As residents in North Carolina and other parts of the East found out recently, you may be living in a flood-risk area and not even know it.

So when Hurricane Floyd swept up the Eastern Seaboard and flooded thousands of homes a few weeks ago, many people who never dreamed they would need flood insurance suddenly wished they had it. "If I had known that I was in a flood area when I rented, I would have bought flood insurance," said 32-year-old Kim Lewis after floodwaters cascaded through her Goldsboro, N.C., home.

The truth is, most homeowners in the U.S. -- not just in low-lying flood plains or coastal states -- have at least some level of risk for flooding. Fortunately, it's fairly easy to find out how susceptible you are. And while the insurance is relatively expensive at $200 to $400 a year, it isn't as hard to get as many people think.

The first thing to do is to call your insurance agent to find out what your level of risk is -- high, moderate or minimal. If your agent can't tell you, call the National Flood Insurance Program at 888-225-5356 and they can direct you to an insurer that knows. Be aware that if your agent says your home is not at risk, he may mean that you're not in a high-risk area. So make sure to ask whether your house is in a moderate or minimal risk area.

Most insurers don't offer flood protection themselves (it's not profitable enough), but they will sell you coverage provided by the federal government. The rates are fairly standard throughout the country. If you live in a moderate-risk to minimal-risk area, and you live in a house with no basement and that hasn't been flooded more than once, you can get a "preferred risk" rate of $281 a year for $200,000 of coverage, plus $50,000 for your possessions. The rate is $221 a year for $100,000 of coverage, as well as $25,000 for possessions.

If your house has been flooded more than once, the rate jumps to $436 a year for a $200,000 policy and $326 for a $100,000 policy (possessions aren't included).

And if you live in a home in a high-risk area, you might pay $1,135 for $200,000 of coverage, though that rate drops to $481 if your home or your community meets some flood-mitigation criteria.

For renters in moderate- to minimal-risk areas, the rates are a fairly steep $182 to $191 a year for $20,000 in coverage (possessions only).

So is it worth it? For many homeowners, adding several hundred dollars to your annual insurance bill may seem like a stiff price to pay -- especially if you're not in a high-risk area. But keep in mind that your home is more likely to have a flood than a fire or break-in -- and you're already paying for that in your standard homeowners' policy.