Historic Storm Pounds East Coast

Too Late to Get Flood Insurance for Sandy

Homeowners insurance will cover rain or tree damage

By Liz Crenshaw
|  Tuesday, Oct 30, 2012  |  Updated 12:11 AM EDT
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Liz Crenshaw reports on generator safety and homeowners insurance v. flood insurance.

Liz Crenshaw

Liz Crenshaw reports on generator safety and homeowners insurance v. flood insurance.

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Flood damage will not be covered if you don't have a flood insurance policy, and it is too late to get it to cover Hurricane Sandy flooding.

There is a 30-day waiting period after you have applied and paid the premium before the policy is in effect, FEMA said.  And the policy will not cover a loss in progress.

Your homeowners insurance will cover damage to your house from rain or trees, but not flooding

There is something new: A special deductible just for hurricane damage.  Unlike a standard homeowners insurance policy deductible, which is usually $ 500 or $1,000, hurricane deductibles are typically 1-5 percent of the insured value of your home, so you could be paying thousands of dollars before your hurricane coverage starts.

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