After New Orleans' hurricane fiasco, in which many residents were surprised to learn that they had no flood insurance, we checked out our flood insurance policy extra carefully.

Questions we asked: Do we really need it? Why is the lien we paid off years ago still appearing on it? Why is the amount of coverage on the structure lower than that on our homeowners insurance policy? Are we covered if our swimming pool overflows and floods our home?

The incorrect lien and low rebuilding cost on the policy were corrected immediately by our insurance agent. Those were oversights, he said, noting that it was a good thing we reviewed the policy and caught the discrepancies.

It's worth it to review your own policies for similar oversights.

As to whether you truly need flood insurance, experts differ.

Jeanne Salvatore, senior vice president of the Insurance Information Institute, suggests that you visit www.floodsmart.gov. There, you can find an interactive program to determine your flood risk. Simply enter your property's address. Ours shows up as "low to moderate" risk.

But that might not be the best indicator. You could be better off examining other factors, such as how close your property is to bodies of water, says Ed Pasterick, senior adviser to the National Flood Insurance Program. At least 25 percent of flood claims -- "and it may be as high as one-third" -- are outside of high-risk areas, he says.

If your flood risk is not high, you generally can buy good coverage for a relatively low premium. The average cost of a policy is about $400.

Rebecca Woan, principal of Chartwell Insurance Services, Chicago, warns that flood maps could prove outdated. Some maps, she explains, were drawn up when there were no buildings.

Does flood insurance cover us if our pool overflows?

"Flood is when you have a relatively large body of water over several acres where there is normally dry land," said attorney Bill Bailey, director of the Insurance Information Institute's hurricane insurance information center. "The word inundated is in the definition."

"If the swimming pool overflows and it just adds to the general condition of flooding around it and damages the house, yes," Mr. Pasterick says.

"If it just flooded your house and the house next door, in some cases the homeowners [policy] would cover it." It also could wind up being a judgment call by the adjuster, who will determine if the flooding were widespread enough to be considered a flooding condition.

Our insurance agent confirms that much would depend on whether similar flooding occurred with our neighbors. Bring out a camera to document neighborhood flooding if such a situation arises.

The other issue to consider about any insurance claim, Mr. Bailey says, is whether the damage is "unexpected and unintended." Insurance is only designed for such situations. Damage due to the lack of routine maintenance is not typically covered.

Have a basement? Better check very carefully with your insurance agent about the types of flooding that are and aren't covered.

A couple of other important points to note about the National Flood Insurance Program.

National flood insurance policies have low limits: $250,000 on a residential structure. Flood insurance coverage of your home's contents is not automatic either. The most flood insurance you're allowed on contents through the national program on your residence is $100,000. Efforts are under way in Congress to raise limits, Mr. Pasterick says.

Don't be confused. Flood insurance reimburses the structure of your primary residence at "replacement cost," or the price it would cost you to rebuild. But the national flood insurance program only covers your inside contents -- furniture and possessions -- based on "actual cash value." This means that it factors depreciation. So don't expect enough money from Uncle Sam to replace your flood-damaged carpet or prize possessions. This, despite the fact that you may have "replacement cost" coverage on your homeowners policy.

Only the structure of your primary residence is reimbursed at replacement cost by the government's flood insurance program. Structures of your vacation homes and rental properties are reimbursed at the much lower "actual cash value."

Want better coverage?

You'll have to check around with specialty carriers, such as Lloyds of London or American International Group, experts suggest.