True, it is a risk not to have flood insurance. I do not.
Admittedly, I will be rethinking that, come renewal time, in light of current events.
My home is insured otherwise, and I could afford to repair any flood damages out of my own pocket, from any water that I would expect to get.
My home did not flood, and hasn't before, but if I had a dollar for every time I've heard that in the past 5 days, I could rebuild my house without any insurance at all.
I have found driving here more costly that floods. As you are aware, there are people here, who are not supposed to be, and they drive without insurance. I fully cover both of my cars, as carrying liability only would leave me in a lurch.
I guess we all weigh what risks we feel we can afford.
I will be looking into flood insurance now.