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LAT has posted a Q&A on the basics. Like any homeowners policy, coverage can be confusing - standard insurance covers damage from rain, but not damage from rising water. That requires a separate federal flood insurance policy.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the HomogenoceneOne last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.