Canadians who take out mortgages worth more than 80% of the value of the property must also take out insurance against default from a federal agency, the Canada Mortgage and Housing Corporation.

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These bonds, which began arriving after Hurricane Andrew blew through in 1992, are issued by insurance companies, which take the premiums on property and casualty policies, bundle them, then sell the products to investors at attractive interest rates.

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Take "reasonable" steps to protect your property from additional damage, says Insurance Information Institute, a trade group.

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