, said Obama. <snicker>... all residents in those areas should be required to buy coverage
If you've got a mortgage, the mortgage holder is probably going to require it. Although, they say only 17% of homes in Houston have flood insurance. That seems awfully low, so maybe a lot of mortgage holders down there don't require it for some reason.
But I think, even if you don't live in a flood prone area, you should probably have food insurance. If a water main breaks and damages your home and at least one other home in the neighborhood, flood insurance would cover that. If your neighbor's above-ground pool bursts, you're covered.
But the biggest thing is, thanks to the hubris of man thinking we can control water with dams and diversions to "control flooding," while that does reduce the frequency of smaller floods, when flooding does happen it tends to be far more widespread and damaging than would have otherwise occurred.
There are large sections of Houston that were spared from the devastating foods of Harvey, only to be inundated when water was released from reservoirs. Same thing in New Orleans when levies and pumps failed. The flooding a few years ago in Iowa and Kentucky wouldn't have happened if it weren't for the "flood control" efforts of the US Army Corp of Engineers.