Your Money: May 17, 1999

DAMAGE ASSESSMENT Most of the property damage caused by last week's deadly tornadoes in Oklahoma and Kansas should be covered by standard homeowners' policies. But if you live in a flood- or hurricane-prone area, you can't rely on that kind of relief in the event of a natural disaster. Standard policies, you see, don't typically cover flood damage. Indeed, less than a quarter of the 10 million households near the coasts that are most at risk this summer have additional, government-backed flood insurance, which costs about $300 a year (for information, call 800-427-4661). Don't expect the government to come to the...

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