answer is more complicated.

Of course, homeowners in high risk areas will need to purchase flood insurance. Oftentimes, home buyers won't be able to obtain a mortgage without flood coverage in these areas. Part of the reason why lenders require flood insurance is that there is a one in four chance of flooding during a 30-year mortgage in high-risk areas, according to FloodSmart.gov.

Homeowners in moderate-to-low risk areas would be wise to purchase flood insurance even if not required by lenders, as nearly 20 percent of claims come from homeowners who aren't in areas where there is the greatest risk of flooding.

The importance of flood insurance for renters was magnified during Hurricane Katrina, when the Federal Emergency Management Agency reported only 40 percent of residents in flooded areas had insurance. The majority of those who didn't have coverage were either renters or homeowners without a mortgage.

When it comes to business owners, having flood insurance can be the difference between remaining in business after an event or being forced to shut down. According to FloodSmart.gov,at least 25 percent of businesses that close after a flood never reopen.

Business owners, homeowners and renters looking to find out more about flood insurance canvisit the official site of the National Flood Insurance Program (FloodSmart.gov).