Fact: You can't buy hurricane insurance once a storm has formed. No one will insure you if you wait that long to buy insurance. Can you believe it?

Fact: Hurricane Katrina had an economic impact of about $100 billion. This cost more than the entire hurricane season of 2003.

Fact: Insurance rates have skyrocketed in the wake of Hurricane Katrina as insurance companies scramble to:

1) Recoup their losses. They need to get back all that cash they've been paying out. Rising rates are even spilling over into non-Katrina-affected areas.

2) Anticipate the increased costs of catastrophes in the more active hurricane cycle.

Get hurricane insurance! Even if you don't actually live in South Florida but own property here, you should invest in some coverage.