Yes. Buildings in floodplains, or Special Flood Hazard Areas (SFHAs), are at high risk for flood damage. Some floodplains experience frequent flooding, while others are affected by only the severest of storms. As a homeowner in a floodplain, it's not so much a question of if a flood will damage your property as when. That's why the law requires you to have flood insurance. Did you know that an SFHA home has a 26% chance of being flooded over a 30-year period? That means that you're five times more likely to be damaged by a flood than a fire!