“Today is the day for preparing while the weather is still good,” says National Hurricane Center (NHC) Director Rick Knabb in a podcast.

Insurance trade associations have issued tips to prepare for the oncoming storm. The states' insurance commissioners have likewise advised residents to prepare, and have promoted awareness of evacuation routes.

The National Weather Service has issued a hurricane warning from Morgan City, La. to Destin, Fla.

Alex Sosnowski, a senior meteorologist with AccuWeather.com says Isaac likely won't be as bad as Katrina, but storm surge flooding, inland flooding, damaging winds, tornadoes and beach erosion are all significant risks as Isaac makes landfall with winds of more than 100 mph.

“The angle at which Isaac could come ashore could still drive a substantial amount of water inland quickly over southeastern Louisiana and southern Mississippi,” writes Sosnowski, adding that levees in the Crescent City will be tested.

Catastrophe risk modeler Risk Management Solutions (RMS) reports Isaac's wind field has expanded, meaning a very large area of coastline, as well as inland, is likely to be impacted when Isaac makes landfall.

Storm surge could reach 6-12 feet in Louisiana and Mississippi.

According to catastrophe modeler AIR Worldwide, oil companies in the Gulf of Mexico began shutting down offshore oil and gas rigs this past weekend.

Risk modeling and management firm Karen Clark & Co.'s wind damage scale says a hurricane of Isaac's predicted wind strength of 100 mph at landfall can be expected to cause localized damage to roofs and non-engineered buildings, with cladding damage to structures from wind effects and debris. Significant tree damage and power outages can be expected.