Federal flood insurance is available for those who live in flood-prone areas. But the state insurance commissioner says fewer than 20 percent of those homeowners carry it, and, as we've found, not having flood insurance can carry a very high price.

As Billy Yarbrough assesses the flood damage to his Snohomish home this week, and throws out wallboard and insulation, at least he's covered by federal flood insurance.

Surprisingly, many aren't.

Others simply assume that flood and mudslide damage is covered under their standard homeowner's policy.

Karl Newman is president of the Northwest Insurance Council, a consumer information insurance agency.

"Certain things are covered and certain things are excluded. Among those things are floods, earthquakes -- things of that nature where you need special coverage," said Newman.

The Bue family of Lewis County found that out the hard way when floodwaters ravaged their home during the big December flood of last year. They did not carry flood insurance and ended up losing their home.

To determine if you should get flood insurance, find out if you live in a flood plain.

Insurance costs between $112 and $2,500 a year, depending on risk factors.

One major point to consider: Federal flood insurance has a 30 day waiting period to keep rates as low as possible.

"They don't want people to try to take out insurance during a time of intense rain. They want you to take out that coverage ahead of time," said Newman.

Newman says in these tough economic times, consumers are looking for ways to save on insurance by increasing deductibles and shopping around for different insurance companies, but says flood insurance is no place to scrimp, especially if you live on or near a river in the Northwest.

Insurance experts say that because of that 30 day waiting period, if you need flood insurance and don't have it, the time to act is now -- before the next round of flooding.