There are two ways to get flood insurance: You’re expected to pay the loan back, although they have low interest rates and can have long terms, such as 30 years. In addition, homeowners and renters can receive up to $40,000 to repair personal property (such as furniture) or replace it. SBA loans can provide up to $200,000 for homeowners to repair their primary residences. Disaster victims who don’t have insurance often rely on funds from the Disaster Loan Program of the Small Business Administration (SBA). Disaster aid can take many months, and isn’t offered after every flood. Relying on federal disaster aid after a flood isn’t a good financial plan. But having a flood insurance policy can provide immediate financial assistance so that you don’t have to wipe out your savings or take out a loan in order to rebuild. The price of flood insurance can turn off many homeowners who aren’t required to have it. For example, if you own a home or business and have a government-backed mortgage, you’ll be required to have flood insurance if you live in a high-risk flood area. In some cases, you may be required to have flood insurance. Homeowners insurance for water damage is generally limited to problems like burst pipes-not an inundation of water on the ground.
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