DAYTON, Ohio -- David Caudell has lived near the Great Miami River in Tipp City for 30 years. His house sits just six feet above the flood plain.

If it were any lower, he says he would definitely purchase flood insurance.

“People lose everything they have because they didn’t have flood insurance, because they thought that they were immune to it. It’s pretty naive on my part, but at least I looked into it,” said Caudell.

When a river spills over its banks into a home, just one inch of water can cause thousands of dollars worth of damage. That’s when flood insurance can help.

“If you have even a minor flood and you have flood insurance you’re out your deductable, and everything else is covered,” said Jan Manning with State Farm Insurance. “If you don’t have flood insurance you’re out that thousands of dollars.”

If you live on the banks of a river, flood insurance is necessary.

“If you’re financing a house, the mortgage company is going to require that you have it,” said Manning. “If you own the house and you’ve got plenty of money, you don’t need to worry about it. You can self insure.”

Still, in high-risk areas, it’s not a matter of if you will flood; it’s a matter of when.

Insurance agents say those who aren't sure if they live in a flood plain or not should look into it. They offer several ways to do this.

“You can check with your insurance agent, you can check with your mortgage company, you can check with the county or you can visit www.floodsmart.com,” said Manning.

Even if you don’t live in a flood plain you may still experience high water and flash floods, especially during the spring.

This is because the ground is still frozen underneath, and when heavy rains fall, they have nowhere to go. That’s when water pools on fields and fills up the river beds.

When it comes to flood insurance, people can’t wait until a flood is imminent to purchase a policy. That’s because policies take 30 days to go into effect.

Also, insurance companies don’t sell flood insurance when there’s a flood warning. That means it’s important to plan ahead.