No Flood Insurance? Here's How To Get Help

10/20/2020 (Permalink)

Flooded warehouse in Dunwoody, GA

The best way to protect your household if a flood event occurs in Dunwoody, GA is to purchase flood insurance. However, if you have flood damage and no insurance coverage, some relief options are still available.

Disaster Loan From the Small Business Administration

The Small Business Administration, or SBA, provides low-interest loans to assist in recovery from a declared disaster for the following people:

• Homeowners
• Renters
• Business owners
  

You don’t need to be a business owner to apply for a disaster loan from the SBA. You will need to prove that the flood damage is not covered by insurance. Maximum interest rates range between 4% and 8%, depending on your eligibility for credit elsewhere. You’ll need to complete and return a loan application. If the SBA determines you are not eligible for a loan, you’ll automatically be referred to the Federal Emergency Management Agency's Individuals and Households Program.

FEMA Individuals and Households Program

The FEMA IHP provides both financial and direct services to individuals and households who have uninsured or underinsured expenses and serious needs. Those who receive a grant and do not have flood insurance will not have to pay it back. If you have insurance, you are required to pay back the grant but may use the insurance money to do so.
IHP assistance may be used for temporary housing such as rental assistance or hotel expenses, funds to replace, repair, or provide storm damage restoration services of primary residences to make the home safe to live in, and other serious needs such as moving and storage, medical care, and child care.

Private Insurance

If you’re concerned about a future flood event or live in a flood plain, private insurance often has a short waiting period of 10-14 days. However, you cannot purchase insurance to cover an event that has already happened. If you have previously had flood and water damage to your residence, seriously consider purchasing insurance to protect you in the future.

The best time to consider disaster services is before a flood event occurs, however, if you don’t have flood insurance, other options are available to you.