 But watching helplessly as your home is damaged or destroyed by floodwater is a nightmare for far too many Americans. Give me 60 seconds to lay out the first things you should do if this ever happens to you. Now financial losses can add up quickly so don't waste any time calling your insurance company. I really hope you didn't wait for the water to come to think about flood insurance. Whether you have it or not, still call your insurance rep and find out what's actually covered. Receiving reimbursements and rebuilding could take weeks, months, even years, so get that process started right away. And next call your mortgage and auto lender. Now if this is a prolonged, drawn out ordeal, many companies will waive late fees and they may even defer your payments through some period of time. Get your hands on some cash too because after major storms the power could be out for days, if not weeks, so using your plastic might not be an option. Banks actually often set up mobile branches for this very reason. The best thing you could do is prepare before the flood comes so review your policy now. If you don't have flood insurance, maybe speak to your rep now about it and think about getting it. Think about a plan about getting your family to safety and your valuables protected before it's too late. There's a lot more to know about this insurance stuff and you can find it all on TheStreet.com.