Ah, no, it's not.
Your flood insurance is NOT guaranteed by the National Flood Insurance Program (NFIP)?
Pardon me while I scoff in disbelief.
http://cdn.consumerreports.org/cro/personal-finance/flood-insurance-905.htm
But, at any rate, if your community doesn't qualify for NFIP, then you live in a very dangerous area. But, hey, that's your choice, no?