(Washington, DC) Now that the nation has entered the first week of the five-month 2006 hurricane season, Commissioner Thomas E. Hampton of the District of Columbia Department of Insurance, Securities and Banking (DISB) is advising District residents considering flood insurance to protect themselves by reviewing their homeowners' and renters' policies and following some of DISB's tips.

"We are constantly reminded of the disasters of hurricanes Katrina and Rita and I know residents want additional protection," Hampton said. "DISB wants to remind District consumers to know the extent of their insurance coverage and to be financially prepared for any disaster. As we saw, inches of water can cause thousands of dollars of damage and this is the time to pull out your home insurance policy and review it. Knowing what coverage you have, and what you need, will give you peace of mind."

Weather experts have predicted another active hurricane season this year, and according to the Federal Emergency Management Agency (FEMA), between 20 and 25 percent of flood claims occur in medium or low risk flood areas.

It is worthwhile to note that the standard homeowners' insurance policy does not cover flood damage. Flood insurance is a special policy federally backed by the National Flood Insurance Program (NFIP). Consumers may buy flood insurance that covers up to $250,000 for flood damage to their homes. A standard flood policy will cover structural damage, including damage to the furnace, water heater, air conditioner, floor surfaces (carpeting and tile) and debris clean up. For an additional premium, one may also buy flood coverage for up to $100,000 of flood damage to the contents of the home. According to FEMA, the average flood insurance policy costs a little more than $400 a year for about $100,000 of coverage. The actual cost depends on the residential area and the amount of coverage.