Flood coverage isn't part of regular homeowners-insurance policies, which cover property damage from such things as fallen trees, wind and fires.
Only about half of property owners in New Orleans hold flood coverage, and even fewer in hard-hit patches of Mississippi and Alabama.
Instead, flood coverage is sold through specialized policies, dominated by the federal government's National Flood Insurance Program, covering 5.6 million consumers and businesses.
For instance, homeowners' insurance typically does not include flood coverage, which is underwritten by the federal government, and business-interruption insurance may not cover losses from looting.
Of the 5.6 million people with flood insurance coverage, roughly 1 million get it for less than half the true price, because they live in houses built before flood hazard maps were created.
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As Hurricane Sandy moves on, some homeowners may get a sick feeling as they survey the damage, pull out their insurance policies and learn that standard coverage excludes flood damage.
Review whether your coverage includes flood or earthquake insurance.
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Congress faced strong pressure to boost the debt-ridden flood insurance program, which is the primary option for that type of coverage for U.S. homeowners and businesses.
Traders from Worcester Business Improvement District (BID) fear coverage of the floods has given the impression Worcester is closed, but said its flood defences had "not been put under any real pressure".
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