"If your home is near water or in a low-lying area, make sure you seek higher ground to avoid rushing waters," he said. Review your property insurance policy, especially the "declarations" page, and check whether your policy pays replacement costs, or actual cash value for a covered loss. Keep this information and your insurance policies in a safe place. Keep the name, address and claims-reporting telephone number of your insurer and agent in a safe and easily accessible place. Make sure watercraft are stored in a secure area, like a garage or covered boat dock. A typical homeowner's policy will cover property damage in limited instances for small watercraft, and separate boat policies will provide broader, more extensive property and liability protection for larger, faster boat, yachts, jet skis and wave runners.