Though the Internal Revenue Service permits a number of tax deductions related to home ownership, the cost of flood insurance isn't one of them. Flood insurance is just another type of homeowner's insurance, which the IRS considers a personal expense and therefore does not qualify as a tax deduction. However, it's a different story if you own a house you rent out.
If you own property that you rent out, the deduction rules change. Instead of being a personal expense, the IRS considers insurance on rental properties a business expense, which allows you to write off that cost. You can also include other insurance costs in your deductions, such as fire or theft insurance.