Such percentage-based deductibles long have been used for earthquake coverage in California and property coverage in hurricane-prone coastal areas.

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Odyssey RE Holdings (38, ORH), the reinsurer backing a sizable amount of property coverage in the region.

FORBES

This includes auto insurance while driving a U.S. vehicle in Mexico, full coverage for collision, theft and injury and property damage.

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Only about half of property owners in New Orleans hold flood coverage, and even fewer in hard-hit patches of Mississippi and Alabama.

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Flood coverage isn't part of regular homeowners-insurance policies, which cover property damage from such things as fallen trees, wind and fires.

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Title insurance is a steady business you can't mortgage a home without the coverage and the loss-to-premium ratio for title companies is far lower than for property-casualty providers.

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