You got to pay attention to the terms and conditions in the policy because 'All Risk' doesn't necessarily mean all risks. All Risk does provide coverage for fire, lightning, windstorm, vandalism, hail, storm damage, what it doesn't cover or catastrophe type causes of loss like earthquake, nuclear war, flood.
Everybody that owns a home has a risk of being involved in a flood related incident, most people who live close to coastal areas like the east coast or New Orleans should highly consider purchasing flood insurance.
Flood can be caused by torrential rains where you have surface water that runs into your basement parking that drives rain and sea water into coastal property. What you need to do is buy a flood insurance for your particular situation.
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