It'll Never Happen to Me: Dateline, New Orleans, Hurricane Katrina

Other Types Of Insurance You May Need: we don't like to think about it, but disaster does strike. As homeowners, it's cheap insurance to protect yourself against the various kinds of disasters your hometown might be prone to.

Flood Insurance

Homeowner's policies do not cover flood damage. If you live in a special flood zone are, you will be required to purchase a flood insurance policy from the National Flood Insurance Program (NFIP) administered by the Federal Emergency Management Agency. Check out www.floodsmart.gov. Did you see Hurricane Katrina? Get with it, and either seek coverage or move to high ground.

Hurricanes and Windstorm Insurance

Hurricanes bring not just flooding, but also extensive wind damage. In Texas, for example, the Texas Windstorm Insurance Association (TWIA) is the states' insurer of last resort. TWIA provides wind and hail coverage when other insurance companies deny homeowners. When a hurricane enters the Gulf of Mexico, you cannot purchase windstorm coverage.

Earthquake Insurance

It only stands to reason that there is no reason to buy this additional coverage unless you live in a place plagued with earthquakes. However, you Californians, be sure to either have your home reinforced to survive an earthquake. Better yet, before you buy a home, consult with a geologist and make sure your home is on safe ground. This is the cheapest insurance of all.

Additional Property Coverage

There are several different kinds of additional property coverage you can add to your base insurance policy. Some homeowner's insurance policies may provide coverage for expenses such as the removal of debris (damaged trees and shrubs), fire department service charges, property removal, collapse of buildings and glass breakage caused by an insurable peril.

If you have assets that you want more protection for or you want more liability protection than a standard homeowner's insurance policy provides, you can purchase a Personal Umbrella Liability Insurance.

Most standard homeowner's insurance policies do not cover the additional cost you will be facing due to higher costs from new building codes. In most cases you can by "Building Code Upgrade-Ordinance or Law Coverage as an addition to your policy.