Flood insurance was available to New Orleans.The important issues about the Suze Orman show was that it pointed out flood insurance doesn't always properly insure you. Sometimes you're not insured at full-replacement value, but instead of X% over what you paid. Some banks don't even require insurance for 100% of your mortgage. And flood insurance covers the dwelling, not your possessions. For those in MS where their whole house literally blew away, those with Hurricane insurance most likely have a hurricane deductible, which could mean they have to pay $10K's first. And there's also the issue of lost equity. It just made me realize that in this instance, renters probably faired off better, especially those with renters insurance.
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