"It's the most commonly misunderstood aspect of homeowners, property, and casualty insurance," says Gregg Barrett, CEO of WaterStreet, Kalispell, MI. "Standard policies typically don't cover flood damage, which can be a devastating realization after the fact, and we're going to see that play out in the aftermath of Helene. Many of those impacted may discover that they're not covered and must rebuild at their own cost."