But according to Florida law, the hurricane deductible only applies to damage from named Hurricanes--Fay is but a Tropical Storm. Insurance companies were told they must apply the deductible that is unrelated to hurricane, generally referred to as the "all other perils deductible" or "other than hurricane deductible."

McCarty also pointed out that damage caused by flooding typically is not covered by the standard homeowners policy and that flood insurance is purchased through the National Flood Insurance Program (NFIP). You can purchase flood coverage for future storms with the help of an agent or by contacting the NFIP directly. In most cases, there is a 30-day waiting period before flood insurance takes effect.

This is a good reminder for all of us to read and understand our homeowners insurance policies. If you are worried about the amount and type of coverage you have on your home, check out InsWeb.com for information and homeowners insurance policy rates.