Underwater and Out of Funds: What Should You Do If You Don’t Have Flood Insurance?

9/24/2018 (Permalink)

On Ridgefield, CT we have the equipment ready for any type of disaster area

While FEMA does attempt to provide homeowners with necessary information about the potential hazards of flooding in their area, not every home is located on a flood plane that requires flood insurance. Many homes in the Ridgefield,CT , area fall into this predicament. Consequently, when a flood affects your area, what should you do?

1. Check Your Designation

When flooding happens in an area that doesn’t typically experience it, depending on the severity, the city may be designated a disaster area. If your area is selected, you may be eligible for disaster aid. To check your areas designation, you should call your local municipality or check with your local FEMA office.

2. Apply for Grants

Regardless of your disaster description, FEMA does offer grants for eligible homeowners. These grants top out at around $33,000 and can be used for home restoration, medical expenses, and secondary living expenses like renting temporary housing.

3. Apply for SBA Loans

For those without flood insurance but still require substantial funding, the Small Business Administration (SBA) offers low-interest loans of up to $200,000. These loans are only available for the restoration or rebuilding of your home. Additionally, the SBA provides money of up to $40,000 for personal expenses or the replacement of material goods.

4. Call the Experts

Once you have the funding out of the way, you may find it necessary to call in local flood experts to help you restore your home. While some work after a flood may be easy enough for you to do on your own, depending on the level of damage, a restoration specialist with the appropriate tools and personnel may be more efficient.

While flood insurance is beneficial, it is not always a requirement, and when disaster strikes in a low-risk flood zone, the lack of coverage can be devastating. However, there is always help available for those who ask.